Mortgage after 1.5 years in business

[foliedouce]

My friend is looking for a mortgage for £250k and has £100k deposit. He has a new business (2 years old) with only 1 years accounts that show very little profit.

Can he get a mortgage?

I remember being in a similar situation in 2002 and got a buy to let mortgage even though it was my main house but I don't
if that option is still open?

Any advice / pointers for him is much appreciated

Thanks

[Sarnie]

foliedouce said:

My friend is looking for a mortgage for £250k and has £100k deposit. He has a new business (2 years old) with only 1 years accounts that show very little profit.

Can he get a mortgage?

I remember being in a similar situation in 2002 and got a buy to let mortgage even though it was my main house but I don't
if that option is still open?

Any advice / pointers for him is much appreciated

Thanks

BTL or Residential?

[foliedouce]

Resi for him to live in

[Sarnie]

foliedouce said:

Resi for him to live in

He would need a projection from an Accountant................low previous figures won't help....

[foliedouce]

Sarnie said:

foliedouce said:

Resi for him to live in

He would need a projection from an Accountant................low previous figures won't help....

Ok, thanks Sarnie, I will pass it on. Is it worth me putting him in touch with you?