mortgages for self employed

pipers_2

hi everyone

first time ever on any forum....so here goes!
wife and i both self employed having trouble getting a mortgage. although both our income figures have been consistant and wife always has accounts certified we just got mortgage rejected by alliance and leicester because wifes drawings exceeded net profit by £306 one year even though averaging over the last three years meant her drawings were well under her net profits. ironically my accounts although certified did not have a balance sheet and they were prepared to lend on my income. We have no other loans or debts and 25% to put down. The property we are hoping to buy is being offered at 30% under its current market value.

Can anybody out there make any sense of this - any advice would be welcome

nw_man

I dont really know what you are saying here

You say that ironically they were prepared to lend on your income, yet they turned you down ?

Also, I am not sure what relevance drawings have on an application. Dont lenders look at Net Profit when working things out ?

It doesnt add up to me, unless I am missing something.

alien123

It seems like his wife has been losing money in one of the three years and that is the reason why they turned her down. However, he does not have a certified accounting balance sheet for himself but they are willing to lend you....Thats good then You can just put everything under your name

If you do not mind, can you let us know whether you two are running businesses or working for agencies as a locum? or other types of self-employment?