Struggling with mortgage application...why?

PUDDLEDUCK_1

Hello, new to this!
Offer accepted on house-£145,000. Deposit of £30,000, need mortgage to borrow £115,00 LTV 80%.
Myself:newish job, in 3rd month so 3rd payslip nxt week (no probabtionary period, gd salary), Jan-April this yr self employed, prior to that PAYE. Never failed payment on bills, credit card, small loan etc. No other history really. Not currently on electoral register (in post tomorrow!)
Fiancee: director of limited company (50% shareholder) 4yrs duration since creation of company, profit yr on yr. Monthly PAYE small portion (below tax limit) no failed payments on loans. On electoral register.
1st joint mortgage app-requesting loads of additional info, broker advised withdrawal of applic & trying new product. New product, failed credit score. Broker offering choice of 2 other prodcuts.
Ive requested list of additional info & explanation for failed credit check.
Any ideas? Should we try direct with bank/different broker (ours has fee). Time pressure now as 6 wks post offer, solicitors doing searches & no progress since day 1 (it feels like!).
Any advice (relevant!) appreciated. Thank you in advance. Sorry such long post.

GMS

Withdrawing a mortgage application after being asked for documents looks bad and could lead to being on lender systems.

What is your income?

Husbands last 3 years salary and dividends?

Last 3 years share of net profits?

kingstreet

No voter's roll entry - so low/no credit score.

Short employment with no decent track record before this job.

"Self-employed" with what sounds like little income/profit.

I'd have used a non-scoring lender and would have "placed" the case and got an agreement in principle before proceeding.

You might have been better trying to scrape together another 4% to get below 75%, if you could.

Is this another national estate agency "broker" by any chance?

PUDDLEDUCK_1

Thats understandable, we didn't feel very comfortable with it but application not officially withdrawn, just looking at other option (hopefully) & as far as we're aware, application would be withdrawn once progress on new option.
My salary £35k, Fiancee £1200/mnth (dividend/PAYE) profits remain in company at present due to expansion/reinvestment.

PUDDLEDUCK_1

Agreement in principle received before proceeding with initial application.
For me: 6 yrs continuous employment after graduating from uni, earning 30k (PAYE), last yr £31K (PAYE/self employed) this year £35k.
Not a national estate ageny lender.

GMS

For affordability you may need to use a lender who will take into account the share of net profits rather than salary and dividends.

Whatever the lender has asked for on previous applications I would suggest providing it even if you don't want to proceed. Would stop any thought of a dodgy application

PUDDLEDUCK_1

Thank you GMS, sounds sensible & we had planned on contacting the initial lender direct tomorrow, (their letter states we could) to enable us to at least try & do that.

Thrugelmir

Not currently on electoral register (in post tomorrow!)

When did you last register on the roll?

hcb42

Electoral roll will be a big issue in itself (assuming you need both salaries to borrow £115K - you don't say.

Don't apply for any more products until you get that sorted at the very least.

PUDDLEDUCK_1

I moved from the property I was definitely on the register at, Jan last year but may not have been removed from the register until May when the next tenant moved in, depends when she received the form but cannot be sure.
I had no idea it was a legal requirement. We had no problems with the first credit check though & received an offer in principle really quickly. The electoral register will be sorted as soon as it can be now.

Dave_Ham

I think this is being over-complicated a bit.

Get a decent broker and they will make this head ache go away and get this through relatively quickly.

Never a good idea to have searches done before receiving a mortgage offer, although what is done is done just need to get a mortgage offer now.

All the best