Self Employed Mortgage + Shared Ownership

arkenm

Hi all!

I've been looking at a shared ownership property recently and after getting assurance that my mortgage would be ok with my figures I reserved a shared ownership flat. I had to wait until the 6th April until I could submit my self assessment to get my SA302 form.

I've got that and then gave that over to my mortgage broker but after doing this it now appears 1 years accounts is not enough and they initially said they would not sign off on it.

However after going back to them they've asked for invoices to prove my income, I said I'm also able to get a letter of intent to secure at least £45,000 each year for the next three years from one of my clients. So far they have just asked for the invoices for the last 3 months where they can see an income of just below £10,000 I've yet to hear back from them but does anybody have any experience in a situation like this where they've still been able to go through it?

Numbers:
Net income after tax £26,000
mortgage size £58,000

I know it doesn't matter but this year I will do anywhere between £45,000-£60,000 this coming year I know it doesn't really matter until I get it on a SA302 but it just seems strange/frustrating that I may not be able to get a mortgage for something that is really so affordable for me.

Thanks I appreciate anybodys input!

arkenm

Nobody has gone through something similar? Or has any advice?

Welshbigman

some will take an accountants reference plus 1yrs accounts (SA302).

Newbiebuyer2016

Hey, we are going through this now.

My partner is self employed, however has been for 14 years. We are buying 30% s/o which is £91,500. We have an income of over £50k

We supplied year 1-3 accounts and were told as year 3 was lower we only qualified for Kent relliance. Luckily this was around this new tax year and he had a much better 2015/16. Our accountant was willing to rush through the accounts in a few hours.

The rise in profit for yr3 meant we could apply to Leeds.

Leeds have since requested an accountants letter to explain the dip in profits for yr2 and projected earnings for 2016/17.

This is with Leeds now so we have our fingers and toes crossed this weekend. We've felt weve had to jump through some hoops but hopefully we will get the outcome we need.