Self-employed mortgage - low LTV

Thrugelmir

edinstead wrote: »

The million dollar question seems to be who the lender is that would be willing to take into account the rising profits as well as the fact that I have a very healthy deposit compared to mortgage requirement.

Lenders are more focused on affordability of the debt rather than security. Mortgage lending is low margin as it is underwritten on the basis of requiring mimimal administration once up and running. Debt recovery is an expensive and time consuming exercise to a lender. Hence the tight criteria when advancing money.

Lenders will be more interested in consistant historic numbers rather than projections. Such as 3 years accounts. As projections have little value unless backed by contracts or guarantees of work or business.