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Self employed mortgage lender??
MK9R - 15/11/11 at 09:57 PM

Because of the way i pay myself (work for myself as a ltd company) i'm really struggling to get a mortgage for a reasonable amount, infact i'm struggling to even get a mortgage the same size i have now (had it 5 years). Anyone got any recommendations, ideally it needs to look at the company earnings rather than net profit

Pdlewis - 15/11/11 at 10:13 PM

I got mine trough London and country (they are a free broker) they got the Halifax to lend on my 1 year ltd company accounts and didn't pay an inflated rate

MK9R - 15/11/11 at 10:41 PM

quote:
Originally posted by Pdlewis
I got mine trough London and country (they are a free broker) they got the Halifax to lend on my 1 year ltd company accounts and didn't pay an inflated rate


mmmm interesting, one of my biggest issues is that they are averaging out the last 3 years of accounts (been trading 10 years), luckily this year has just finished and books have not been submitted so we can drop alot of the expense claims (all legitimate like mileage, computer purchases etc) too bump up the net profit figures, but will obviously result in a much bigger tax bill (and i dont like paying tax on things i legitimately claim as expenses!!). But as they are taking an average of 3 years, what ever i do this year only ups the average by 1/3rd. If i can only submit 1 years trading then it will obviously improve things alot.

SeanStone - 15/11/11 at 11:17 PM

Got a close friend who is a morgage broker, want his contact details?

MK9R - 15/11/11 at 11:20 PM

quote:
Originally posted by SeanStone
Got a close friend who is a morgage broker, want his contact details?


yes please

Jaybeee - 15/11/11 at 11:54 PM

I also know someone if you want their details?

JonnyS - 16/11/11 at 06:59 AM

quote:
Originally posted by MK9R
Because of the way i pay myself (work for myself as a ltd company) i'm really struggling to get a mortgage for a reasonable amount, infact i'm struggling to even get a mortgage the same size i have now (had it 5 years). Anyone got any recommendations, ideally it needs to look at the company earnings rather than net profit


I've had this from both sides, moving house this year and being an accountant. Essentially it boils down to the fact that your accountant needs to explain your situation and what you can afford because you aren't a simple employee.

Pdlewis - 16/11/11 at 09:52 AM

as above my accountant wrote a letter with my accounts explaining the setup and my projected income for this year and next and the application sailed through (in april this year)

MK9R - 21/11/11 at 01:35 PM

quote:
Originally posted by Pdlewis
I got mine trough London and country (they are a free broker) they got the Halifax to lend on my 1 year ltd company accounts and didn't pay an inflated rate


Cheers for the tip, they have sorted me out, excellent service!!!