Halifax and 1 years accounts.

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AshleyKent
AshleyKent Posts: 54 Forumite
in Mortgages & endowments
So have a AIP from Halifax.

Using a broker and I'm stressing BIGTIME.

My circumstances are as follows.

I have a 17/18 SA302 but this is for a now insolvent company that's about to be struck off.

Its also only for 25k.

My 18/19 SA302 is for my new company established July 2018 and was submitted for almost £159k.

My broker is saying they will take 1 years accounts but when I ask what to do he kinda goes quiet. My accountant is just useless and of no help at all and will be changed as soon as this is all resolved, agreed or declined!

Think he thinks im doing something I shouldn't, which im not. So far from helpful!

I have 10% and the mortgage is for 700k

Halifax have asked for...


Please provide 1st year finalised accounts for XYZ LTD
This has been done and is fine.
Please provide projection confirmed by accountant
In the process of being done and comes back as £250k for year 2
Please confirm what applicant was doing prior to setting up LTD company, please provide proof of any previous income (P60’s) - I was obv getting dividends, but was a separate company, so will this drop my affordability from the 1 years accounts? what should I put here for an answer. The company was set up to reduce tax, im so annoyed the accountant has done this, would have been far easier to just say I was self employed.
Proof of deposit funds - this is fine

Can anyone help?

Thanks in advance

Comments

  • AshleyKent
    AshleyKent Posts: 54 Forumite
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    Anyone help at all? Any ideas?
  • ACG
    ACG Posts: 23,729 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    Tell them what you were doing and give them your previous SA302.

    There is not a lot else you can do. If you do not provide it you do not get the mortgage. If you do provide they either accept or decline you.

    If they accept you - all is good.
    If they decline you - you look for another lender.

    I would expect your broker to have explained this to the lender upfront. If I am being completely honest, I think that is too big of a jump for them to accept. It is not normal and I reckon it will get looked at properly.
    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.
  • AshleyKent
    AshleyKent Posts: 54 Forumite
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    Your right, its a massive jump!

    Thanks for the help. My projected back up my previous year.

    Its a completely different job!
  • ACG
    ACG Posts: 23,729 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    Did the broker check this upfront? We do not use Halifax massively so I could be wrong but I just cant see them doing it.
    If I were you (or your broker) I would be looking for Plan B.

    Keep us updated though, I come on here to learn as much as I do help. If Halifax do it, I will bare it in mind for future customers.
    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.
  • AshleyKent
    AshleyKent Posts: 54 Forumite
    Options
    I have Plan B with another broker but this broker knew the deal and said he thought it was a 90% chance of it being accepted.

    It has stressed me out to the max and I have a Plan B with the bank of Ireland. So will see where the goes.
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