Self-emp halifax mortgage - any chance?

Luford

I've currently got a mortgage app in with the Halifax. It was submitted 2 weeks ago and earlier this week they requested a reference from our accountant with a projection of earnings in 2014.

My situation;
Director of a limited company 45% shareholding
Company started trading in April 2012 and in the same line of work I've been in for 15 years
First year t/o of £190k
Net profit of £110k
My SA032 from HMRC for the tax year 12/13 says £38k in dividends & £7.5k PAYE
My wife earns £10k PAYE working in our company

In 13/14 tax year with 4 weeks to go the t/o is £276k invoiced, £202k gross profit.
This year my tax return will say £7.5k PAYE + £44k in dividends, my wife will earn £9k basic + £1k through PAYE which will leave c£70,000 as retained profit. Obviously only 1 years accounts submitted.

We've had an offer accepted on a house at £442,500 and we have a deposit of £190,000 made up of a gift from my Parents of £150,000 and £40,000 from us. We've been given a mortgage in principle for the remaining £252,000. So we roughly have a 42% deposit or 58% LTV I think.

The survey has been done and is fine.

Based on that info how likely do you think the Halifax will give us a mortgage offer?

We have our fingers crossed but are impatient!
Thanks

Dave_Ham

Business sounds solid, good deposit and therefore I would expect this to be ok as long as there is nothing unmentioned in there.

This should all really have been done upfront as they were always going to request the accountants report for trading given the limited history, but you are where you are.

Would genuinely expect this to be fine.

All the best

Luford

Thanks Dave, fingers crossed!

itsD

I'm in almost exactly the same situation (50% shareholding, 1 month until the 2years required accounts).

How did you get on?