Can't find a lender

amnblog

This thread should give everyone a heads up as to why Lenders ask so many questions.

No reflection on the OP and his/her intentions.

The lender here will be wondering:

If the business profitable?
How sustainable is that profit?
Where is the deposit actually coming from?
Where is the buyers contribution (what is to stop them walking away later if they put nothing in themselves)?
How suitable is the property - Could it be resold quickly in the event of repossession?
Where is the buyer actually going to live?
Will they move in with the parents and rent the flat?
Will they live with the parents and use the flat as an office?

M_e

Dave_Ham wrote: »

You need to re-phrase your requirement when you speak to your broker.

You are not looking for a lender that accepts one years accounts, you are looking for a lender that will base their lending on the most recent year and not a mean average of the 3 years.

Sorry I thought I made that clear in my OP:

M_e wrote: »

1. I'm Self Employed and only have 1 years Accounts worth mentioning (I have traded for over 3 years)

M_e wrote: »

I set my Accountancy practice up 4 years ago

M_e wrote: »

does anyone know a lender that will lend at least 3.6x profit, based on 1 years SA302 (with other years available as proof of SE)

I spoke to the Broker this morning and he knew what I meant so I guess it's just the fact it's more difficult to understand someone online and much easier on the phone. He's confident he can find me a mortgage based on 1 years' SA302 with other SA302's available as proof of SE.

Dave_Ham wrote: »

I would now expect a solution if you can work to 2 years average on a higher income multiplier than Coventry.

I've got to arrange a meeting with him so i'll mention the 2 years mean figure with a 5x multiplier. I think it will be less than 1 year with a 3.6x multiplier but that can be compensated for in other areas if necessary.

Thanks

Dave_Ham

Well that was a waste of time and probably mine trying to help.

None of us will read all of the details, but throughout your thread you mention lending on 1 years SA302's and my recommendation was merely make this clear when you approach the broker for your own benefit. It was no means a huge criticism or anything you needed to justify.

Re-quoting parts of the thread where you had mentioned all 3 years validates nothing and just kind of gives the impression that you cannot take any guidance on board or almost of a childish nature.

On this basis, I am out

M_e

Dave_Ham wrote: »

Well that was a waste of time and probably mine trying to help.

None of us will read all of the details, but throughout your thread you mention lending on 1 years SA302's and my recommendation was merely make this clear when you approach the broker for your own benefit. It was no means a huge criticism or anything you needed to justify.

Re-quoting parts of the thread where you had mentioned all 3 years validates nothing and just kind of gives the impression that you cannot take any guidance on board or almost of a childish nature.

On this basis, I am out

Ridiculous... If you were "out" you didn't need to say anything. Kind of strange claiming I'm childish and then purposely trying to get the last word in by posting and then making out you won't be coming back. Very childish...


I made it very clear in my OP. I specifically made it clear to try and avoid some person "skim reading" through and getting the wrong end of the stick. I mentioned 3 yes THREE times that I had more than 1 year's accounts but you still told me I NEED to re-phrase myself.


You have hinted that you didn't read it all the way through or in full detail. If you didn't read it all the way through then don't try and give advice about the detail of my OP. Most bizarre thing I've ever heard. I was very specific and mentioned on numerous occasions that I had been trading for more than 1 year... I would take your guidance if you'd actually read what I had written and not guessed and then treated me like a child that hadn't explained themselves properly.


I actually thanked you for your "advice" about using 2 years accounts with a lender that will lend 5x profit. Of course this information was obvious as part of my job is helping people find a way to afford a mortgage. I calculate figures and look at financial possibilities all day long. Kind of insulting to assume an Accountant can't work that out. I mentioned my profession to try and avoid pointless suggestions and have people concentrate on answering the question I was asking. I could have taken offence but decided to be polite, say "thank you" and hope you weren't being condescending. Then you start telling me I NEED to re-phrase myself when I don't.


What do you want me to say? "Sorry you didn't read my post properly, next time I'll repeat myself 4 times instead of just 3 times"?

Yorkie1

OP, insulting one of the most helpful posters on this board for tricky situations only shows yourself up.

GMS

M_e wrote: »

I actually thanked you for your "advice" about using 2 years accounts with a lender that will lend 5x profit. Of course this information was obvious as part of my job is helping people find a way to afford a mortgage. I calculate figures and look at financial possibilities all day long. Kind of insulting to assume an Accountant can't work that out.

Clearly you know more than everybody so quite why you are asking for help is unclear. Income is only one worry here, the property is another.

Insulting people won't help create a product. You may well already be trying to fit the square peg in the round hole.

Dave_Ham

M_e wrote: »

Ridiculous... If you were "out" you didn't need to say anything. Kind of strange claiming I'm childish and then purposely trying to get the last word in by posting and then making out you won't be coming back. Very childish...


I made it very clear in my OP. I specifically made it clear to try and avoid some person "skim reading" through and getting the wrong end of the stick. I mentioned 3 yes THREE times that I had more than 1 year's accounts but you still told me I NEED to re-phrase myself.


You have hinted that you didn't read it all the way through or in full detail. If you didn't read it all the way through then don't try and give advice about the detail of my OP. Most bizarre thing I've ever heard. I was very specific and mentioned on numerous occasions that I had been trading for more than 1 year... I would take your guidance if you'd actually read what I had written and not guessed and then treated me like a child that hadn't explained themselves properly.


I actually thanked you for your "advice" about using 2 years accounts with a lender that will lend 5x profit. Of course this information was obvious as part of my job is helping people find a way to afford a mortgage. I calculate figures and look at financial possibilities all day long. Kind of insulting to assume an Accountant can't work that out. I mentioned my profession to try and avoid pointless suggestions and have people concentrate on answering the question I was asking. I could have taken offence but decided to be polite, say "thank you" and hope you weren't being condescending. Then you start telling me I NEED to re-phrase myself when I don't.


What do you want me to say? "Sorry you didn't read my post properly, next time I'll repeat myself 4 times instead of just 3 times"?

Still out


Maybe I will have a re-think from our offices tomorrow, unless Mum washing her hair puts me off my chain of thought

amnblog

M_e

A number of us on this forum who know what we are talking about have made it clear to you that there are numerous complications in your case.

You now appear to have arranged to consult a broker and that is the right approach.

Both Dave Ham, and GMS, myself, and others like us try to point borrowers in the right direction to save you time, money and stress.

We do this in good faith and a little courtesy from the poster goes a long way.

We are not here to have arguments as we do this every day and know what we are talking about.