The FTB club

dottiepeas

Me again!........is anyone else self-employed and applying for a mortgage??
We are still in the process of getting our mortgage approved, but keep getting delayed having to send extra documents back to the bank! Like the bank just called now, and asked for us to send off the original child tax credits documents to them! I don't blame them for being thorough!...but for me, it seems like one thing after another! Now, it appears the accounts I provided (done by my accountant) are not detailed enough and wants a proper set of accounts done again- costing more money!!

Does anyone know how detailed it has to be??...I asked my accountant to verify my 2 years worth of accounts (I've only been in business for 2yrs), which he did- which was a sheet of A4 summarised accounts for the 2 years, but the bank says it's not enough detail. But I have no idea what sort of detail they want!?..and I assumed the accountant knew what to do by "verifying accounts"......and now it seems they're not the right sort of accounts??

Anyone have any advice!??.....did anyone else experience probs like this being self employed??...or was was it pretty straight forward getting the approval?....
Feel really deflated...and now wish I had a "normal job", so it wouldn't be so complicated!!

tcb1973

My OH is self emyployed and we've just done the mortgage app and received the offer. It was pretty sraightforward, although i'm the main earner, don't know if that makes a difference.

Her accounts are pretty much a sheet of a4 for each of the three years - but they detail/itemise all income and expenditure etc.

we had to also get her accountant to fill in one of their forms, stating what they thought her predicted income would be........

OH side of things was not really anymore complicated than mine..

hope it works out for you.

dottiepeas

Thanks tbc1973!! That really helps to hear someone else in a similar set up!!...and happy to hear you got approval!:T By the sounds of things, maybe my accountant didn't provide quite all the details needed then? As the sheet I have, doesn't detail expenditures etc in detail- it's more like a summary?....will have to go back to the accountant and ask him to prepare it properly!!!

Well, it's been delayed for about 3 weeks now, so I'm sure another week won't do any major harm! Only thing I'm abit worried about, is due to us taking so long to get the mortgage approved- the EA might start re-marketing the house!! They have been quite persisent about it (their job of course!).....but we can't do any more, other than to get the extra paperwork sent back, and wait for the big decision!!

Thanks for listening!!...

HockeyDuo8083

Tip: When you transfer your deposit money to the solicitor make sure you are main account holder or banks cause you hell:eek:

Just been trying to send our money this morning from our joint account but I had my access suspended by them. The won't reinstate it until the main account holder calls them. My OH is offshore just now:eek: Will have to wait until 5pm or whenever he calls for him to sort it out. Tried to explain the situation but they were having none of it due to the large amount which is being transferred:mad:

Lesson learned...

pipo

Hi all,

FTB here. We have managed to secure a 2-up, 2-down property that was on for £175k @ £160k, and we’re the missing link in the chain so they want us to move quickly but our mortgage advisor is on holiday (which we knew). Now the EAs been bad-mouthing them saying they have a bad rep this that and another. !!!!!!?!

What I wanted to ask was: Has anyone ever made a formal written offer? I know we have agreed a price, but it all seemed to happen quickly, (mainly due to adrenalin) but I just want to put in writing what the conditions the offer was subject to.

Anyone else a little bit subdued by the news about negative equity today? I’m not overly surprised by it, and not really thinking of using the property as an investment product but there’s just some lingering thoughts of “What if...”. But then again I try not get consumed by it.

Xinpei

Sorry to hear about that Hockey, can you transfer the funds from the joint account to your own without OH? We had all our savings in the joint but when I transfered the funds to solicitor, i thought I better transfer it to my own account as I was the only one free to go into the bank.

Pipo, what is a 2up 2 down property?? I have not made a formal written offer before. But I would have done if I had to do it again. My seller had said he was going to do the floor in the en suite and we just took his word for it, without stating that the purchase was conditional on him completing the floor. Well it was NOT done when we moved in but could not come back on anything at all. So, I will say, if there are certain things you want done to the house, or left behind, put in a written offer to include these.

pipo

Xinpei wrote: »

Pipo, what is a 2up 2 down property??

I think i may have just made that up :doh: Or at least misunderstood its real meaning.

Anyway, what i meant was 2 beds upstairs and 2 reception rooms downstairs.

HockeyDuo8083

If only Xinpei..All our paperwork so far has the joint account details and changing it now would be crazy. I am relising now everything on the financial side has to match up. Solicitor is a stickler for this, although he is very good, it's a little annoying. We have to show print outs of the money leaving the account to go to his and a letter to him explaining exactly what we are doing.
Apparently it's to prevent money laundering etc so I do appreciate him being thorough.
Will just have to hol my horses so to speak and wait for OH to sort out.
Would have got him to do it over phone but you can't get printouts that way...ho hum..

ticeager

dottiepeas wrote: »

Me again!........is anyone else self-employed and applying for a mortgage??
We are still in the process of getting our mortgage approved, but keep getting delayed having to send extra documents back to the bank! Like the bank just called now, and asked for us to send off the original child tax credits documents to them! I don't blame them for being thorough!...but for me, it seems like one thing after another! Now, it appears the accounts I provided (done by my accountant) are not detailed enough and wants a proper set of accounts done again- costing more money!!

Does anyone know how detailed it has to be??...I asked my accountant to verify my 2 years worth of accounts (I've only been in business for 2yrs), which he did- which was a sheet of A4 summarised accounts for the 2 years, but the bank says it's not enough detail. But I have no idea what sort of detail they want!?..and I assumed the accountant knew what to do by "verifying accounts"......and now it seems they're not the right sort of accounts??

Anyone have any advice!??.....did anyone else experience probs like this being self employed??...or was was it pretty straight forward getting the approval?....
Feel really deflated...and now wish I had a "normal job", so it wouldn't be so complicated!!

Hi try self cert you should not need any details we didnt

fificus

Offer been excepted today - fabby. Buying through shared equity ownhome scheme 60% from Co-op bank and 40% from the scheme though estate agent is asking me about deposit and Ownhome say they don't do deposits. Not sure where that leaves me. Don't have 10% deposit, does a token amount suffice, 3K perhaps?