Any joy?

BlueberryB

Hi all,

We are having a bit of a nightmare getting a lender to lend!

Tried Nationwide in may- fees paid, valuation done then declined due to no 2 year accounts..
Woolwich - 6 weeks since full application, valuation done again but they now also say 3yr SA302s not enough and they want 2 full years audited accounts!!

Phoned my bank today..RBS as they hold all our personal & business accounts. Spoke with them and they said they would have lended on 1 year accounts with hubby being self employed for years before that but since I have 50% share in company and dividends they would like mine too which is not possible as I only started working again after having children back in Jan 2013 when limited company was set up, they would not take my income from company at all until next year! Only my part time job income which is not much

I am so so low just now, can't see any light at the end of the tunnel :mad: we were using H2B -Equity loan just to make matters even more difficult!!

Any advice? Please be gentle, I am in a fragile state just now just want a break.

ACG

Why would you pay for valuations or booking fees if you did not have what th lender required? Why was this not picked up on?

Stop applying and speak to a broker OR explain your situation before making an application. Ask the lender(s) to hold off doing a valuation until underwriting is complete.

I dont do the equity loan HTB scheme so do not know that makret well but most lenders are going to want 2-3 years account.

BlueberryB

ACG wrote: »

Why would you pay for valuations or booking fees if you did not have what th lender required? Why was this not picked up on?

Stop applying and speak to a broker OR explain your situation before making an application. Ask the lender(s) to hold off doing a valuation until underwriting is complete.

I dont do the equity loan HTB scheme so do not know that makret well but most lenders are going to want 2-3 years account.

We are using a broker...
Nationwide was great all they required was 3 years SA302s and accountants certificate. Which was all given.

Woolwich again said they needed SA302s and something from accountant, which they also got along with 1 years worth of bank statements and dividend vouchers. They then dropped it last week that they needed another years accounts!! Which we don't have until April next year.

Broker just keeps saying... Don't worry I will get you a mortgage, but it just doesn't seem to be happening at all now.

dotdash79

I can't understand why you broker didn't speak to them to confirm what was required, if he has then they have change there mind then you should be looking to getting your fees back.

I would also be looking at another broker.

ExpertAdvice

I'm really sorry to hear about your situation.

There are lenders that would accept 1 year's accounts. However, since you are also 50% shareholder of the company, I don't think there is any lender that would accept your income as an employee. If you own more than 25% or 33% shares in a company, you need to have the accounts or SA302s.

jellyfish76

I am mid application a woolwich/barclays mortgage and have similar situation. I am a director of a limited company and the in-branch broker has insisted I only need 3 years Sa302s (one year shows me as sole trader/the other two as ltd) even though the online criteria says I need two years audited accounts.

The branch MA has not asked for this and said sa302s would be fine...which I now also suspect is wrong.

thankfully I do have two years accounts but otherwise I'd be in the same position as OP...

But agree, I'd put everything on hold and speak to a Broker who deals with self-employed.

I'm not sure I understand what you mean about them wanting your dividends... do you mean you haven't drawn any dividends yet, and thats the problem? Have you got any retained profits in the company that can be taken into account?

Is your tax year Jan-Dec? I *believe* (but please check) that Woolwich will accept one year audited, one year signed draft trading accounts which you could have ready in January...?

BlueberryB

So not looking good then :eek:

I would only have SA302 for this year past. Could my husband take full control of the company or just take my share down to the bare minimum? I suppose this would also cost money and would take a few months to happen?

Oh god it's looking like this is not going to happen. Are there any other type of lenders that would accept this? Don't mind paying a higher rate at all as it would only be for couple years then after fixed rate we could look at the lenders again.

ACG

If your broker called up to run it by them, he should be on the phon getting them to honour it or refund your money.

I suspect he has not checked?

BlueberryB

jellyfish76 wrote: »

I am mid application a woolwich/barclays mortgage and have similar situation. I am a director of a limited company and the in-branch broker has insisted I only need 3 years Sa302s (one year shows me as sole trader/the other two as ltd) even though the online criteria says I need two years audited accounts.

The branch MA has not asked for this and said sa302s would be fine...which I now also suspect is wrong.

thankfully I do have two years accounts but otherwise I'd be in the same position as OP...

But agree, I'd put everything on hold and speak to a Broker who deals with self-employed.

I'm not sure I understand what you mean about them wanting your dividends... do you mean you haven't drawn any dividends yet, and thats the problem? Have you got any retained profits in the company that can be taken into account?

Is your tax year Jan-Dec? I *believe* (but please check) that Woolwich will accept one year audited, one year signed draft trading accounts which you could have ready in January...?

Yeah jellyfish, our year is jan-dec. the broker and accountant have been speaking with woolwich direct so I don't really know what was said or anything! I know that they required confirmation of dividends drawn, which accountant did. We have drawn everything out the company, and been saving bloody hard for deposit/fees we now have all required and I was so chuffed and proud....then this bomb.

Our house is not going to be ready until December anyway so if lender would accept the drafted accounts that could be done in jan I am sure we could delay completion and wait til end jan?

BlueberryB

BlueberryB wrote: »

Yeah jellyfish, our year is jan-dec. the broker and accountant have been speaking with woolwich direct so I don't really know what was said or anything! I know that they required confirmation of dividends drawn, which accountant did. We have drawn everything out the company, and been saving bloody hard for deposit/fees we now have all required and I was so chuffed and proud....then this bomb.

Our house is not going to be ready until December anyway so if lender would accept the drafted accounts that could be done in jan I am sure we could delay completion and wait til end jan?

I just had a google, would Skipton Building society be a possibility? It says they require 2 years SA302s & 1 years accounts for company directors?

jellyfish76

Here is the woolwich criteria, look under self-employed.
http://www.woolwichintermediaries.co.uk/Residentialcriteria/IP1242620533007