1 Year LTD Company Accounts Mortgage - What are my options?

espud

I am currently in shared ownership. My property is worth 238,000 and I own 25%. There is 29,000 left on my existing mortgage.

I want to move to 100% and I have £40,000 ready to put down so I need new financing of around £166,000. I run my own LTD company and I paid myself £40,000 in dividends for the year. I have 1 years annual accounts completed - which I know is not sufficient for most lenders but I have been upfront about this from the outset and some have agreed to look at my individual case. Barclays and Halifax...

I spoke with Barclays today about the application and at the approval stage they said that the approval needed to be "referred". This means that my case needs to be passed on to their underwriters for approval. So I have not been offered an approval in principal.

The issue they say is because of the fact I only have one years' accounts which obviously I mentioned at the beginning.

My big concern here though is that if they reject it. What impact will this have on future applications and my credit history if I have been turned down for a mortgage?

Is there anyway I can predict what decision the underwriters will come to? I have perfect credit history and my monthly outgoings will not change that much because of the mortgage - because when you move out of shared ownership you no longer pay any rent. I also have a strong deposit with means my LTV ratio will be lower risk.

Also are they any other ideas anyone can think of in terms of how I can think outside the box about getting sufficient financing? Can anyone recommend any other providers that may offer good rates for 1 year accounts?

I realise that similar posts have been made in the past but not so recently so hopefully this discussion will have some up to date value for others.

Thanks

ACG

I havnt done the sums properly but it looks like its under 75%??
If it is there will be options. Not market leading rates but it should be possible to do.

Probably one for a broker though.

espud

Yep LTV is just under 70%.........

Received some info about a mortgage from Kensington Mortgage Company Ltd

Maximum they will lend though is £160,000. There are about £3,000 worth of fees and the rate is 3.44% to start with....

I have not asked to be put forward for this yet. Will I be able to do any better?

ACG

Rate wise its possible to get a lender who will offer a slightly higher rate but with lower fees - more like £1000-1500. They may offer slightly more but your probably not far wide of the mark with what you have found.