12 mths accounts for ltd company, Home mortgage possible with 50%deposit??

scottishbonnie

Please Advise if you can, My husband (51yrs) who after many many years being an employed skilled tradesman. Started his own successful limited company, And has a very healthy income ..also has an accountant who does all books,wage slips, paying limited wage for him and myself as his secretary....
We foolishly made an offer on a home and have been accepted, But although not too worried about our home selling in todays market, we still need to sell it.. for the deposit as mortgage free we also have another that has a small buy to let mortgage still oweing..we will continue to rent out.
My question is, will we get a 15 year mortgage (given his age) from highstreet lenders with a 40% deposit and just one years Accounts?
Would lenders not also look at the excellent credit history we both have and the health accounts for this huge jump he has made becoming a limited company, getting regular contract work....but it is on a job to job basis...We thought this wouldn't be a problem as have the deposit once this house sells, but our financial advisor, (who we have used for years) said it may prove a little difficult I Believe him But what are our options....is there any highstreet lenders you could recommend that do look at individual cases.? ? Thank you in advance for your imput :T

Dave_Ham

On the face of it, this will be achievable.

If your broker says this is hard work, I would suggest you speak to another broker if he/she cannot find the solution.

Granted, this is not easy but depending upon detailed variables there will be options.

All the best

Let_Us_See

Basically, given sufficient income you should be able to achieve mortgage with one years accounts and a good credit record etc. Perhaps if your financial adivser is having problems then you should enlist an experienced mortgage adviser who should know where to place this scheme.

Finally, could you raise a deposit for your proposed purchase by using equity in your BTL property? Good luck.

scottishbonnie

Thank you for your replies we should hear tonight or tomorrow from our advisor and I hope it ISN'T going to be difficult..am a worry wart at the best of times ..... I will also raise the BTL mortgage equity question if he doesn't. Thank you again .. I will post the result asap :-)

scottishbonnie

Fincial Advisor says we may need to get a buy to let mortgage on the new house? not spoken with him properly yet as just a fleating comment butt i dont like the sound of that as intrest rate higher normally ? ? also not sure if thats just incase our home we are in doesnt sell and thats the only option if cant get the full 40-50 % deposit from the sale? ? I am confused by all this...:(. and of course i know it would have been ideal if we had sold our home first before offer for the new house..but it was a house we had wanted in a street we had only hoped for... so really let hearts rule head but now....feeling a little concerned... already got our home on market for under value just for quick sale..but the market may be harder than i realised... I know will sell if get viewers, but will we get viewers in this climate? ? aaahhh..... Should we stck to guns and say No to the Buy to let mortgage for the new house...but live in it.. option? ? Thank you for your reply and time :-)

Dave_Ham

Not sure I understand. If you get a buy to let mortgage on the new place and live in it (which is against the terms and conditions of the buy to let mortgage by the way) what are you going to do with the property you are selling?

Or am I missing something?

GMS

If it is being suggested you take a Buy to Let on a property you are intending to live in then walk away, quickly. This would be a fraudulent application and likely to cause future issues.

Let_Us_See

Change your financial adviser. As long as there are no adverse credit issues there are residential lenders who will consider applications with one year accounts - especially at 60% LTV.

scottishbonnie

Once again, Thank you all.We really didn't think it would be an issue getting motgage with our situation/ saving and equity in house..But we trusted our Advisor to do the best for us..as you think thats why you got to them...they know the market better than us joe soaps....lol... BUT.. Yes I totally thouht that was dodgy..and so glad stuck to our guns and said no to the BTL.... as he suggested rent out home we are in and use a BTL for the new one..... And Yes gut instinct said that felt Wrong...so We got mortgage ourselves from one of the high street Branches..Now feel so much easier and happy.. I think we were being scared into a bad choice.. But glad I found this site and got good advice :-D thank you