Mortgage Rejected Because I do not have expenses

strongeo

Meeper wrote: »

You must have bought particular software and such to be able to do that business. All allowable expenses. A new keyboard, mouse, monitor, anything. All expenses.

I have licenses for software purchased in 2007 as a student. All additional hardware has come from before I was self employed and keeping accounts.

Meeper

Ok, regardless - I have always found Ulster Bank to be extremely fiddly to deal with, as with most RBS derivatives.

I would tend to go for a lender who will accept your tax return documentation (generally SA302 documents) as the sole proof of your income. This is exactly the type of case that a mortgage adviser should be consulted on, as they are able to assess more adequately which lenders will accept the documentation that you have available.

HappyMJ

strongeo wrote: »

I have licenses for software purchased in 2007 as a student. All additional hardware has come from before I was self employed and keeping accounts.

Does your accountant charge you for their time? That's an expense. Annual accounts? You must have something as an expense it looks way too dodgy.

strongeo

Meeper wrote: »

Ok, regardless - I have always found Ulster Bank to be extremely fiddly to deal with, as with most RBS derivatives.

I would tend to go for a lender who will accept your tax return documentation (generally SA302 documents) as the sole proof of your income. This is exactly the type of case that a mortgage adviser should be consulted on, as they are able to assess more adequately which lenders will accept the documentation that you have available.

I see, I will definately look at other lenders and possibly engage a broker to find me an alternative.

Do you know anything about the appeal process? Wondering if it is an option.

Thank you Meeper.

strongeo

HappyMJ wrote: »

Does your accountant charge you for their time? That's an expense. Annual accounts? You must have something as an expense it looks way too dodgy.

My 2009/2010 tax return was Self Cert, so I had no accountant for that. And the fees for the 2010/2011 return fall under expenses in this financial year and would only be relevant to those accounts.

Meeper

strongeo wrote: »

I see, I will definately look at other lenders and possibly engage a broker to find me an alternative.

Do you know anything about the appeal process? Wondering if it is an option.

Thank you Meeper.

Yes. The appeals process is that the guy who made the original decision gets his boss to look at it, and his boss will say "What do you think" to the original guy, who will shake his head, and the decline decision will stand. Oh, and you will have wasted another week.

Have fun with it!