Self Employed and struggling to get a mortgage

stamford1601

OK So the advisor who specialises in Self Employed / Company Directors has come back and said she can only put forward an offer in principal of £214k which leaves me £11k short on the property I have put an offer in on so I'm now waiting on my final advisor to see what she says.. I'm not pinning my hopes on this and although I havent pulled the plug on my current purchase just yet, I have started looking for cheaper properties as an alternative.

Any other idea's ?

amnblog

We specialise in the self employed and £220,000 is achievable subject to a number of issues.

These include:

No other debt
Good credit score

You need a lender that will work solely on your latest figures as most will average.

Santander could have potentially done this but something has obviously spooked them (it does not take much).

Good luck

Dave_Ham

I too am still surprised that this has not been placed. There is an obvious 2/3 lenders that should be looked at first.

Good luck

stamford1601

So I've submitted everything to my new broker this morning who is very confident in securing this for us.. But then again the other broker said she was pretty confident too so I'm not rolling out the red carpet just yet. Hopefully submit the application by lunchtime today and should hear back by Wednesday.. Fingers crossed but she does sound as though this one knows whats she's taking about

stamford1601

Update..... So, Santander refused, Nationwide offered in principal then withdrew so we've now submitted again to Natwest who have offered in principal the full amount required and awaiting the final decision sometime this week..... Fingers crossed we get the answer we need.

stamford1601

Where we're at.... OK so this is now our 4th mortgage application

Santander - Declined
Nationwide - Offered 16k less than we needed
Natwest - Offered 20k less than we wanted

Now trying the Coventry BS who have approved in principal and have just been told that survey will happen on Weds ! Does this mean they are happy with our application ? Surely they wouldn't instruct someone to survey if they were not happy ? This is the furthest we have got so I don't want to be to enthusiastic with it....

Don't want to jump the gun too soon but is this a positive step ??

leveller2911

stamford1601 wrote: »

No.. Wish I was as I'm fed up paying Corporation
tax year in year out :rotfl:

Flip side is you pay naff all income tax. Using legal loop holes to minimise tax doesn't always pay .


Wanting the cake and eat it springs to mind.;)

stamford1601

leveller2911 wrote: »

Flip side is you pay naff all income tax. Using legal loop holes to minimise tax doesn't always pay .


Wanting the cake and eat it springs to mind.;)

That's was how the business was set up before I took full directorship.. Sure there's many other companies out there that do exactly the same thing ?

Thanks for the advice :T :T

leveller2911

stamford1601 wrote: »

Sure there's many other companies out there that do exactly the same thing ?

Thanks for the advice

Absolutely, you just don't see directors on here whinging about paying Corporation Tax whilst at the same time paying little or Zero income tax...

Your welcome BTW...