Anyone Self-Employed and applying for mortgage?...

dottiepeas

Is anyone else here self-employed and applying for a mortgage??
We are currently in the process of getting our mortgage approved, but keep getting delayed having to send in extra documents back to the lender. 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 in the current climate!!...but for me, it seems like one mini problem 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 and getting a mortgage??...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!!

ciscosurplus

Hi dottiepeas

Are you truly self-employed or like me run a ltd company of which you are the director and shareholder? We recently applied with the Halifax on a 75% LTV deal, it took 8 weeks to get an offer through! Every week they asked for something else, tax returns, accounts, mortgage references, statement of affairs.

By accounts they normally mean you corporation tax return or if you're a sole trader your tax returns.

the Halifax also asked me for Business bank account statements, dividend vouchers, tax returns, copies of credit card statements (to prove I pay them off)

Just stick it out, I'm sure it will be ok in the end?

poppysarah

Are they still counting CTC for mortgage purposes?

dottiepeas

Hi Ciscosurplus- Thanks for your reply. No I don't run a limited co, nor a director!..just a little sole-trader!! I have sent off all the paperwork they wanted, but I think the accountant didn't verify the accounts "properly"...as someone else on another post said, they had to provide detailed broken down accounts showing all incomes/expenditures for each year. But my accountant only gave me one A4 sheet which summarised the earnings for 2 years. Which now that I think about it, does seem abit vague, as it doesn't tell them exactly the breakdown of costs/incomes etc!! I blame the accountant!! Heehee! Well, all I can do is get them prepared again!...I just hope the EA/Seller doesn't re-market the property out of impatience!!
Thanks again!!