Mortgage for Self employed w Ltd Co

paul38383838

Hi there ,

My wife and I are self employed and have a ltd company which we pay ourselves a salary and dividends, she also has some other self employed income. I have SA302 and company accounts for 2 years and she has only been self employed for 1 year so has just one year SA302.

We have a deposit of 20%.

We have been speaking to a couple of brokers specialising in self employed mortgages and are wanting to speak to other brokers who specialise in self employed and potentially will look at just 1 year accounts as that is all my wife has.

I am unsure of any other specialist brokers for self employed so was wondering if anybody could recommend one or any on here could maybe make contact?

Thanks

Paul

kingstreet

As brokers are fishing in the same lender pool and the number of lenders accepting one year's accounts is small two brokers is likely to be enough.

paul38383838

Thanks for the reply, that's useful to know.

One of the main reasons I wanted to chat to other brokers was because one broker quoted me a broker fee of £2k which I thought seemed very high. This would be on a mortgage of around 230k. Last time I got a mortgage there wasn't a broker fee but I was in regular employment then, is this a standard kind of fee would you say?

Thanks

Paul

Whats_your_forte

As King Street says, two reputable brokers should be enough. Those that market their businesses as specialists in certain areas are just really that - marketing!.

They are promoting a keyword within general lending criteria although there are around 5 to 6 ways you can assess self-employed income through a limited company so as long as the chosen brokers already are able to investigate all of these roots, then ideally you should be in good hands

And as for the arrangement fee, that to me is way too excessive! Most of this is basic work and no need to go to such levels in terms of over complicating the process and charging excessive fees. Smoke and mirrors come to mind on such a standard process

kingstreet

Yep. Too high a fee for the job required IMHO.

csgohan4

2K is too high, assuming no adverse credit,


Get a broker that charges on mortgage offer only, and if your looking at fee free broker, make sure it's not a conveyor belt factory broker like L+C, you get what you pay for


I got my broker on this forum, fees were between 400-500, similar position as you and got my offer within 2 weeks of applying, never looked back. No stupid interviews wasting my time. Your broker does all the leg work and you sit back and relax

LRmortgage

£2,000 is too high in my opinion.
We charge a flat fee of £500 for cases like this.
As KS has mentioned above, there are only a handful of lenders that would consider 1 year self employed so actually part of the work is already done in that a number of lenders can be thrown out from the start.