Advice Needed on Mortgage

clarebear

We currently have a £120k repayment mortgage with C&G. We are employed by our ltd co with a turnover of 1.2million with a joint income of about £60k. We are trying to take out another mortgage with C&G for a further £120K on interestonly to move to a house we have reserved.

The deposit from the sale of our current house would be £60k. C&G are taking forever to make any decisions requesting various reports and accountants reports - which we have happily provided. The question I really want to know is are we asking the impossible? We've stuck with C&G because our personal and business banking is with Lloyds TSB so in theory it was supposed to be easier - 2 weeks on and we are still awaiting a reply - just want to know if it sounds feasible I suppose!!

If C&G turn us down, does this then affect our ability to get a mortgage with anyone else?

homer_j_3

If you have employed income of 60k then you should be able to borrow 240k without any issues.

If you are major shareholders in the company and/or are directors then you should be asked for the last 3yrs accounts too from your accountant. They will be looking to see if business has been improvings, stable or declining.

I cannot see on face value why they are having an issue with it as a lot of lenders would be OK with that providing credit was OK.

Leon_W

Is you old home sold ?

I can't quite work out if you propose on moving into the new house without selling the old. If that is the case and all your £60k equity is tied up in your old house then C&G would be lending 100% on the new house.

If I've read it wrong and you've sold your old house then I can't see what C & G are taking their time about to be honest. It all seems very straightforward.

clarebear

There are absolutely no credit issues - we've never missed anything!

We've part exed the house with the builder and they're paying solicitors, stamp duty, etc. The business has doubled over the last year and grown 5 fold over the previous 2 years, so there is plenty of accounts info to show this. Thanks - I guess I just wanted to check we're not asking the impossible!