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    • Pabs76
    • By Pabs76 14th Feb 18, 7:46 PM
    • 1Posts
    • 0Thanks
    Mortgage / self employed problems
    • #1
    • 14th Feb 18, 7:46 PM
    Mortgage / self employed problems 14th Feb 18 at 7:46 PM
    Someone please give me some good advice...

    I've been self employed for the last 7 years 50/50 limited company partnership.
    My business / personal accounts are both held with the same bank.
    We decided we wanted to move home and decided on buying a new property for 200,000
    I sought advice from the bank as I needed a mortgage in principle which was done in minutes and so I gave this to house builder. I have since sold my house and moved in with the in laws to save a little more for my deposit which is going to be 40,000 or more.
    I received a call from the builders stating I now needed to trigger my new mortgage, so I called the bank and have been to sort it today.
    So today the problems begin....
    Originally I was told that because I bank both personal and business with the. they can clearly see what I pay myself monthly and the mortgage won't be a problem even though I'm self employed, but today they asked me for payslips which on paper I earn 650 ish a month and my wife 18,000 annually, I actually pay myself 2000 monthly.
    That's fine they said but I take this money as drawings and not dividends apparently so what will show on my SA032, my accountant is on holiday for the next two weeks so I'm getting no answer from him and I'm worried sick now.
    I only sold on the say so of the bank telling me its no problem, we see what you earn.

    Thanks in advance for any input.
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    • ACG
    • By ACG 14th Feb 18, 8:03 PM
    • 16,691 Posts
    • 8,675 Thanks
    • #2
    • 14th Feb 18, 8:03 PM
    • #2
    • 14th Feb 18, 8:03 PM
    I think the bank gave you wrong information. Paying yourself 2k a month means nothing on bank statements. You may pay yourself 2k a month, you may be paying yourself from retained profits previous year, you may be drawing more than the company can pay you just to look good for a mortgage.

    I do not know any bank who will work of your banking history to work out what you pay yourself now a days - Barclays used to do a pre agreed Mortgage limit, but that was a few years ago.

    You will either need your SA302s/Tax overviews (does your accountant not send you these as standard?). How long is your accountant away for? If more than 2 weeks, you can probably ask HMRC to send them.
    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.
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