Would I get a mortgage?

sim10 · 12 June 2016 at 2:42PM

I was hoping to gain some advice on potentially gaining a buy-to-let mortgage. From August 14 to 15, I was working on £20K for the year, through an employer. After attaining a licence in my respective field, I found myself at a new location as of October 2015 and was advised by the employer to set up a limited company and pay myself a wage using that route.

The owner pays my company consistently on a monthly basis and I’ve been extracting a lower wage from my business account into my personal account thus far.

I did inquire directly to the banks several months back as to whether it was possible for me to gain a mortgage either residential/BTL however was informed it was too early to attain anything mainly due to the change of setting up a limited company.

It’s been approximately 8 months now since I’ve set up the company and I’m once again trying to pursue ideally a BTL mortgage for investment purposes, but fear it may still be too early. I’ve also been advised to increase my salary from a low wage to a higher figure, for at least 3 months, in order to improve prospects of gaining a potential mortgage. I currently live with my parents and don’t have many expenses going out each month (although still have my uni loan to pay off). I was looking at properties in the region of around £200-230k with a deposit of around £60k. Any advice on whether I would be able to get a mortgage either residential/BTL and possibly pointing me in the right direction, would be appreciated.