22 yrs old & Self Employed - Mortgage advice.

Let_Us_See

holly_hobby wrote: »

Yes dear ... Been in mges 20 odd yrs ... so my advice is based on actual experience and not that of an armchair adviser who has learnt a little by reading others posts.

12 mths accounts or trading for less for a new business start up - no chance .... unless ridiculously low LTV, contractor based or other prev experience mandate based decision, as I've discussed.Holly

Oh, dear..................condescending and incorrect, although your armchair adviser snipe made me smile.........and I agree I would learn very little reading other posts. Suggest you phone Halifax's broker line and ask the question......., after all, one is never too old to learn!

holly_hobby

Let_Us_See wrote: »

Oh, dear..................condescending and incorrect, although your armchair adviser snipe made me smile.........and I agree I would learn very little reading other posts. Suggest you phone Halifax's broker line and ask the question......., after all, one is never too old to learn!

:rotfl: too funny ......

akamustang

So... back to the most important point

morganedge wrote: »

what sort of business do you run?

Wh05apk

Have to agree with Let us see here, Halifax will consider lending with one years accounts, for this sort of business, i.e. low LTV, good credit, and not stretching income.

Published criteria is one thing, but practising broker knowledge is another.............

holly_hobby

Yes, but not less than that, and as I'll repeat for the 10th time, this would essentially be a mandate decision (if not a contractor), ie - its not std vanilla criteria avaiable on for example a 90% app, which was the original implication given, and what I wanted to make clear to the OP.

Also, as I've already stated, and it has been agreed, succesful application would be determined by a low ltv, continuation of employment in sector (of course alongside the very obvious requirement of a CRA search and non-stretching of income) - which will all support the indvidual mandate decision, but doesn't necessarily gte it, as LUS acknowledges.

Holly

TMSL

Holly, I would disagree with this as I have done two case recently at 90% ltv with one years accounts with Halifax, and it isnt mandated as Halifax are really a system based underwriter, so as long as it passes their credit score and you can provide the SA302 then away you go.

holly_hobby

My experience does differ to this, and Im referring to only 1 yrs trading and books available, as oppossed to trading for longer with only the last 12 mths books being reqd for uw, but obv recognise that your case mentioned may not have reflective of the same situation.

Hopefully, if the OP does choose to approach Halifax, and also achieves a decent pass, as noted above, minimal accounts may not prove a deal breaker, and secure them a similar end result ...... fingers crossed of course x

Holly

Daniel172

Thank you so much for all the helpful replies.

I will approach some lenders (including Halifax) for some clarifications in the knowledge they shouldn't just laugh at me! I'm hoping a large cash deposit will give me some sort of advantage too so we'll see.

Thanks again,
Daniel.