Mortgages for self employed

shelley1276

My partner and I are trying to get a mortgage but we have been refused with three different high street lenders.  I’m in full time employment but my partner is classed as self employed as he has a 50% share in a limited company which has been in existance since the early 1980’s, the Company pays him a wage each month.  My partner owns a property which he has sold and we are buying a property together.  The LTV on the property we are hoping to buy is 55% so there is plenty of equity and I have a large sum money which I will be putting into the property. We approached his current Lender, Santander but they refused to port his existing mortgage to the new property and adding me on the mortgage as it is a material change.  We have approached two further lenders and they too have refused to accept our application.  The reasons we are being given are due to my Partner’s Company Accounts showing a small loss during the last financial year.  Is anyone else who is self employed having difficulty obtaining a mortgage. I know these are trying times but we are desperately running out of options and risk losing the sale and purchase so any comments would be appreciated.

söpöpöllö

Do you have a broker? If not, I highly recommend having one especially with self-employment. Our broker charged a £295 fee once we obtained our mortgage offer and he was worth every single penny.

ACG

If you have had 3 declined applications, why have you not spoken to a broker? 
Any loss is going to be a problem, but there are other lenders who can look beyond it. 

monetxchange

Also self employed with healthy profits over the last year and it has been very trying to get a mortgage. I'd definitely recommend a broker. Mine has been brilliant at guiding me through what I do and don't have a chance with. Well worth it.