Self employed mortgage - where to begin...

simon_or

iamneallyons said:

simon_or said:

OP, another vote for using a broker. It's pointless tying yourself in knots trying to find out the best bank for your situation. 

A good one is worth their weight in gold, at least mine is.

I've a mix of self employed (director), p/t employed and rental income, stoozing in the background plus a complicated credit history and my broker gets me what I need every time with minimal stress.

No fees either as they're a small independent with very low overheads and rely on word of mouth, no advertising.

Given your very healthy profits and three years trading, I suspect you may not even need the second income for the 200k you're looking to borrow.

How complicated is your credit history?

Me an the Mrs are mad to get our own mortgage but due to !!!!!! credit history it's impossible.

Don't ask! In a much better place now but I've had everything in the past - multiple CCJs, defaults, APs, etc.

With serious issues like above, you simply need a good broker to sort things out and can't expect to get high-street rates.

Susieee

simon_or said:

Susieee said:

Deleted_User said:

How come you made an offer on a house for 255k ,without knowing what you can get or having an agreement in principle? 

Actually the offer was made without complete year end accounts for 21/22 and even 20/21. We were actually looking to buy in the summer (July/August) but saw a house we liked. We have access to an extra £200K cash so are pretty certain the purchase will go ahead but have no idea on time frames. The seller was happy to proceed knowing all of this.

I know it's too late now, but always best to speak to a broker and do an AIP before making a offer.

That way you would have known about the 2021 CCJ much earlier.

https://forums.moneysavingexpert.com/discussion/6368797/ccj-in-wrong-name#latest

I hope you're able to sort out the CCJ issue! 🤞

Failing that, you may have to go for an adverse mortgage. Ask your broker to look at all potential options.

Thanks for the advice. We didn't lose that much time, a few days. I'll let the seller know and see what they want to do but will get more information first on what can be done. It might be quick and easy to get the CCJ removed.

Susieee

simon_or said:

Susieee said:

Deleted_User said:

How come you made an offer on a house for 255k ,without knowing what you can get or having an agreement in principle? 

Actually the offer was made without complete year end accounts for 21/22 and even 20/21. We were actually looking to buy in the summer (July/August) but saw a house we liked. We have access to an extra £200K cash so are pretty certain the purchase will go ahead but have no idea on time frames. The seller was happy to proceed knowing all of this.

I know it's too late now, but always best to speak to a broker and do an AIP before making a offer.

That way you would have known about the 2021 CCJ much earlier.

https://forums.moneysavingexpert.com/discussion/6368797/ccj-in-wrong-name#latest

I hope you're able to sort out the CCJ issue! 🤞

Failing that, you may have to go for an adverse mortgage. Ask your broker to look at all potential options.

Just to clear that up, the CCJ was issued a week or so ago. The name and date are wrong. It's crazy, I know.

Also just to help others in this position, our broker has estimated our rate at around 2.8% without the CCJ and around 4% with the CCJ. He said aorund an extra %. But we don't want to make any hard searches or applications until the CCJ is removed and I'm not really certain it will only be 1%. Thanks again everyone.

simon_or

Any update OP? Were you able to get the CCJ removed?

Susieee

There was a CCJ issued to my mothers name but this has been removed now and Scottish Power have given her £100 as a gesture of good will which we have accepted.

The CCJ on my name is actually for a different debt and in a bizarre coincident, it was also for £1532, hence the major confusion. The circumstances for that other CCJ are not so straightforward. I will make a post on that in a few mins as I need some advice.

Many thanks for following up.

penners324

Looking at your other post the ccj is down to your error in not filling in and sending off a v5 for a car you sold....

[Deleted User]

@Susieee How has this progressed now, are you all sorted ?