Self-employed 1 year accounts mortgage woes

Sazzy7

Hi all,

Just wondered if anyone else has been in the same situation as me. To cut to the chase (if you can't be bother to read my ramblings below) I wondered if anyone has a mortgage that is self-employed and only had one year's accounts and if so, who their lender is.

I have been the director of a limited company for just over a year (classed as self-employed for mortgage purposes), I have my first year trading business account overview and my personal tax doc from 16/17 which straddles my permanent job and three months as the director of my company.

I am buying a shared ownership property with a 35% share, firstly the mortgage broker told me I needed a 10% deposit not 5%, which was fine. Then he suggested Halifax was my only option of a lender, but based on my credit history they needed a 15% deposit from me (note they haven't run a search as nothing has appeared on my score, and the report I gave them said I had an excellent score). I managed to get the extra money as a loan from my step dad, paid for the survey and then my mortgage broker basically ignored me for three weeks, apart from when he asked me for a new scan of my passport because Halifax wanted the photo page and the opposite page. He has never sent me any documents or told me the rates/costs, only over the phone. Then today he calls me to say because the building is a converted building not a new build (it is a grade II listed former department store turned into new build flats) they wanted a 20% deposit from me, which I cannot do.

I was supposed to exchange two weeks ago, I have the contract paperwork for the flat from the solicitor ready to sign, I have the 15% deposit money, I was hoping to move last week as my tenancy ends on my current place next week (I know people say never give notice, but it was due to come to an end and I just happened to find this flat that has been empty for a year since it was built and they wanted to move quickly so seemed like it was meant to be). I can stay with family until it is sorted, but I am seriously worried that I'm not going to find another lender and will loose this flat and have to go back to renting.

So if you have managed to get a mortgage with only one year's accounts please let me know that their is hope for me. I need to see light at the end of this long tunnel!

sandyk01

It's going to be a difficult one.... Your broker should really be the one advising you in terms of other lenders out there who would take you. If hes not helping- maybe find another good broker?

I was self employed and I wanted to remortgage with a different company (Nationwide). My broker advised for me to wait 6 months and have the full 3 years accounts so it would all go through (which it did).

You may not be able to go with a high street lender like Nationwide/Halifax HSBC etc but there are other backdoor lenders which only intermediaries have access too.

OxfordGirl

Not sure whether this is relevant as our situation was slightly different as it was joint mortgage, however when me and my partner bought two years ago we struggled to find a lender too, no one apart Nationwide would touch us.

My partner was in a very similar situation to yourself, director of his own limited company (self-employed with a contract), just reached full year of accounts and they were fine with that, and it wasn't that I was the safe bet for them either as I was in my first month of probation period in a new job.

We did use a very good mortgage adviser though. I would recommend to find a new one as the one you have doesn't sound that good.

Sazzy7

Thank you both, good to hear others have been in similar situations (even if not the exact same) but managed to find a solution. I have contacted another broker and waiting to hear back from them so fingers crossed.