Mortgage advice- Limited company director

avijendr

Hi experts,
I am an IT contractor and work through my own limited company, where I am the director and sole shareholder of the company with 100% shareholding.

My company was started on 25th June 2009(but started contracting/getting revenues only since end of October-2009). Apparently my company accounts runs from July to June every year.

Now the problem with this is that I don't have any income for the first 4 months of the Year-1 (2009/2010) and which makes my gross income for that year a bit less, for mortgage applications.

The question for you guys is - can I instead show the income from November - October (2009/2010/2011)? I can request my accountant to give me the figures and calculations for this. I talked with him and he is happy to do that. Please advice!

Best regards
avijendr

edinburgher

I think you should speak to a mortgage broker, they will be better placed to advise on qualifying requirements for each lender.

gazandlaurenne

I can't imagine that would be a problem, I can't see why your companies house / HMRC accounting date would need to relate to what you give to the mortgage provider (other than making it easier for your accountant to submit the 'normal' accounts rather than accounts for different dates.)

When I did this last year there was no worries about dates, and we were supposed to provide 3 years accounts but Nationwide were fine with me only submitting 2.5 years as I'd only been incorporated that long. However I did have my husband on the application too who earns more so I'm not sure if that meant they were a bit more lenient with what we provided.

Hope all goes well

avijendr

gazandlaurenne wrote: »

I can't imagine that would be a problem, I can't see why your companies house / HMRC accounting date would need to relate to what you give to the mortgage provider (other than making it easier for your accountant to submit the 'normal' accounts rather than accounts for different dates.)

When I did this last year there was no worries about dates, and we were supposed to provide 3 years accounts but Nationwide were fine with me only submitting 2.5 years as I'd only been incorporated that long. However I did have my husband on the application too who earns more so I'm not sure if that meant they were a bit more lenient with what we provided.

Hope all goes well

Thanks. Which bank was that?

cb4fwh

Nationwide...