Self employed

steveing64

We are looking to move and need a mortage we are both directors of the company the first year books have just been done and showing a net profit of £26500 i was aslo paid £5500 by the company. the sale of our house will give us £56k to use as a deposit.

What are our chances and how much would be able to borrow

herbiesjp

Did you get any dividends?

How long have you been self employed and how many years accounts do you have?

What purchase prices are you looking at?

Do you have a good credit history, any other debts?

steveing64

Hi

No divends as yet got meeting with account next week

been trading for just over the year

looking to buy about 150k

couple cc debts £4500

i was a bankrupt 2003 but all clear ( i assume as have Consumer credit licence for my business and got that no probs)

herbiesjp

You might have some limited options, based on the 1 years accounts.

However it will depend on the finer detail of the whole scenario.

I'd suggest getting in contact with a whole of market broker, in order to see if they can find any lenders happy with the scenario.

What goes in your favour is the LTV - as you would only be looking at a mortgage of around £100k