Forced to get full time job to land a family home

Nick Murray found getting a mortgage while selfemployed so hard he switched to a permanent job to get on the property ladder.

Nick. 29, of Devon explains: “I had been selfemployed almost two years and with a baby on the way I decided it was time to get a home. But I was turned down for a mortgage as I needed at least two years of tax returns and didn’t quite have that.”

Luckily, Nick was working as a contractor and the firm offered him a full-time role. He got paid less money but had job security and that allowed him to get his mortgage application accepted. Nick adds: “It seems mad I was getting less money but got my loan approved for a three-bedroom home.”

Nick stayed in the job for eight months and has recently gone back to being self-employed, setting up Pixel Fridge, a design-and-build agency with ex-colleagues,

“I took out a five-year mortgage deal, so I’ve got a bit of leeway before I have to go through the painful remortgage process and, hopefully, by then the new business will be established and I’ll have the three or so years worth of books I’ll need,” says Nick.

“I think the mortgage industry needs to focus less on the salary and previous commitments from an income perspective.

“Instead it should be more reflective of the outgoings and regular payments people are responsible for.

“It shouldn’t matter if they have a regular salary or not, as people are still capable of keeping up with payments, like rent, without having a regular salary.”