Obtaining a mortgage

richie_greenuk

Hi folks

We are looking at moving just wondered if a mortgage is obtainable for ourselves.

I own a new company which has been trading for three months and have taken home around £3-£4k per month since we began trading. In addition to this I run a sole trader business for which i have accounts showing a £6k profit with the wife earning £10k part time.

I can prove money going into the account and also demonstrate guaranteed forward payments for the next 6 months.

We have a loan on £300 per month but thts it, no bad credit or other debt. Would we get a mortgage and how much could we expect?

herbiesjp

What deposit do you have?

How much were you hoping to get by way of mortgage?

sosos

What would your LTV be?

richie_greenuk

We have around 10% - 15% deposit mortgage on a £180k house. More would be great but we can comfortably afford £180k I think.

My main concern was my proof of income would restrict this.

richie_greenuk

Any ideas anyone?
We are going to look at a £180k house on Monday

gogsboy

Not sure if there are much lender offering 10-15%, or pehraps they are but not on a great rate.

You would need 20% with First Direct for example and I think they look for 3 YEARS of accounts as opposed to 3 months pay slips if PAYE

Talk to Brittania perhaps as they look at your situation a bit more open minded, well they used to.

You wont get them via a broker as far as I know

Robert_Sterling_3

richie_greenuk wrote: »

I own a new company which has been trading for three months and have taken home around £3-£4k per month since we began trading.

The fact that you are "Taking Home £3-4k per month" does not tell us much about what your annual profit is likely to be in years one, two and three.

richie_greenuk

Obviously we cant say how much we will earn in 12 months but we can guess at around £30k, and my accountant has said he can do 12 month projections as well as accopunts for my sole trader business for the last 12 months. The annual business from will be around £70k.

So what about 3 mths trading?

betmunch

I wouldnt waste your time and the vendors going to that viewing my friend. Just from the info in this thread I can tell you, you wont get a mortgage.

If you do though, please PM me and let me know who it is with.

Cheers

littlened

My wife is self employed and has 3 years accounts.

I'm a director of a company and we got turned down for a mortgage because they want to see at last 2 previous years accounts and an accountants projection for this financial year.

Next month I will be able to provide all that information, but at the minute I can't, so we got turned down.

richie_greenuk

Well folks, just had a chat with a broker and he has said that we can get a mortgage. He is going to send me more info but it looks promising.

betmunch I am going to PM you