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Self Employed.....What do they base it on
JimmyR28
Posts: 3 Newbie
Hi Guys,
Probably been asked a million times so sorry....
Myself and my partner are going for a mortgage and I wanted to know whether the mortgage company goes on net profit or SA302's?
The reason I asked is I went for a mortgage and they asked for the net profit figure and then after, asked for the SA302's. Which will obviously be different.
Has anyone else had this issue? Any ideas?
Surely the net profit and the references from the chartered accountants is what most go on? Or does it purely depend on lender?
TIA
JR
Probably been asked a million times so sorry....
Myself and my partner are going for a mortgage and I wanted to know whether the mortgage company goes on net profit or SA302's?
The reason I asked is I went for a mortgage and they asked for the net profit figure and then after, asked for the SA302's. Which will obviously be different.
Has anyone else had this issue? Any ideas?
Surely the net profit and the references from the chartered accountants is what most go on? Or does it purely depend on lender?
TIA
JR
0
Comments
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It depends on the lender which means you should use a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
I am using a broker. That's why I questioned. Because they started by asking for net profit figures which we gave then they asked for SA302's so I'm slightly confused.
The broker is looking at other lenders tomorrow0 -
The broker is most likely looking at both sets of figures to establish which lender is most suitable.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Yes indeed. That's why they went with this lender. But than after the application they asked for the SA302's.
That's why I am asking the question.0
This discussion has been closed.
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