advice please for my mortgage and self employed husband

pinklady_2

Hi

I am currently waiting for a decision on my mortgage and I am very worried. I would appreciate some advice.

I am looking to borrow £220,500 for a property priced £245000. I have a deposit of £24,500 already saved.

I earn £36,000 and am a permanent employee.
My husband is self employed and has been trading for 1 year and 9 months.
His first set of account showed he earned £5990 and took £25,000 in net dividends.
So far in the 10 months of his second year he has earned £38,000 net and we have paid for an interim set of accounts to show this. He is hopefully going to earn around £55,000 for his 2nd year as he has a lot of outstanding payments due.

I am really concerned that our mortgage is going to be turned down and would like advice from people who are either in a similar situation or understand the complexity of lending criteria.

Our mortgage will costs the same as we have been paying in rent for the last 2 years and we have about £4000 net each month after all our bills. (we have no debts at all.)

if this mortgage gets declined are there any there any other options? I cant seem to find anything about self certify mortgages anymore.

Thanks

VIGILANT22

"self cert" mortgages no longer available for "obvious" reasons...did you use the services of an adviser or did it on yr own?..who is the lender?

grey_lady

If you get turned down then it's worth going to a broker who has experience of getting mortgages for self employed or company directors etc Your accountant might be able to recommend someone to you.

pinklady_2

I have done it through a broker and with RBS

VIGILANT22

How long have you been waiting ?

pinklady_2

since Thursday ( I know I am impatient)
I just want to know if i should find another Bank

VIGILANT22

pinklady wrote: »

since Thursday ( I know I am impatient)
I just want to know if i should find another Bank

just a tad!...Why would you want to find another bank when you haven't yet received a reply!....Just wait until your adviser comes back to you, if you feel your waiting too long, give the adviser a call....However this will have gone to underwriting and will have to sit in the Q until the "gods" look at it......good luck

pinklady_2

Thanks
I am a bit of a worrier and and really worried I am going to lose this house!
just trying to get my options sorted incase I get the declined

VIGILANT22

If the application is causing concern....and if your adviser is any good they should have already considered that and have plan B ready if Plan A doesn't work out....that's their job, that's why you have gone to them....

pinklady_2

I still have no news! getting really annoyed now.
Just for my own peace of mind, what do banks mean when they say a full set of audited accounts?