Can we get a Mortgage?

muster

Hi I am self employed director of a ltd company with drawings over the last 3 years of £30k (2010), £35k (2011) and £53k (2012). My wife has just started in a new job earning £65k but has only been there 1 month.
We are looking to move to a new place, have £100k deposit for a £400k property.
Does anybody know which lenders would be willing to consider us?
Thanks in advance for your help.

Dave_Ham

There will definitely be solutions, may be worthwhile speaking with a broker.

Your solutions will be limited if your Wife has a probation period.

Definitely achievable though, subject to specific circumstances...

muster

Thanks for the quick reply Dave, she has not got a probationary period, I was just concerned with the fact that she had not been there very long. I presume that this will reduce our options with the number of lenders.

GMS

Many lenders will take into account income from a job with as short a period of 1 month in it.

Income wise it appears to be fine assuming a term of sufficient length.

Worth a chat with a broker.

Dave_Ham

You are highly likely to have options here, but almost certainly a broker case or a lot of reading and talking to lenders yourself..

Good luck

Conrad

Try a few direct lenders as they have cheaper deals. No more leg work than researching a holliday.

Pretty straight forward case.

One thing though is to make it clear your drawings were less in previous years as some lenders take an average.

On the life assurance a good broker will re - imburse commission meaning it's cheaper going through them than direct to an insurer.

Let_Us_See

Should be fine as long as the underlying company profits support your drawings and your wife is not employed by your company.

Wh05apk

Probation/or a new job is not an issue for most lenders, income wise you should be fine, most lenders now require SA302's to prove income, so would be worth ordering them from HMRC now to have ready when you need them.

muster

Thanks for all the advice everyone I was a little concerned but feel pretty confident about it now.
Has anybody used charcol before?

Wh05apk

muster wrote: »

Thanks for all the advice everyone I was a little concerned but feel pretty confident about it now.
Has anybody used charcol before?

Personally I use gas now for my barbeque.

You might find you get better service from a local broker who will sit down with you face to face.