please help me get a morgage (self-employed)

ritchiemm

hi i realy need some help trying to get a morgage the house im looking for is priced around £70000.ok heres my situation:
25 years old
self employed for 6 years (books show around 15000 take home)
credit score 845,on my CR ive got about 9 late payments spread over 3 companys but the last one was about 2/3 years ago nothing since
no debts
i had a ccj issued against me recently because of a car accident (insurance company at fault) it was satisfied and im about to have it removed from experian because it was nothing to do with me
i have around 12000 for deposit
at the end of the day i am desperate ive been turned downed twice already by countrywide and someone else,and i realy want to get a house now so i am prepared to head down the less wiser routes off getting it approved,any help or advice is greatly appreciated thank you.

Cannon_Fodder

Stop applying for 6 months. You only worsen your credit score with each failed application.

Wait for the CCJ to be deleted from Experian, and see what can be done to tidy your older issues.

No surprise you've been turned down with a CCJ still showing. Lenders are tightening up on adverse credit history, due to the credit crunch.

Its not personal. They only have enough money for about half the people they used to lend to, they have to whittle down the number of applicants somehow...

herbiesjp

You need around £58k mortgage - so under 85%LTV

Your NET profit is around £15k?

Have you got a letter from the insurance company stating they are removing the CCJ?

ritchiemm

in response to cannon fodder i know your probaly right its just ive seen a couple of great houses and i also feel that its not going to be to long before we start getting a price increase. in response to herbie i have got the letter and ive approached experian ,i was told that the letter needed abit more imformation(court location,date,amount).so i called insur company and should get it tommorow

ritchiemm

85% is right and £15000 net is right

herbiesjp

With the correct letter then, you should be ok.

The late payments may cause a problem with some lenders, but may still be ok with them

The important factor is the CCJ - some lenders will look now, as long as you have the letter confirming the error, others will want your credit file amended

poppy10_2

ritchiemm wrote: »

all thou my books show low earnings i do take home alot more money

Why is this? Are you committing tax fraud?

benjo

Im not sure by what arrangement you are able to take home alot more money than your books show, but if I were a tax official I 'might' assume you were evading taxes - although if Im wrong, then please accept my apologies here and now, but working from that assumption....

"all thou my books show low earnings i do take home alot more money"

How do you propose to explain to any lender that you earn more than you declare in light of the following statement?


"Any UK resident found to have evaded tax will have to pay back the amount of tax owed plus interest. A further penalty of up to 100% of the tax due can also be imposed. In certain circumstances, those found guilty of tax evasion can face a prison sentence of up seven years. "

You cant have your cake and eat it, you either do really earn 15k, pay taxes on 15k and get a mortgage for around 45-60k or you really do earn more, pay taxes on more and get more from a lender.

Im afraid you have backed yourself into a bit of a corner by declaring only 15k.

ritchiemm

im only looking for ltv of 85% around 58k
in regards to the tax evasion comments i havnt put me 08-09 books in yet so as yet no declaration of earnings has been made or thou you are entitled to your views.anyway back tothe original post can anyone out there actually help me with my situation on the morgage