Mortgage advice please

broadcooke

Hi all,

I'm from the UK and have been overseas for 7 years and just returned 3 months ago. We have a business that is doing very well financially overseas and we've just taken on a lease for a small hotel in England. We've taken the lease on through a LTD company which I'm director of.

I'm guessing, because I'm the director of the business, that I'm self employed so will I have to wait for 2 years of accounts before anyone will consider lending to me? Could my wife take out a mortgage, just in her name, as she's employed by the hotel (even though I'm director) and she's just an employee?

I think I know the answer but thought I'd at least ask.

Thanking you all in advance.

glosoli

Is your income in foreign currency or GBP?

ACG

The biggest issue is your lack of time in the UK. Most lenders are not going to lend to you with no/limited credit history so I think you are going to struggle with that until you have maybe 12 months in the UK.

The other issue is the employment situation. I think you are probably going to struggle (although not impossible) on that front until it has been 6-12 months. Realistically once you have 12 months in the UK and 1 years accounts there should be options.

broadcooke

Could my wife apply as a sole applicant?

ACG

Possibly but I think the 2 things combined are going to make your options very slim. I can not think of any lenders off the top of my head.

cahillg81

There are lenders who will do it. Questions will be asked re sustainability of your wives employment. It is likely an accountant's reference would also be requested as she works in a family business.