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Self employed mortgage
Shellhod
Posts: 1 Newbie
Hi I'm current with Halifax and looking to move house and borrow more but I went self employed last July so 7 months books. The Halifax have given me a mortgage in principle based on my projected figures for the next 2 months meaning that in april with my 9 months books and with an sa032 tax document in april confirming my income they will let me apply for the mortgage. They did say it will most likely go to the underwriter for a decision. I'm just wondering if anyone knows how likely a positive decision will be?? I have a few things in my favour, I have a £60,000 deposit and asking to lend £167,000 (new house is 227,000) I was previously employed as a joiner for 13years with the same employer and now iv gone self employed as a joiner so it's not like I'm trying my hand at something new which could be a risk. I have written letters from two building contractors confirming work from them for the next 12months and although I have a few credit cards they are all up to date and my credit score is squeaky clean! I also intend to pay the credit cards off with the equity on my house sale so will be debt free bar the mortgage. The mortgage advisor can't give me a definite answer now as it will be down to the underwriter. Can anyone shed some light on my chances???
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Comments
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If you had said no more than that, I would have said you have no chance, come back with a year's trading.Hi I'm current with Halifax and looking to move house and borrow more but I went self employed last July so 7 months books.
If Halifax are looking at it, Halifax are looking at it and no-one but them can tell you if you are going to be successful.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I have a case where a client went from self employed ltd company partnership to sole trader in oct. We had 3 yrs accounts as part of partnership and letter from accountant for the sole trader confirming income ytd and projected income.
Halifax said they would need 1 yrs trading figures
we have managed to get him sorted with another regional building society (shared ownership)I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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