Do I have any chance of a self-employed mortgage?

OldManKensey

Basic situation: Will return to UK at end of year, have been out of the UK a looooong time, was back for 6 months last year during which time I had an accountant prepare my accounts for 2011/12 and have since done 2012/13 too. Seeing as I wasn't resident in the UK for 80% of those tax years (was in UK only last three months of 11/12 and first three months of 12/13), didn't actually have to pay any tax. My profit on those tax returns, for that short period of time I was in the UK, is £4k for 11/12 and £7k for 12/13.

The Good: I have a large deposit. Together with my wife, probably £155k, maybe £160k by time we are looking for somewhere. I think we'd be looking to spend about £230k so the loan requirement is low in percentage terms.

The Bad: I have accounts for the full tax years of 2011/12 and 2012/13, showing profit of £17k and £28k respectively. HOWEVER, as mentioned above, my tax return only shows a quarter of these profits seeing as I was only resident in the UK for that percentage of the relevant tax years. Which has greater importance - my full-year accounts or what I declared to HMRC?

The Ugly: Having been out of the UK for basically twenty years, I have no credit history, no address history.

The Requirement: If possible, I would like to borrow only about £60-80k so the LTV % would be very low, about 30-40%. I will submit my 2013/14 tax return soon after April 5, showing profit of about £30-40k, but again, the tax return will be about quarter of that (for the last few months of 13/14 that I'll be in UK). At that point, I would have three years of accounts.

Do I have any chance of getting a mortgage based on that? How would I build a credit history fast enough to be getting a mortgage by the spring? I know I would probably have to go through a specialist broker given my position. And the big question: how much would I be realistically looking at borrowing, and would it be based on the full-year or HMRC-declared profits?

Many thanks for any assistance or pointers....

OldManKensey

Hopeful bump.

ACG

This is very difficult.
Also seems a bit odd that you declared part of your income for when you were in the UK. Its usually just all declared in the country you live in - not part here and part there.

If your looking to buy straight away then your not going to be able to build up a credit history in that time.

You need to sit down with a broker, i dealt with someone last year who lived/worked in Bahrain and came back after 7 years. I cant for the life of me think who that went with but it might be possible.

You will either need someone like HSBC who are an international bank and may be more inclined to look at it (but please dont take that as a suggestion/recommendation) or a small type of building society who can let a human do the checks.

I would be inclined to speak to a broker though and let them do the work as this will not be easy.