mortgage help

[HandsomeBob]

Hi all,

I'm a bit stuck at the mo and wondered whether anyone can assist please.

I've got an offer accepted on a £80k property, however I only have 7 months accounts with a ltd company of mine.

Can anyone advise whether it is possible to get a mortgage based on 7 months accounts only? there has been good activity on the company considering the short time.

It's frustrating that someone with a salary is deemed more secure than someone with a business? at least the business owner is a) the last to leave and b) has SOME control over being able to make it do well if the business if failing. My friend who has only been at his job for 3 months got a mortgage outright and he could be given the sack on Monday (god forbid)

[Cemesis]

You put an offer on a house without an agreement in principle?

[orangesrule]

As above, i didn't start looking till i had a mortgage in principle. The risk is massive to the lender, i'd expect they'd be looking for 50% equity at least to cover their own arse. You need to book a meeting with your bank/possible lender asap.

[HandsomeBob]

Cemesis said:

You put an offer on a house without an agreement in principle?

Well no not quite, my gf had an offer on her flat and intended to purchase this property but that fell through however the offer still stands

[pacoryan]

HB, So g-f needs ££ from her property for a deposit to buy the next one. You have the ££ but can't get the mortgage.

Get Permission to Let on property 1, buy property 2 jointly using her income for the mortgage?

I ntoice in your profile you are the Director of various companies, is only the new one paying you an income?

[JulietRomeo]

Are you working on a contract basis? Mortgage brokers can easily get you a mortgage with a high street bank based based upon your 'per day rate'. They need to see a employment contract and 3 months worth of ltd company bank statements etc... PM me for the name of the company I used recently (cost £500).. not sure if I can mention them on here. Alternatively google 'mortgage broker.