Turned down – self employed any advice/stories?

hopefulhousehunter

Hi, We're FTB my partner has a really decent FT job and we only need a tiny part of my income. 
We've been turned down by TSB due to me not having 2 full years of business accounts. 
I do have 2 years SA302 and have made a good increase in income in the last year. 
Has anyone else had any issues or been on a similar journey as one purchaser being Self-employed?
Any advice and stories from others would be great – we're stressing that we're going to lose our lovely house. 
Thanks! 

kingstreet

Approach a lender accepting only one year's accounts, or a decent broker who knows who they are.
Alternatively, wait until you have two years' accounts.
What made you approach TSB?

hopefulhousehunter

We did go through a broker, they thought it would be fine because it said they'd accept us with a reference from the accountant but the accountant gave a very generic statement and wouldn't do projections. 

kingstreet

The criteria is very clear;-
"We require 2 years’ income documentation for self employed applicants. Where 2 years income has not been captured for affordability cases will automatically be declined. Affordability for self employed applicants is based on an average of the last 2 years self employed income, where the self employed income has increased in the latest year, or the latest year’s self employed income where this has decreased in the latest year."
No idea why a broker thought TSB would lend...

hopefulhousehunter

Yes true, I think she thought the two years SA302 would be enough I guess... frustring. Hopefully we'll have better luck next time

csgohan4

Looks like the broker is inexperienced or didn't read the intermediaries criteria, what other mistakes will they make for your given mortgages can be time critical for purchases?

Scorpiogal13

So what do they need, in addition to the SA302?

I thought that would be enough proof of your income.

lonibra

Just get a decent MB, doesn't look like yours has experience with self employed.

Jen271626

Scorpiogal13 said:

So what do they need, in addition to the SA302?

I thought that would be enough proof of your income.

Tax year overviews and three months business bank statements.