Mortgage - company director

harrylime78

Hello,

I was wondering if anyone could help me. I have been the director of my own company since May 2010 and I have been taking a regular weekly salary since November.

The majority of the salary I have been saving towards a deposit on a house, however this weekend I was told that because I would be classed as self-employed (which I wasn't sure about myself as I'm company director?) that I would need to provide at least two years, probably three years, of my company's book-keeping to secure the shared equatity mortgage myself and my girlfriend have been attempting to acquire.

That is unless we had a HUGE % of the deposit... around 25%, instead of the 5% minimum we needed for house for first time buyers.

Is this correct, does anyone know?

I'm no Mortgage expert or business for that matter, but would appreciate any help.

It of course leaves me up !!!! creek a little as we couldn't get the deposit on my girlfriend's wage alone and may take another two years now.

Cheers,

Matt

Wh05apk

Yes I am afraid you will need to prove your income with 2 years accounts (you may get away with a year and a projection with a few lenders)

kingstreet

Yes, Matt.

Although you are not technically self-employed, as a business owner you'll be treated as if you do work for yourself and will be expected to produce accounts for the business, normally covering a two year period. Perhaps with a third year income projection from an accountant.