Mortgage broker - ask me anything

Flyer14

K_S said:

Flyer14 said:

K_S said:

@flyer14 What's the house price and how much do you need to borrow to buy the semi?

200k purchase price, would need to mortgage approx 150k of it.

@flyer14 If that's the case, in your place I'd be inclined to first exhaust options of trying to borrow the required amount using your partner's sole income as that would be far cheaper and you appear to be ok with that option.

Assuming no major commitments or high debt in her background, 5x her income *may* be possible. If not, there should be multiple options at 4.75x.

Thank you - helpful and good to know. In your opinion are we likely to be unable to get a joint one?

philng

Which lenders are currently accepting mortgages for self employed with 1 years accounts? Daughter and future son in law bought the family printing business under 2 years ago. First years accounts are due any day now. Daughter is classed as an employee of the business with son in law the sole owner. They have increased business by at least 25% in first year of ownership. Business has been running for 40 years previously owned by his father and grandfather.
what evidence will a lender likely need?

K_S

philng said:

Which lenders are currently accepting mortgages for self employed with 1 years accounts? Daughter and future son in law bought the family printing business under 2 years ago. First years accounts are due any day now. Daughter is classed as an employee of the business with son in law the sole owner. They have increased business by at least 25% in first year of ownership. Business has been running for 40 years previously owned by his father and grandfather.
what evidence will a lender likely need?

@philng A lot of lenders will consider SE applications with 1 year accounts, some of them being Halifax, Foundation, Kensington, Precise, TML, etc. As a business that has been a going concern for a while, there should be more lenders as well.

D1995

K_S said:

philng said:

Which lenders are currently accepting mortgages for self employed with 1 years accounts? Daughter and future son in law bought the family printing business under 2 years ago. First years accounts are due any day now. Daughter is classed as an employee of the business with son in law the sole owner. They have increased business by at least 25% in first year of ownership. Business has been running for 40 years previously owned by his father and grandfather.
what evidence will a lender likely need?

@philng A lot of lenders will consider SE applications with 1 year accounts, some of them being Foundation, Kensington, Precise, TML, etc. As a business that has been a going concern for a while, there should be more lenders as well.

Hi there, my first year accounts are due to be submitted 28th feb. Net profit of 66k. Was waiting to then to send into Halifax as I see they do mortgages based on just one year.

I have reserved a new build house and it’s due to be ready 19th or 26th March and being pushed for missives to be signed before end of Feb which I can’t as my accounts can’t be sent to HMRC until March 1st. In your opinion will I be able to get a mortgage with they figures(and quickly enough due to time constraints) and will they hold off for me in your experience or do they put it back on the market sometimes if you haven’t signed missives by the time they have said? 

K_S

@d1995 Sorry I just don't know enough to be able to comment on your case specifically. 

Generally speaking, given the amount of manual review SE applications currently undergo, I would think it unlikely that one would be able to get from application to offer inside 2.5 weeks.

D1995

Thank you for the reply.

Can you apply with it all and send the accounts etc to them and get everything agreed with the view to telling them the accounts you have sent them being submitted on the 1st of March to HMRC or will they not look at it until that date?

K_S

@D1995 Generally speaking, these are the supporting documents they'll expect to see for SE apps. I doubt you'd be able to get them ready prior to year-end.

philng

K_S said:

philng said:

Which lenders are currently accepting mortgages for self employed with 1 years accounts? Daughter and future son in law bought the family printing business under 2 years ago. First years accounts are due any day now. Daughter is classed as an employee of the business with son in law the sole owner. They have increased business by at least 25% in first year of ownership. Business has been running for 40 years previously owned by his father and grandfather.
what evidence will a lender likely need?

@philng A lot of lenders will consider SE applications with 1 year accounts, some of them being Halifax, Foundation, Kensington, Precise, TML, etc. As a business that has been a going concern for a while, there should be more lenders as well.

Thank you for your prompt reply.
So will Halifax allow you to do an Application in Principle Online and if so what do you key in for the previous year Profit figure?

K_S

philng said:

K_S said:

philng said:

Which lenders are currently accepting mortgages for self employed with 1 years accounts? Daughter and future son in law bought the family printing business under 2 years ago. First years accounts are due any day now. Daughter is classed as an employee of the business with son in law the sole owner. They have increased business by at least 25% in first year of ownership. Business has been running for 40 years previously owned by his father and grandfather.
what evidence will a lender likely need?

@philng A lot of lenders will consider SE applications with 1 year accounts, some of them being Halifax, Foundation, Kensington, Precise, TML, etc. As a business that has been a going concern for a while, there should be more lenders as well.

Thank you for your prompt reply.
So will Halifax allow you to do an Application in Principle Online and if so what do you key in for the previous year Profit figure?

@philng Sorry, I don't know what a Halifax DIP form looks like for a direct customer. There should be a 'Chat to us' button on the bottom right where you can ask for help. Hopefully someone else who knows will comment.

EmKoh

haras_n0sirrah,
I have recently applied for right to buy through my local council. I put my partner on the form and he was rejected due to the fact he doesn't live here full time (he has another rental property which he spends every other weekend in to have his children) and because we are not married. They did approve me as I have lived in this property for 9 years, which is great. The issue is we want to apply for the mortgage together as with my income alone I think I would struggle to be approved for a mortgage. I have been told that because he is not on the right to buy form we can not apply for a joint mortgage. Do you have any advise on how we could still buy this house and get on the property ladder together?