Having a nightmare getting a mortgage!

Info2016

Hi.


Here is a bit of back ground info on my self;

I am self employed and have been since Nov 2012, until last August I was a sole trader and I have three years SA302 to show for that.

I am now a LTD company and will have my end of year account at the end of August and a projection (99% accurate) as of tomorrow.

Last month I arranged a mortgage with Yorkshire building society and it was approved along with my girlfriend who is in full time employment, they said they would use my last three years SA302 for the mortgage and next step was to put an offer in as I have my mortgage in principal.

Fast forward until today when I have put a mortgage offer in on a property and been accepted, I ring Yorkshire up to get the ball rolling and was told I am out of there criteria and it has to be checked by an underwriter once I submit my projection figures. To say I am P1ssed off is an understatement, before this they were easy going and told me everything is going as planned.

Is there any members on here who can point me in the direction of a company who will take three years SA302 and a projection which will be 99% accurate as my first years account get filed on the 31st August.

The business is still the same line of work, literally no change other than I have to go LTD.

A mortgage advisor would be great however putting a 10% deposit down plus all other fees I dont have much left!


Thanks in advance

amnblog

You probably need when you say you cannot afford - a mortgage broker.

Info2016

It's not that I can't afford one but I don't have loads of excess money to be going back and forth racking up a huge bill.

By the looks of it I will be needing an advisor.. Or at least some paid knowledgeable advice from one!

amnblog

Most broker charge a fixed fee so you won't 'rack up a huge bill'.

BritishBibliophile

A DIP is no guarantee that you'll definitely get a mortgage, it simply means that a basic investigation has suggested that they'd be willing to lend to you.

You don't say specifically that your application is rejected, just that you've been told that it will go to an underwriter. You may find that this is standard for most lenders when dealing with anyone who is self employed, and even changing to another lender won't help.

Are you dealing with Yorkshire in person or by phone? If you don't want to go down the broker route then at the very least I'd be trying to arrange a face-to-face meeting with the mortgage advisor for Yorkshire Bank as it'll be easier for them to show you things on a screen, and you may find it easier to think of questions through that process if you're talking to them in person.

I will qualify this by pointing out that I'm a first time buyer, so I'm still relatively new to the process. But I've been lurking in this forum for a few months now, and going to an underwriter doesn't seem to be particularly rare nowadays, especially when dealing with less straightforward employment situations.

Good luck!

jen1301

Have a look at Finance Advice Centre if you are interested in getting a broker.

We have just had a mortgage offer come through when we never thought it would be possible right now. It was 100% down to our broker. He has been worth every penny.

Finance advice centre have brokers that specialise in certain areas. Ours specialised in getting mortgages for those with adverse credit but they also have brokers who deal with getting mortgages for self employed etc.

We paid £250 when he completed out mortgage application and we will pay another £250 on completion of the sale.

It's really not that much money in the grand scheme of things.

Info2016

Thanks. I have been on the phone with an advisor this morn who said he can sort it out no problem and within 6 weeks however there charge was £1500 which seems steep, he even admitted they are one of the most expensive but he is a specialist in self employed and has whole market access.

I will try the Finance advice centre on Monday as there was no answer earlier.

If you dont mind me asking how much was your mortgage as I think they base the cost on the mortgage amount.

csgohan4

1500 is very steep,


bare in mind it might be a good idea to have savings after you buy a house for emergencies.


Not having enough/ complaining about money for a broker is a warning sign you could be overstretching yourself

Info2016

There is enough savings. Its just I had a budget in mind for the move and its slightly over, if there needs to be an additional £500 or so for an advisor then needs be, I have the funds.

I also have a five figure sum sat in the company account which can be drawn as dividends if ever needed.

If anyone can recommend a broker who specialises in this line of work please feel free to message me.

Thanks

Bonfire_Bride

1500 is incredibly expensive. Shop around. Many brokers will have access to whole of market.

Info2016

I just received an email from the advisor i spoke to this morn and he is actually from the Finance Advice Centre according to the signature on his email.