Self Employed - Can't seem to get a mortgage

[Deleted User]

Self employed cases are generally a nightmare across the board.   Best that a broker can do (apart from avoiding a few useless lenders) is to do a pre application check with the lenders business manager.   Im not sure if Habito are set up to do this or are they just applying and hoping for the best?  
I have cases daily that fit on criteria with a lender but the business manager tells me not to waste my time with them,  some lenders have just lost appetite for certain types of lending. 

You do need someone able to give your case a bit of time as at the moment most lenders are asking for some sort of proof that the business has not suffered due to covid (near impossible to prove).   Your words of 'yes the company profits are down a bit' would be enough to decline a case with majority of lenders at the moment so the case needs to be presented and packaged in the right way to get the best chance of success. 

justme200194

We have just been offered a mortgage with Halifax, self employed as Ltd company with one years trading accounts. We were initially declined but we used a broker and they managed to appeal successfully. Halifax may be worth a try for you! 

haras_n0sirrah

At the moment it comes down to latest 3 months business accounts and being able to present the case in the best possible light (telling a story) - I had one where the lender took 50k off the borrowing amount but we were able to evidence they they were busy going forward and got them to put it back up to original amount again. The conveyor brokers won't do that they will just move on. Self employed at the moment need a proper broker.

chillicheesedog

We had our 90% LTV from HSBC last week and we are employed and self employed (director of ltd company) so it seems certainly doable for you. We went direct.
Hsbc did ask for reams of documents, bank statements dated within a week of application etc. Which at the time made us feel anxious but in hindsight I'm glad as it gave the full picture, husband has not been affected by covid and earnings proved that.

Good luck with everything, I'm sure you'll find a mortgage but probably best now to go with a decent broker.

amnblog

The problem the here is that the list of lenders is not a list of self employed friendly lenders , more a list of mainstream ones. It also does not reflect how the current market conditions are causing lenders to change how they underwrite the self employed. This could be as simple as Nat West not liking the market you are working in.
Sounds like your case needs more input than is being offered.

croft08

We spoke to a friend of a friend who is a broker. They are saying Halifax has reduced there income multiples and affordability. Natwest effectively told them not to bother applying if the client is self employed.

Habito still havent done anything. They are apparently waiting and have been waiting since last week for Accord to tell them if they should apply or not.

We started all this back before the 1st of July. Habito have been working on it since the 22nd of July

haras_n0sirrah

Habito and the conveyor brokers are a disaster for someone in your position. Anything remotely complicated and you will be placed at the bottom of a pile
Engage a proper broker - either your friend or read the boards here and pm a broker who you feel can help. We who post here are not allowed to approach posters but most of us are happy to recieve pm's asking for help. We are identifiable by our signatures as being brokers