Low LTV but no-one will take my application

amnblog

If you want this placed submit SA returns for 2011 2012 and 2013.

Then obtain SA302s for these 3 years.

Otherwise, you are wasting your time.

nickonion

Arrgh, true. Shouldnt have put that that Im a director (I am just a shareholder, not actually listed as a director)..... I didnt think we would get into these finer details.

Leon - why would SA302 be available if you submit limited company accounts? I have asked HMRC and I dont have any (as I havent done the self assessment)

If I can show my shareholding in the company through the Annual Return AR1 (and the companies accounts show profit), could this not be taken as proof of the dividends?

Thrugelmir

nickonion wrote: »

I didnt think we would get into these finer details.

If I can show my shareholding in the company through the Annual Return AR1 (and the companies accounts show profit), could this not be taken as proof of the dividends?

A critical point rather than finer. As has material bearing.

See my earlier post. Dividend income is neither contractual or guaranteed.

nickonion

amnblog wrote: »

If you want this placed submit SA returns for 2011 2012 and 2013.

Then obtain SA302s for these 3 years.

Otherwise, you are wasting your time.

That would be perfect... so I can submit back dated self assessments!! Off to do it now.

Thanks a lot to all!

amnblog

WORTH NOTING

For all self-employed limited Company Directors.

You will find that a number of Accountants will tell you that you do not need to submit self assessment returns if your annual PAYE and dividend is under the higher rate tax threshold and you have no other means of income.

Other Accountants will tell you that you need to submit self assessment returns in any case.

Our experience tells us that Lenders will ask for SA302s when you apply for a mortgage - no SA return = No SA302.

We even had one client who was taking £65K PAYE and no dividends as a company director/shareholder and the Lender still wanted SA302s. (I hope he has since changed his accountant)

AS A SELF EMPLOYED INDIVIDUAL, ALWAYS SUBMIT SELF ASSESSMENT RETURNS IF YOU THINK YOU MAY NEED A MORTGAGE OR REMORTGAGE

nickonion

Wise words! Wish Id done one now.

Do you know how I go about putting backdated Self Assessments in? I cant find it on the website (and Im on hold to the support line them now)

amnblog

nickonion wrote: »

Wise words! Wish Id done one now.

Do you know how I go about putting backdated Self Assessments in? I cant find it on the website (and Im on hold to the support line them now)

One for your accountant. (one that is active, not retired)

ACG

It looks like you have been told how to rectify the issue but just to clarify, LTV whether 1% or 100% has a risk to the lender.

The last thing they want to do is repossess a property - too much a ball ache and it costs money/man power. Why would they lend to someone who can not prove their income when they can lend the same money to someone who can?

Aside from that, there is a risk to the lender. If the FCA (formally the FSA) came in and picked up your file and they could not evidence you can afford the mortgage they would get a fine. Likewise if you went into arrears your first argument would be the lender never checked you could afford it and they would get a fine.

No such thing as self cert anymore, that went out a few years back.

Im not having a go, sometimes once you look at things from the other side you realise why certain things are needed. There are times i will argue to the hilt lenders are asking for pointless things but on this occasion its to ensure you can pay back the loan you are taking out.

Whether you have to declare it or not for your requirements is one thing. If the lender requires it for their check list is completely different and sometimes you have to jump through these hoops.

Best of luck.

amnblog

Yet another case of a borrower attempting to apply common sense and logic to their mortgage lending scenario and being disappointed ACG.

Thrugelmir

amnblog wrote: »

Yet another case of a borrower attempting to apply common sense and logic to their mortgage lending scenario and being disappointed ACG.

If borrowers were allowed to use their common sense then lenders would go bust tomorrow. :eek:

Pick 'n' Mix went with the demise of Woolworths.