Hi I was wonering if anyone could help.  I have only been self employed for one year and at present I have hig drawings which has resulted in only a moderate amount of profit.  however mortgage companys seem to only take into consideration my net profit and drawings.  has anyone else had this problem or know a way around it?

there are self certification mortgages worth looking into but be warned you pay a little more interest, don't know too much about them, only that a friend did it this way.  Try doing a search on google may give you some info.

I went through this about a year ago when we were getting our first mortgage. I had been self employed for 3 years, the first year was a low income, 2nd year not so bad and the 3rd year was good, but because they average out your earnings over the 3 years, it wasn't quite enough for the mortgage we needed, even though it was obvious that my business was growing, and it wasn't a huge amount more that we needed. They calculate your total profit, which is good, but obviously being self employed I'd done everything I could to keep my profit as low as possible for tax purposes, I guess you win some lose some!! Sooooo, feeling like being self employed was a bit like being penalised... very naughtily, our advisor made a suggestion... one of my clients was always offering me a fulltime permanent position so he suggested that I kinda twist the truth a little and say I was working for them. Very naughty I know, but my client was happy to write a letter to say I had just started working for them fulltime on X salary after working for them on a freelance basis and we got the mortgage! I always thought you had to be in employment for at least 6 months, but apparently not. One simple letter from my clients company and that was it, no checking, nowt. (and this was no small unheard of lender, it was a big high street bank). I know I was wrong to lie, but I knew we could easily meet the repayments as I'm earning quite a lot now. I know freelancing is very up and down, but who's to say that being in a permanant job is any more secure? If things do go pear shaped, a job in a supermarket stacking shelves would still give me enough money to pay the mortgage, I wasn't reaching for the impossible, just getting round the fact I was self employed. Good luck, I know how hard it all is.

thanks for all your advice i am now seeing if there are ways around it as I hadnt thought about that before now... cheers

There are certain types of mortgages that if you can find 10-15% of the down payment then you earnings don't need to be declared , similar to "buy to let".