Buying my 1st house/self employed/advice please

[madvics]

As the headline says I am looking at buying my first house,I have my own business that's been running now for nine years.

 

The business is a cc and I do draw a salary.

 

My question is this, once the banks know you are self employed they immediately file you in a different category.

 

Should I tell them that I have my own business,or that I work for the company.

 

If I have to tell them what should I do for them to look at me positively.

 

I do have a excellent credit rating.

 

Any advice will be greatly appreciated.

[LOOK695]

Always be honest with your bank. If you have a good credit record, you should not have a problem.

 

PS I am also self employed

[Baaisikilist]

As long as you have 2 years' audited financials reflecting that you pay yourself a set salary, you'll be fine.

[madvics]

Should I approach my bank myself or should I let the agencies do the applications for me?

[fanievb]

 

Should I tell them that I have my own business,or that I work for the company.

 

 

they will pick that up on your credit bureau report

[madvics]

As long as you have 2 years' audited financials reflecting that you pay yourself a set salary, you'll be fine.

I have the financials and a letter from my accountant aswell.

[Baaisikilist]

Should I approach my bank myself or should I let the agencies do the applications for me?

 

Let the agency get the bond for you. They'll probably send it to an originator. It's less hassle for you, and to be honest, that's part of what they're getting paid for.

[P.A.K.]

I agree to rather be honest. Other than that, tell them of all your business and life insurance and put up as big a deposit as you possibly can.

 

The less you look like a risk, the better.

[Baaisikilist]

I have the financials and a letter from my accountant aswell.

 

Then put in that offer and get the ball rolling.

[P.A.K.]

Should I approach my bank myself or should I let the agencies do the applications for me?

Work through a bond originator (no cost to you), who queries a few banks. Then also apply at SAHomeloans yourself and choose the best offer. Edited August 6, 2013 by P.A.K.

[flyluis]

Like look said, be honest i did mine through these guys and also self employed and got it easy.

 

http://za.whosopen.net/listing/Brits-Van_Eck_Property_Finance-156479.htm

[madvics]

The deposit, should I sell some of my assets like shares and put that into the bond as well or should I rather just put as much cash together as possible.

[madvics]

Like look said, be honest i did mine through these guys and also self employed and got it easy.

 

http://za.whosopen.n...ance-156479.htm

Ill keep them in mind. Thanks

[Baaisikilist]

The deposit, should I sell some of my assets like shares and put that into the bond as well or should I rather just put as much cash together as possible.

 

Depending on how much you'll be spending on a house, you'll require a minimum of a 10% deposit. Some bank's may give you a 95% bond, but as large a deposit as you can afford is always best. It brings your monthly repayments down.

[koukie]

And the bigger the deposit the better the interest rate. Play the banks up against each other for a better interest rate.

[HowellingWulf]

Chat to Hubber Christopher Brundson. I think he went to through a similar exercise recently...