any advise welcome

cubbybear

sorry if this post goes on abit, but i want to put my situation in in te hope that anyone can help me.

on the 14th of april this year my father passed away. he owed a company in community care which 95% of the work is provided by the government and is safe. he left the company to myself and tow brothers 33% each which we changed it to a LTD company as my father was a sole trader. the net profits for the last 5years have been around 115,000.

i am now an employed director and earn a salary of 36,000 pa.

i applied for a mortgage with northern bank which i was told by them today wasn't successful. i was applying for a 90,000 loan (115,000 house 25,000 deposit)

reason given for refusal was that because i own more that 10% of the shares of the application, it had to go through as a self employed application. they were not sure on it because they could not be satisfied that the company could sustain my salary and advised me to try again in a year with a year under my belt owning the company. i thought this was odd as they have looked at the accounts and can see the net profits and the turnover being over 1.1million per year.

i am a 24year old.

is it worth me trying other lenders or will it be the same storey anywhere i go? i really liked the house as it ticked all the boxes. very affordable. i lived with my father in rented accommodation which i now pay for 800 per month and im very eager to buy my own place, as i feel renting is just wasting my money that i could be buying with!

thanks in advance for any help

Wh05apk

You will be treated as a director/self employed, and would normally be expected to provide 2 years SA302's/Accouonts, obviously this is not relevant as you have not been there for 2 years, some lenders will accept the company accounts and assume the business will continue.

As this is not a straight forward case, I would recommend using a broker to identify which lenders will consider this.

cubbybear

thank you wh05

i have arranged a meeting for monday with a broker. the northern bank suggested applying with the bank i do my business banking with but im weary of this as it may be refused and look bad on my credit report. broker sounds best option thanks again