Mortgage with one years accounts

Danny01594

Hello everyone and thanks in advance for your help.

My situation is, July 2013 i took over my fathers business as he moved to France, I am trying to get a mortgage but know I will have to wait until at least July with one years accounts and a projection for next years accounts. Previous to this I worked for my fathers company for 7 years. Net profit this year should be in the region of 45-50k. It's a ltd company so most of the money I receive is from dividend payments as I pay myself £500 a month. I will have a £25k deposit and the property I am interested in is £173k. What are my chances of getting a mortgage in July and is there anything I can do to improve them? Sorry it's a long post but look forward to your help. Thanks

kingstreet

I'd speak to a broker now.

As this isn't a start-up last July and there's a trading history you may find one or two lenders are a bit more flexible.

ACG

I think you may need a 15% deposit on this and a broker.

There are maybe 2-3 lenders who would consider it.

Scrub that ^. Listen to Kingstreet.

Danny01594

Thank you, I have had brief discussion with a TSB advisor and they were struggling but I will contact a broker and try and get the ball rolling.

Danny01594

P.s i could push the deposit to £30k if this will stand me a much better chance

kingstreet

Last year I had a case just like this.

We got P60s for when he was wholly employed and SA302s which showed his part employed earnings and dividends one year, then his full year as a director with salary and dividends.

A broker should be able to piece this together. It was 80% as it was a newbuild, but I suspect we would have got more if it had been a second-hand property.

Danny01594

Thank you eases my mind a little knowing it can be achieved.