Employed and Self Employed Mortgage

hayz347

Hi there,
Wonder if someone could shed some light.
I have been self employed since 2016 and my last accounts show me drawing £20k per annum from the business. My business is now self sufficient and I no longer have to be involved in the day to day running of the company and I still draw from the company.
I have therefore began a full time job on the 1st November on £50k per annum.
Myself and my partner are looking to get a mortgage (1st time buyers) in the imminent/very near future.
We both have excellent credit files and my partner is on £28k per annum. We have approx £14k debt between us.
Would a lender have any concerns lending?

ACG

There are probably some lenders who will make this a piece of cake and other lenders who would put you through the mill a bit. Overall I would expect you to be able to get normal rates but it might not be a bad idea to get a broker to help you choose a lender.

hayz347

ACG wrote: »

There are probably some lenders who will make this a piece of cake and other lenders who would put you through the mill a bit. Overall I would expect you to be able to get normal rates but it might not be a bad idea to get a broker to help you choose a lender.

Thank you for you reply. My concern is if I was to apply now would there be a problem?
Looking to get a £350k mortgage

ACG

There are a couple of lenders who would likely be fine with an application coming in tomorrow.
There are others who would be ok with it but it would take a little longer to get an offer.
There are some who would not accept you at the minute.

[Deleted User]

hayz347 wrote: »

Thank you for you reply. My concern is if I was to apply now would there be a problem?
Looking to get a £350k mortgage

We brokers dont just find the best rates, we know how to package a case to get it through with the least possible pain. My first thought here is Can we get it through without the self employed income. With a household of £78k income, a 4.75x multiple gets £370k. Whether the amount stays high enough when factoring in debt is subject to a fuller discussion and a full factfind.

Sometimes its best not to confuse lenders with too much information (obviously not advocating hiding any commitments or anything)

If need be, there are plenty lenders who will lend with an accountant providing information about current year drawings (as these wont show on tax documents yet)

hayz347

Thanks so much for your responses.

Is there any lenders in particular anyone would recommend?

[Deleted User]

hayz347 wrote: »

Thanks so much for your responses.

Is there any lenders in particular anyone would recommend?

nope, we know nothing about your finances or circumstances. Sit down or speak with a broker for 45 mins and things will become a lot clearer.
If making many assumptions then there is no reason you wouldnt end up with some of the best lenders. Sounds like you are in a decent place financially.

Best of luck!