What do Mortgage companies class as Latest Period?

UKSBD

When the mortgage companies ask for income from latest period and previous period, would the latest period be the current tax year (April 2015 - April 2016) or do they mean the latest full period (April 2014 - April 2015)?

ACG

Lenders in the main will still be accepting 2013-14 as the latest for a couple of months yet, but if you have 2014-15 then all the better.

I am assuming this is using SA302s or accounts?

UKSBD

ACG wrote: »

Lenders in the main will still be accepting 2013-14 as the latest for a couple of months yet, but if you have 2014-15 then all the better.

I am assuming this is using SA302s or accounts?

Do they only take those 2 years in to consideration?


2011 - 2012 took £8k wage and £30k dividend
2012 - 2013 took £8k wage and £30k dividend
2013 - 2014 took £8k wage and no dividend
2014 - 2015 took £8k wage and no dividend




2014 - 2015 self assesment not submitted yet so are the important years 12-13 and 13-14?


Would I be able to port £45k mortgage on those figures?

ACG

Who is your current lender?

I doubt it (unless you have got lucky with your lender), you need a lender who will average out 2012-13 and 2013-14 without questioning why there was a drop. There is at least one but for the life of me I can not think who it is off the top of my head.

I suppose if the profits were retained and that is the reason for no dividend then there could be other options also.

UKSBD

Current lender is Nationwide.


Crazy thing is it's only about a £45k mortgage on a £280k property, the property I want to port the mortgage to is approx. £350k which I own outright

ACG

Its always based on affordability rather than LTV.
I do not think this will be one for nationwide but it could be worth asking the question - http://www.mortgagestrategy.co.uk/news-and-features/sectors/regulation/regulation-news/transitional-rules-must-be-used-as-intended/2010797.article It could be worth arguing under the transitional rules put in place, although bare in mind those rules will not be there for much longer as the EU have had their input.