Self-employed mortgage woes

madeleine42

Yes I think you're right in that he's misinterpreting some element of the online system. We'll stick with him for another day or two and see if we can push through the confusion!

He is actually an advisor with Bank of Scotland - we went in to the branch on our first meeting, so we'll maybe go through an outside advisor if we can't get through to him!

Thanks again!!

MortgageMamma

madeleine42 wrote: »

Yes I think you're right in that he's misinterpreting some element of the online system. We'll stick with him for another day or two and see if we can push through the confusion!

He is actually an advisor with Bank of Scotland - we went in to the branch on our first meeting, so we'll maybe go through an outside advisor if we can't get through to him!

Thanks again!!

Push him for an explanation - tell him you've spoken briefly with a broker who gave you a totally different figure. Unless of course he was only calculating the further advance you needed rather than the whole mortgage itself? Either way, its still at least 10k short.

Good luck!

madeleine42

Yes, he was definitely looking at the whole amount, unfortunately.

I'll speak to him tomorrow and see where I get. I feel much better able to do so thanks to your advice! Really appreciate it

Rick_Albright

I think you need my plan:

https://forums.moneysavingexpert.com/discussion/comment/74487668#Comment_74487668
by Rick Albright

haras_nosirrah

no they really don't

madeleine42

Well unfortunately, the advisor got back to us after speaking to our accountants with the following:

"I’ve taken your mortgage promise to the underwriters to see how I can use the income. Unfortunately I can only use the self employed income from the last 2 years tax calculation and any employed/Payee income from 2017 we will not use.

The maximum we will lend is £35540"

This guy has really wasted our time! Going to try to speak direct to Halifax today...

haras_nosirrah

just use a broker rather than going lender to lender.
A broker will know how to place this and will probably save you money even if they charge a fee

madeleine42

Yes that sounds like a good idea - thanks for the advice!

madeleine42

So, just to update you, our Bank of Scotland /Halifax mortgage advisor as well as a second advisor we called from Halifax have said that my partner's PAYE income does not count, so I guess it must be some weird rule they've got?

We literally asked, 'so if a person's PAYE income was £100,000 and their self-employed income was £3000, you'd only consider the £3000?' And they said yes...

Seems absurd but hey ho... Looking at other options now but so far the mortgages recommended by brokers have been much less appealing than the Bank of Scotland offering. Will just keep looking I guess!