Confused about our situation - anyone?

Jaguar_Skills

So the background to this is that my girlfriend is a self-employed director of her own limited company. She began trading in January of last year but only traded for six months before we went travelling for 8 months. She only therefore has effectively six months’ worth of accounts although one year’s trading.

I am employed full time and have been with the company for six years (although took the 8 month sabbatical as above)

We are looking to get a mortgage (she already has a flat she is retaining but irrelevant for the purpose of this question as it is on a buy to let mortgage)

The question I have is this:
We went to two independent brokers who stated that Halifax are the only company who will lend to borrowers on a joint basis where one only has one years’ worth of accounts. They required an SA302 form or confirmation from the accountant of the year’s salary and dividends for the director. At our two meetings we did not have this, as we had not spoken to her accountant, however we have now obtained it.

I had a meeting with Halifax this morning (separate mortgage meeting) who said it is definitely two years accounts and definitely need an SA302 not just a letter from the accountant. I showed him the letter and he said no way would we accept that.

In the meantime one of the independent brokers has come back with an estimate of what we can borrow (based on the accountants letter + my salary) from Halifax!!?!?!

Should we just proceed through the independent broker to see if we can get the mortgage in principle or are the brokers just wrong and it will fail at some stage?

Do any mortgage brokers on here have any insight as to what Is correct?

amnblog

Jaguar_Skills wrote: »

We went to two independent brokers who stated that Halifax are the only company who will lend to borrowers on a joint basis where one only has one years’ worth of accounts.

Wrong - there are others

Jaguar_Skills wrote: »

I had a meeting with Halifax this morning (separate mortgage meeting) who said it is definitely two years accounts

Wrong

Jaguar_Skills wrote: »

Need an SA302 not just a letter from the accountant. I showed him the letter and he said no way would we accept that.

Correct

ACG

Couldnt agree with amn more.

Halifax say 2 years but not strictly true.
There are other lenders - depending on the size of the deposit some could even be significantly cheaper.

You would have many more options with SA302s. Some lenders will requestand accountants reference but not a letter that you bring with you.

Jaguar_Skills

Ok guys thanks very much. Sorry I think the other two they vaguely mentioned were Leeds and another?

Jaguar_Skills

So really we need to get that SA302 ball rolling.

Jaguar_Skills

How on earth does a mortgage broker for Halifax not know Halifax' rules on mortgages!!!! !:rotfl::rotfl::rotfl:

amnblog

Without the SA302 you are dead in the water.


To get Halifax to accept that income is not standard policy and they need to take a view on it.


What helps is where the business holder is working in a field in which they were previously employed doing a similar role.


A social worker who has just started an employment agency will be looked on less favourably that a recruitment consultant with a new employment agency.

Jaguar_Skills

She is a quantity surveyor she is semi permanently working for one company so guess that may help. They just pay her a day rate.

amnblog

Your call now then

Jaguar_Skills

Ann, what did you mean by your call now then? What would you guys suggest just get the SA302 and go through one of the independent brokers?

betmunch

Jaguar_Skills wrote: »

How on earth does a mortgage broker for Halifax not know Halifax' rules on mortgages!!!! !:rotfl::rotfl::rotfl:

Just want to point out the guy sat in the Halifax is NOT a mortgage broker. They are Halifax employees and only deal in Halifax products.

A more important point though is that we see this kind of things fairly regularly. In the past I have placed mortgages with Halifax, Nationwide, and Santander/Abbey after clients had been told no after meeting with the same bank.

Its common that a good broker will have a better knowledge of a lenders criteria than their own employees because we actually care what happens with an application once its submitted.

Good luck with the application