Nationwide mortgage rules for newly self-employed

TDPIX

Hello,

My wife and I fixed our mortgage with Nationwide for 5 years last year. However  we're now half thinking of moving house in 1-2 years, meaning that we'd ideally need to stay with Nationwide and port. My query is about how Nationwide treat newly self-employed people.

Basically we launched a Ltd company (which we're 50% shareholders each) in September 2020, but at the time we were still employees of other companies.

I then started working fully for our business, i.e. becoming fully self-employed, last month (January 2022), starting to take a mix of salary and dividends.

My wife will then do the same from April 2022 onwards.

I was looking at Nationwide's self employment rules:

https://www.nationwide-intermediary.co.uk/lending-criteria/employment#self-employed-applicants

They seem to say that you ideally need 2 years of HMRC tax calcs. Does this therefore mean that we'd struggle to move house (and stay with Nationwide) before April 2024?

We will have 2 years of Ltd company financial accounts from September 2022 onwards, but it looks like Nationwide don't consider the Ltd company accounts at all?

Thanks for any information anyone can provide. We're basically wondering when Nationwide's rules would consider us, considering that we won't both be 'fully self employed' until April 2022 onwards. 🙂

[Deleted User]

On the intermediary criteria page it states: 

Directors of a limited company

Please contact us if your client is an existing Nationwide borrower and can’t meet the required criteria as some applications can be referred to our senior underwriters.

But it also states: 

Directors who have been self-employed for less than two years

Please contact us if your client is an existing Nationwide borrower and has been self-employed for less than two years but is working as part of a business that has been established for longer, as some applications can be referred to our senior underwriters.

So they appear to have some flexibility for existing borrowers,  how much that is will be down to the overall case so worth giving them a call and seeing what the say

TDPIX

Deleted_User said:

So they appear to have some flexibility for existing borrowers,  how much that is will be down to the overall case so worth giving them a call and seeing what the say

Ahh good spot, that's good to know thanks. Yes sounds like they certainly have some flexibility.

rf_ldn

In a similar boat (also nationwide) so it would be great to know what happened here @TDPIX? Were you able to remortgage with less than 2 yrs’ accounts?

thank you!