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Falling to bits.....
BlueberryB
Posts: 62 Forumite
sorted it thanks
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Comments
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It seems very odd to me that you were advised to enter into contract before getting a mortgage offer. I'm sure one of the brokers on this board will be able to give you some advice!0
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There are lots of factors in this that make up one whole of difficult case.
£30k income looking to borrow nearly £150k . That's almost 5 times income.
3 Children. There goes the affordability which was doubtful in the first place.
Both reliant on a company that has been trading 18mnths. Surely Nationwide want figures for at least two ?
All of these don't look good on paper I'm afraid.0 -
sorted thanks0
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sorted thanks0
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£30k with three kids.
£150K?
As Nationwide will only lend upto 4x to the self-employed and that includes directors of limited companies, this was mis-placed, IMHO.
Try the calculator.
I've just done it. For an employee on £30k the output was £35k higher than it was for someone self-employed. All other inputs were the same.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
OK, but the way you wrote your post it reads 30k total.
More of a concern would be the period of trading. Nationwide want at least two years trading.
I don't think, albeit on you limited info, that Nationwide was a good choice for this.0 -
sorted thanks0
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Is the £58k what you declared to HMRC?
As others stated, it's a non starter from trading period with over 90% if lenders.0 -
Yes, that's correct.BlueberryB wrote: »What do you mean kingstreet? They don't give so much to people who are self-employed?
We are not on 30k a year, we took home 58k last year
The amount doesn't matter. It was just an example.
If you key a case on the affordability calculator with all the same details, then change the applicant from employed to self-employed the output will fall.
Try it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Funny_old_game wrote: »Is the £58k what you declared to HMRC?
As others stated, it's a non starter from trading period with over 90% if lenders.
Yes this is what is on our books, with wages and dividends tax has already been taken off0
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