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Partnership to Sole Trader - proof of income for mortgage
juliamcc
Posts: 1 Newbie
Hi
I bought my partner out of our business in 2018 and I subsequently became a sole trader.
I am now looking for a mortgage but have been told that my business is seen as a 'new' business from when it changed from a partnership to a sole trader, despite it being 5 years old. The previous accounts from when it was a partnership are apparently not admissable as proof on income in the mortgage application. I only have one year of accounts as a sole trader.
Does anyone have experience or advice for this situation?
Many thanks
I bought my partner out of our business in 2018 and I subsequently became a sole trader.
I am now looking for a mortgage but have been told that my business is seen as a 'new' business from when it changed from a partnership to a sole trader, despite it being 5 years old. The previous accounts from when it was a partnership are apparently not admissable as proof on income in the mortgage application. I only have one year of accounts as a sole trader.
Does anyone have experience or advice for this situation?
Many thanks
0
Comments
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That is technically correct, and it will be a problem with some Lenders. There are others than will be more comfortable with this and they will consider you.
Find yourself a good broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.1 -
your options maybe limited but not impossible, a broker should be able to help to look at things in more detail"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
I have helped someone not that long ago in this exact scenario. It is definitely doable but you need a broker0
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