Ltd company owners, get on ladder ASAP or wait?
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gsmyth123
Posts: 13 Forumite
Hello, apologies if already asked, please point me to the relevant thread if it has. But this is a tricky one.
We are first time buyers, 50/50 shareholders of our Ltd company, which we do freelance Graphic Design through.
Our business has been trading over a year (Aug 17 -July 18) and we have submitted our first years accounts to HMRC. But what all lenders and most brokers (except one) ask for is one complete April to April tax year, which we don't have yet (will have in April 2019). Annoyingly no one will just look at our SA302s from previous self and PAYE employment!
We've found a broker that has offered us a 3.49% 2year fixed deal. At £1304/month, based on a property of £350k and 85% LTV. This is £31,296 over 24 months.
I've had a look at the comparison on MSE and they're really low! Like £550/month. So should we keep renting and wait until April to get one years books and better rates? Or just not over think it and jump in now? Knowing we can get a better rate after 2 years when we've been trading longer?
Thanks a lot for any input! :money:
George
We are first time buyers, 50/50 shareholders of our Ltd company, which we do freelance Graphic Design through.
Our business has been trading over a year (Aug 17 -July 18) and we have submitted our first years accounts to HMRC. But what all lenders and most brokers (except one) ask for is one complete April to April tax year, which we don't have yet (will have in April 2019). Annoyingly no one will just look at our SA302s from previous self and PAYE employment!
We've found a broker that has offered us a 3.49% 2year fixed deal. At £1304/month, based on a property of £350k and 85% LTV. This is £31,296 over 24 months.
I've had a look at the comparison on MSE and they're really low! Like £550/month. So should we keep renting and wait until April to get one years books and better rates? Or just not over think it and jump in now? Knowing we can get a better rate after 2 years when we've been trading longer?
Thanks a lot for any input! :money:
George
0
Comments
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I think there are lenders who might take a view on this, particularly if they could have access to your business bank statements and get an accountants reference/certificate.
The rate quoted isn't horrific but not the best either. Was it purely your lack of a full 1 year SA302 that was the issue or are there other contributing factors ?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That is correct yes. Only that we don't have the full year SA302s whilst being directors. We have great credit and a good deposit.0
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