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Trying to get a mortgage!
bex265
Posts: 2 Newbie
I have been self employed for two years and recently tried to secure a mortgage.
I was asked for a SA302 for the last two years,which I provided not realising that some of my income was from my rental properties I own and some of my other income was put through as a directors loan.So….I apparently did not have enough income!
I have resigned as the director and have now just became an employee as it seems far easier to get a mortgage if you are employed!
My questions are…How many months is it best to wait to apply and will I still need to provide my previous SA302 if I dont have a p60
I was asked for a SA302 for the last two years,which I provided not realising that some of my income was from my rental properties I own and some of my other income was put through as a directors loan.So….I apparently did not have enough income!
I have resigned as the director and have now just became an employee as it seems far easier to get a mortgage if you are employed!
My questions are…How many months is it best to wait to apply and will I still need to provide my previous SA302 if I dont have a p60
0
Comments
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You'll be asked if you hold 25% of the equity in the company and if you do, you'll be treated exactly the same as you were as a Director.
Resigning your Directorship to enable you to obtain a mortgage by deception isn't a smart idea, if that's your plan.
Your previous application will have generated a National Hunter entry;-
https://www.nhunter.co.ukI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I did not realise it would be deception
I just dont want to be a director any more just an employee
what other option do you suggest?
As I have not done anything as of yet0 -
Go to a broker (someone recommended ideally) and tell the truth. There may be solutions.
The only reason on the face of it you want to be an employee is to achieve a mortgage and therefore it is deception and likely the lender will identify this.
If you did achieve the mortgage, I would imagine it would not be long before you did not like being an employee due to the tax implications and would be a Director/Self Employed again.
The truth is always the best approach, if not always the easiest...
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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