Self Employed (LTD) for one year and unable to get a mortgage!!

Snookered12

Hello all,

I dont know if anyone can help. My partner is self-employed, (has set up a limited company a year ago). She works for another firm on a long term contract. She has so-far got one years accounts under her belt which show profit of £30K. She has a sizable deposit (25%) but so far no high street lenders are prepared to offer her any money, stating that she needs 2years accounts under her belt.

She is able to provide confirmation that the current contract is ongoing and will go on past march 2011.

Has anyone been in this situation, can suggest anything?

So far, Barclays, Nationwide and Halifax have said no for her mortgage application.

any help would be much appreciated,

Cannon_Fodder

Stop applying willy-nilly, it may leave imprints on her credit history.

Go see a whole of market broker ? They may have an insight into specialist lenders.

Though usual reply of brokers on here, is that 2 or 3 years of accounts are normally needed...

If no luck. Keep saving that deposit, and be ready for next spring.

Check her credit history, get any issues with it resolved so that its perfect for next spring.

HR1_2

I totally feel for you and your partners situation. My partner works for a LTD family company and we are currenlty having to jump through hoops to get a mortgage application accepted even though considerable profit is cleared each year for the last 5. It's a horrible feeling - I hope that it works out for you.

Chinkle

I assume what you mean is that your partner is sole director of a ltd company, and that she pays herself a basic salary through PAYE and the rest in dividends. Right?

Simple answer to this is to pay herself more and then apply for a mortgage with her payslips as proof of income. She will end up paying more tax this way, but you can't have it both ways.