Mortgages

[LondonCalling]

I'm not sure if this is the right section of the forum to be posting on, as it is about getting a mortgage to buy a home.

I have 3 years of accounts, however whilst the first and 3rd year show a profit and good turnover the second year there was no turnover and the company technically posted a loss. I sat technically as the "costs" were largely the salary I drew from the company.

Will I need to wait until I have 3 consecutive +ve years before i can apply for a mortgage ... ?

 

[Twoscoops]

You might find that you don't need to supply accounts. From what I understand mortgage rules have changed and the changes come into effect later this month. My 3 yrs accounts are no longer valid for my mortgage application and the lender has asked to see last 3 SA302s from HMRC. If I were you I would get your hands on these ASAP to speed up your application. If they show an income that is what a lender will look at and multiply from there. Just my thoughts, would be worth checking for yourself.

 

[LondonCalling]

That is interesting. The only problem there is that i only have 2 years of SA302s as i didn't get my PAYE set up in the first year.

When i tried to get a mortgage the year before last (down year) i was turned down, which looking abck is no surprise, however i am now not sure if this down year will be a back mark on my records until i can get 2 more positive years

 

[tony84]

You can get a mortgage with just 1 years accounts/SA302s assuming you have at least a 15% deposit.

If you have 3 years accounts which you do then lenders may just average out the 3 to give an income amount.

It really depends on the lender. Sit down with a broker as im confident there will be a lender for you - even if you have less than 15% deposit. Its just a case of matching your situation with a lender who will look at it in the best possible light.