no proof of income

nikkijw_2

Hi, can anybody help? We would like to get a mortgage for £84,000. We are purchasing a house and we have £145,000 deposit. I am self employed and have account records for the last 3 years, but I submit them myself - they are not audited. My partner has just gone self employed so has no books for proof of income. We have somebody who will guarantee for us but he is 64. We have been told that we can only get a 10 year mortgage because of his age. We thought that with such a large percent deposit we would be ok, but it's not been that easy. We really need a 25 year mortgage. Any ideas? Thanks!

ILW

Your books should be OK as long as they tie in with HMRC and show sufficient profits.

kingstreet

You don't need audited accounts.

You can obtain SA302s for the period required from HMRC which will show your income and the tax you paid.

As long as these reflect the income on the application, they will be fine. You are no longer forced to use an accountant.

nikkijw_2

That's great - I'll definately look into SA302s, but what about our guarantor? Are there any 25 year mortgages we can get, or do all have an upper age limit they allow for guarantors?

holly_hobby

Audited accounts aren't generally reqd (except when specifically requested for Ltd Cos).

What is a general request is SA302s showing declared taxable income (upto 3 yrs may be reqd) - and as I presume you have been reporting and paying tax to HMRC, these will be easily obtained upon request from them.

Just as a side issue - a guarantor is essentially assessed as an additional borrower (albeit they are not a mortgagor), as they will be called up and have legal responsibiity for maintainng the mge in the event of yoru default. As such their income, age etc must meet the lenders standard criteria - which is why in this case you can only achieve a max 10 yr term, as typical max age at redemtion, for all but a couple of lenders, is 75 yrs.

I would request your last 3 yrs SA302s from HMRC, and together with a copy of your reports from credit ref agencies (experian, equiafx and callcredit), go and spend an hour or so with a whole of maket/independent mortgage broker, whom will determine what providers and level of borrowings are available to you.

Hope this helps

Holly

holly_hobby

Post 5 crossed with Kings etc, whom have also raised SA302 issue.

H