Right guys am very confused.....
I had my house up for sale last year but was made redundant so took it off the market. Then an opportunity came up to become self employed so I took it.
Having spoke to both my current bank and also my existing mortgage lender they both said they would consider 1 years accounts (due to me being an existing customer).
This is where I am a little confused as to what they mean by 1 years accounts......
The business I am a partner in (non ltd) has been around since 1930 and does very well. I joined them as a partner at their request.
So in October I will have been self employed a year so I guess our accountant can prove earnings over this year for myself? and if need be we have accounts for the business going back many years.
The problem I have is that my better half is pregnant and our house just isn't up to another baby with an already small child and rather large dog....
So I would have liked to put my house up for sale ASAP as it could take time to sell, but don't want to sell it if I will be refused a mortgage.
So im asking really, is 1 years self employed come October likely to be acceptable? think I need to make an appointment with the bank shortly as I kind of need to get some idea whether they will touch me or not before I go ahead and sell my house.
I understand why they are like they are with self employed people, but having worked since the day I left school and never missed a single payment on anything I cant help thinking its all a little bit too strict, especially with a LTV of around 70% on the kind of property I want to buy, should I default its unlikely they will ever lose out is it.
Doing my head in!
I had my house up for sale last year but was made redundant so took it off the market. Then an opportunity came up to become self employed so I took it.
Having spoke to both my current bank and also my existing mortgage lender they both said they would consider 1 years accounts (due to me being an existing customer).
This is where I am a little confused as to what they mean by 1 years accounts......
The business I am a partner in (non ltd) has been around since 1930 and does very well. I joined them as a partner at their request.
So in October I will have been self employed a year so I guess our accountant can prove earnings over this year for myself? and if need be we have accounts for the business going back many years.
The problem I have is that my better half is pregnant and our house just isn't up to another baby with an already small child and rather large dog....
So I would have liked to put my house up for sale ASAP as it could take time to sell, but don't want to sell it if I will be refused a mortgage.
So im asking really, is 1 years self employed come October likely to be acceptable? think I need to make an appointment with the bank shortly as I kind of need to get some idea whether they will touch me or not before I go ahead and sell my house.
I understand why they are like they are with self employed people, but having worked since the day I left school and never missed a single payment on anything I cant help thinking its all a little bit too strict, especially with a LTV of around 70% on the kind of property I want to buy, should I default its unlikely they will ever lose out is it.
Doing my head in!