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Self employed trouble getting mortgage!
larryo
Posts: 1 Newbie
Hi there people this is my first post so take it easy ive been a long time lurker.
I became self employed 14 months ago. I am already a home owner with a mortgage from HSBC. Over the past four years I've had the mortgage, i have been paying nearly double the required amount, never missed a payment, never had any problems with debts or got any marks against my name.
To cut a long story short, I spoke with a call handler from HSBC regarding selling my current house and getting a larger mortgage. As soon as i told hes i only had 14 months worth of books, she gave me a definite NO! didn't ask how much i wanted to borrow, over how long etc
I only want to borrow 70% of the property's value!!! I don't have no other debts, store cards, loans!
I Know banks have tightened their purse strings over the last 12 months but i don't understand it.
Where is the risk of lending 70% of a property's value? if i cant pay my mortgage for any reason they'd just take the property off me!
If anyone has any advice or knows of banks willing to lend to self employed with less than 3 years books it would be greatly appreciated.
Thanks Larry
I became self employed 14 months ago. I am already a home owner with a mortgage from HSBC. Over the past four years I've had the mortgage, i have been paying nearly double the required amount, never missed a payment, never had any problems with debts or got any marks against my name.
To cut a long story short, I spoke with a call handler from HSBC regarding selling my current house and getting a larger mortgage. As soon as i told hes i only had 14 months worth of books, she gave me a definite NO! didn't ask how much i wanted to borrow, over how long etc
I only want to borrow 70% of the property's value!!! I don't have no other debts, store cards, loans!
I Know banks have tightened their purse strings over the last 12 months but i don't understand it.
Where is the risk of lending 70% of a property's value? if i cant pay my mortgage for any reason they'd just take the property off me!
If anyone has any advice or knows of banks willing to lend to self employed with less than 3 years books it would be greatly appreciated.
Thanks Larry
0
Comments
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Most lenders look for a min of 2 yrs accounts........no self cert mortgages available anymore........0
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