Self Employed Mortgage mine field

atthebeach_2

I started up my own business 5 months ago and I'm looking to sell my current home and move. The only problem is most mortgage lenders are being a right pain, mainly due to the fact that I don't have 3 years accounts to show. Has anyone else got previous experience of this? And can anyone recommend a mortgage lender who will offer mortgages to someone who has only been in business under a year?

Any help would be much appreciated.

Cheers

Martin

AndrewSmith

Hi,

In today's enviroment it is quite common for potential mover's/buyers to be self employed or recently self employed.

There are a number of lenders who offer specific products for this type of situation, depending on the deposit you would be putting down, credit history, type of property and level of income being attained from the business so far.

if you post some details such as amount of mortgage you would need, deposit you would put down, what your business is and how its doing, whether you have any adverse credit history.

I will then be able to point you in the right direction.

Andy

atthebeach_2

Dear Andy

Thanks for getting back to me on this one.

I'm looking for a £70,000 mortgage, I can put down between £50000 - £60000 and i'm looking for properties around the £120,000 mark. Credit history is perfect, I don't have any outstanding loans or financial obligations bar my current mortgage and bills. I own a craft wholesale company and I've been in the industry for 3 years as a manager. The business is doing okay at the moment, it's the general industry quiet period of the year where things tick over okay. But as soon as August arrives things pick up considerably.

Any feedback would be great.

Thanks

Martin

AndrewSmith

No worries,

You have good equity and good credit history. Coupled with having good knowledge of the industry in which you are now working.

Standard Life Bank, Northern Rock, Birmingham Midshires, Bristol & West to name but a few, all have mortgages that would possibly suit you.

There are others as well that may be available depending on the full case details.

Any good?

Andy

Canucklehead

Good evening: Try Coventry Building Society's Flexx Mortgage

https://www.thecoventry.co.uk We just completed on a property this week and have been very happy with the service ( in similar situation to you)

Good luck.

AndrewSmith

Good deal but the rates are all over 5%

Standard life bank have a discount for 2 years at 4.5% currently after which you will have full accounts to produce, thus be able to take a full status prime mainstream deal.

Downside is that it is not portable.

Andy

Canucklehead

Good morning: We considered Standard Life but their fees were higher and we wanted a mortgage that was portable and had no early redemption penalties so the Coventry deal worked out better for us. The Standard Life discounted deal has early redemption charges so wasn't the best solution for us. If these charges aren't a concern in your situation then the Standard Life offer is a good one.

Good luck.

atthebeach_2

Thanks for all the feedback. We've been in touch with all of the above and now waiting to hear what they have to say.

Much appreciated.

Martin