how would lenders calculate my income

lethal0r

i started a company nearly a year ago, of which im the only director & employee.

i know that for mortgages i will be classed as self employed by lenders due to the company size.

but will they take my income as what i pay myself through paye & dividends, or the companys net profit?

shazza79

Glad someone asked this question as I'm in the same situation. Also had credit problems which certainly won't go in my favour.

subjecttocontract

Many won't entertain you unless you have 3 years of accounts.

The way around this used to be self certification mortgages that I believe cost a little more......but given the sub prime issues and the economic climate and lenders cutting back on mortgages I think the self cert mortgage is rapidly dissappearing........If i were you I'd look asap, preferably NOW.

scrummy_mummy_2

The above post is accurate...you will need 3 years complete trading accounts to get a 'regular' mortgage.
Try going through the fool to help you find a deal.
www.fool.co.uk
I have used them several times for all sorts of insurances, policies, mortgages etc and they are great.
If you want a mortgage without 3 years' accounts...you'll probably have to pay a premium as a potential 'High risk' borrower, so be prepared for it.