Odds of getting a mortgage

[_Dan_]

Will be chatting to an advisor next week, but just after the general feeling really...

I'm 35, director of my own limited company (of which I'm the only employee - so sort of self employed, but technically an employee!). I have a good credit rating, no debts, but no savings as such, could probably muster up £25k if needed though. Company earns around £85-£90k per year, of with I pay myself all of it after corporation tax and the like. So pre-PAYE-tax income of around £70k.

With that in mind, do I have a snowballs chance in hell of getting a mortgage over £200k as a first time buyer?

I'm sure I'll get laughed out of this forum, but interested none the less!

Cheers

[Gizmo!]

PM Scotal

[Ungarsee]

I know the woolwich products best and on income multiples you'll be fine but you may struggle on loan to value. Woolwich will go to 85% loan to value and 4 times salary but I'm pretty sure other lenders may go higher. How many years accounts for your business can you get your hands on? You'll normally need 2 years

[_Dan_]

Ungarsee said:

I know the woolwich products best and on income multiples you'll be fine but you may struggle on loan to value. Woolwich will go to 85% loan to value and 4 times salary but I'm pretty sure other lenders may go higher. How many years accounts for your business can you get your hands on? You'll normally need 2 years

I've been in business around 3 and a half years, I believe I have 2 full years of accounts though, was in a staff role before that.

[anonymous-user]

probably need a bit bigger deposit than £25k - I reckon you will need min 20% of your own at the time of the purchase

[SimonV8ster]

So you've been earning 70K a year but don't have a mortgage or any savings ?

You've either been renting a castle to live in or been having one hell of a good time !!

[scotal]

Dan, yhm.

[auditt]

SimonV8ster said:

So you've been earning 70K a year but don't have a mortgage or any savings ?

You've either been renting a castle to live in or been having one hell of a good time !!

haha love this responce

[_Dan_]

SimonV8ster said:

So you've been earning 70K a year but don't have a mortgage or any savings ?

You've either been renting a castle to live in or been having one hell of a good time !!

If you look at my last two cars it would probably explain most of that! and yes, I do enjoy myself, what's the point of working otherwise

[_Dan_]

SimonV8ster said:

So you've been earning 70K a year but don't have a mortgage or any savings ?

You've either been renting a castle to live in or been having one hell of a good time !!

Actually, I guess the last couple of years I've been catching up on paying corporation tax, but I'm at the point where it's getting to a manageable right now. Also, built up a lot of debts in my 20s of which I've paid off a couple of massive lumps last year. Gone from £35k in debt to almost zero.

Edited by _Dan_ on Saturday 22 January 01:11