Getting a motgage at the same time as buying a business?

amidee

Hi

I want to know if it's possible, and if so, where to look, to get a mortgage based on the income I will be receiveing from a business that I am planning to buy.

The business has been established many years and has very good accounts, but would I be able to get a mortgage to buy a house at the same time as buying the business or will I have to own the business for a certain ammount of time before I'll be able to get a mortgage?

The reason I want to do them both at the same time is that we'll be re-locating in order to take over the business, we rent at the moment, so we will need somewhere new to live and would prefer to buy.

Any help or advice appreciated.

Thank you

amidee

can't anyone help?

regularsaver1

i'm really not sure on this one - but possibly an accountant could give a projection of earning reference>?

homer_j_3

to be honest, it is a tricky one.

Go and see a broker, let them have a look through all the paperwork and see what they can find.

I think that this question holds too many variables to give a straight answer and I wouldnt want to give you any suggestions without knowing the full facts.

HelpWhereIcan

I have had a similar case proceed with a lender, but it was not the quickest application I have ever had!!

Based on my experience last time, I would say that it will come down to:

The income multiple required
The amount of deposit

but mainly

Is this a complete change of occupation or do you have a track record in a similar industry? If you have a track record in the industry/self employment, you may well find that a lender will be willing to assess your application on its own merits.

As homer_j says, speak with a broker who can, in turn, have a word with the lenders they feel will be most symathetic once they have had the opportunity to assess your situation.

Hope this helps

amidee

Hi

thank you.

It's not a new occupation. I've been self-employed for 3 years in the same industry so have a good track record there. I'm being very conservative when I say that profits for the first year will be 130K, but that is for me and my Husband. We would be looking for a mortgage of up to 250K max, so the repayments will definately be affordable.

Will I need a projection from an acocuntant for the broker?

Wosrt way out if we can't do this we'll have to rent short-term until we can get a mortgage but I'd rather do it all in one go.

How do I go about finding a good broker? Is there some sort of association they should belong to? Any websites they are listed on? Any advice would be appreciated

Thank you