Absolutly deflated! Broker woes & mortgage decline

jarshay

marliepanda wrote: »

This is a bit worrying! Broker suggested Santander for us as well (my partner owns Joan own ltd company so they said he's self employed as far as their concerned)

He has about 9 years accounts but only the last one shows any decent profit as he invested and had staff before then. Broker said santander would only base it on one years acccounts. Worried now! (We do have a 22% or so deposit though...)

You should be fine. I only have 5% deposit, but with a deposit of 10%+ you won't require as long a history - this is what my broker said.

jarshay

Just an update - just spoke to the broker and they said that the only thing we were declined on was the lack of 3 years accounts; however, they have put an appeal together to explain that I have been working in the same industry for many years and only incorporated for tax purposes.

Fingers crossed!

getmore4less

jarshay wrote: »

You should be fine. I only have 5% deposit, but with a deposit of 10%+ you won't require as long a history - this is what my broker said.

the one with that reliable track record!

not available to Friday

Use the time to interview a few other brokers with the specific goal of finding one that gives confidence they can place a 95% LTV with 2y of accounts.

You need a back up

amnblog

marliepanda wrote: »

This is a bit worrying! Broker suggested Santander for us as well (my partner owns Joan own ltd company so they said he's self employed as far as their concerned)

He has about 9 years accounts but only the last one shows any decent profit as he invested and had staff before then. Broker said santander would only base it on one years acccounts. Worried now! (We do have a 22% or so deposit though...)

Santander, can ignore previous years but will not necessarily do so, it depends on the case. They are less expensive than Lenders that will confirm they will work off of last year only.

Hence the recommendation.

amnblog

jarshay wrote: »

Just an update - just spoke to the broker and they said that the only thing we were declined on was the lack of 3 years accounts; however, they have put an appeal together to explain that I have been working in the same industry for many years and only incorporated for tax purposes.
Fingers crossed!

Everyone panicking on this thread Jarshay, but just leave it to your current Broker. Your current Broker knows the case best.

jarshay

amnblog wrote: »

Everyone panicking on this thread Jarshay, but just leave it to your current Broker. Your current Broker knows the case best.

Well, we have a back up broker lined up if the appeal through our current broker doesn't work.

I need to be out of my rental in September, so I don't have much time!