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Self Employed for just on a year, how can we get a mortgage?

Posted on 9 March 2013 by Steven


I set up a Ltd Company in 04/2012 with 100% shares under my name and I'm director of this company. My wife is also employed by my company, and our gross salary is £25K and £30K in last 3 months. We have £70K deposit to buy a new home house £270K. Are we able to get a mortgage? If not, another option for me is that I received a job offer from a big company with a gross salary of £22K,  job starting from 1st April. If I accept this offer, and my wife remains working in my company, will we get a mortgage after 3 or 6 months? Thanks

Steven,

I'd need quite a bit more information before I can say whether we could get you the mortgage you are looking  for.

Many lenders require a self employed history of 3 years before they will lend, though this can vary depending on the Loan To Value, and also what you were doing previously. A lender would also ask the question as to whether your wife could run the company on her own and then there's the question of whether there's a probationary period on the new job?

My initial thoughts are that we'd probably have to look at a lender who manually underwrites. Lenders who manually underwrite can make a decision based on the individual merits of the case, rather than those lenders who feed everything into the computor for a decsision.

If you'd like to talk further, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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