Self employed

Lee_S_2

ACG wrote: »

I dont know how this would get viewed without speaking to the lenders but it could be that they class the 6 months as 1 year - as technically that years accounts have still been filed - it will just look like your income is half as much as it actually is... whether that is enough to get you what you need would be another question.

Alternatively with the right lender (if im understanding you correctly) you can show 80 years worth of accounts?

This is the thing that annoys me a little, as far as I am concerned, the business has been going for 82 years. I joined as partner in October 2012 and accounts run April to April. So Books for the year only have me on for 6 months with a 35% profit share of 6 months profits (Which wouldn't be enough to get me a mortgage). But seems clear to me that next years books (Assuming profits stayed the same) my earnings would be double as my 35% share will still be the same.

I know there are more strict lending criteria after the crash, but as another example, the business banks with Barclays, I have banked with Barclays for 30 years. Anyone at Barclays can clearly see what the financial position is but none of this counts.

Despite what the figures on the books say, what is clear is that all 3 partners take a set figure home every month, mine does not go up or down, the theory is that maybe at the end of year any extra is then taken home. But as such we don't take home varying amounts from month to month as we have "good or bad" months.

ACG

With a sensible lender i do think this will be possible. The big boys have their criteria and you either fit or you dont.

The smaller lenders have a human touch and can be more flexible. If you get a broker on this they will do the donkey work for you speaking to the lenders that do have a human underwriter rather than a computer.

Lee_S_2

ACG wrote: »

With a sensible lender i do think this will be possible. The big boys have their criteria and you either fit or you dont.

The smaller lenders have a human touch and can be more flexible. If you get a broker on this they will do the donkey work for you speaking to the lenders that do have a human underwriter rather than a computer.

That's encouraging at least. Now a broker.....

ACG

If you avoid estate agent brokers you should hopefully be fine - typically they have easy cases on tap and anything more complex they either dont have the time or the experience to know where to look.

Lee_S_2

Good advice, thanks a lot!

amnblog

Are you a GP Partner? If so we can do this all day any day.

If not you can get placed with one years trading by any sensible broker.

[Worry about the brokers experience, not geography in this day and age]