Self employed since 7/2013 - mortgage options

oz0707

Have done a customary forum search for relevant answers to my question but feel mine is a bit of a bespoke case?!

I have been self employed since 7/2013

This consists of a 100% shareholding in a ltd co. I draw the maximum without income tax as salary around £833 pcm. I have not been doing this since incorporation though. Only since around nov/dec 2013

The return for this company isn't due till around Dec or Jan 2015 as we extended the first accounting period to 18mths to show a large sale, hence a profit.

I also have been doing some self employed sub - contracting since May this year (2014) to the tune of around 10k gross

All mortgage providers seem to be looking for a minimum number of years accounts. I was PAYE for a number of years before being self employed. I have also had a mortgage in the past a paid off so credit rating should be good.

That's the background info now to which providers do you think I should be looking? Are there any which are known to lend to people in my position?

Regards.

ACG

You will need at least 1 years accounts minimum.

I cant recommend lenders but if you get in touch with a broker they may be able to help.

oz0707

As in 1 years worth of trading backed by perhaps an accountant?

Or 1 year submitted to HMRC.
As I say my 18month accounting period hasn't finished so I'm yet to submit returns to HMRC

ACG

Good question, there may be some lenders prepared to accept 12 months trading with accounts/accountants letter.

Id suggest sitting down with a broker and letting them get on the phone to do some ringing around. There may be some smaller building societies prepared to do it - assuming the deposit is there, 20% maybe?

oz0707

20% doable.

Best to let the broker do the running around? No point in me ringing building society's?

ACG

Theres a lot of building societies and some of them can deviate from their published criteria. If you speak to a general customer service rep, you will get the general answer.