Discussion
Currently looking to buy a property.
I am self employed, have a healthy business going for 5 years or so. Can easily afford the outgoing but have only ever been paying myself very little for the past 5 years constantly reinvesting and growing.
Can anyone recommend a broker who can make things happen with a bit of a can do rather than a no chance attitude.
Thanks,
I am self employed, have a healthy business going for 5 years or so. Can easily afford the outgoing but have only ever been paying myself very little for the past 5 years constantly reinvesting and growing.
Can anyone recommend a broker who can make things happen with a bit of a can do rather than a no chance attitude.
Thanks,
Sarnie will help, if it can be done he can do it. However he can only work with the figures you have.
In my case I had to wait a couple of years to bring my average income up. Crazy but that's the world we live in. Thankfully this was before the tax increases too.
Because I was self employed the lender also wanted a lot more information, business bank statements, accountants letters etc.
I got the feeling that it was all hanging by a thread in terms of decision from the lender just because I was self employed. Amusingly I paid the mortgage off in 4 years...
In my case I had to wait a couple of years to bring my average income up. Crazy but that's the world we live in. Thankfully this was before the tax increases too.
Because I was self employed the lender also wanted a lot more information, business bank statements, accountants letters etc.
I got the feeling that it was all hanging by a thread in terms of decision from the lender just because I was self employed. Amusingly I paid the mortgage off in 4 years...
JimmyConwayNW said:
Currently looking to buy a property.
I am self employed, have a healthy business going for 5 years or so. Can easily afford the outgoing but have only ever been paying myself very little for the past 5 years constantly reinvesting and growing.
Can anyone recommend a broker who can make things happen with a bit of a can do rather than a no chance attitude.
Thanks,
More than happy to have a chat if you want to drop me a line I am self employed, have a healthy business going for 5 years or so. Can easily afford the outgoing but have only ever been paying myself very little for the past 5 years constantly reinvesting and growing.
Can anyone recommend a broker who can make things happen with a bit of a can do rather than a no chance attitude.
Thanks,
Residental or BTL?
If Residental some lenders (Sarnie would hopefully know which, Barclays used to when I was there) used retained profit towards income so if your business is keeping funds in it then the lender could use that towards affordability.
If BTL less important but depending on the lender youd still need some income but documents would vary depending on the lender.
If Residental some lenders (Sarnie would hopefully know which, Barclays used to when I was there) used retained profit towards income so if your business is keeping funds in it then the lender could use that towards affordability.
If BTL less important but depending on the lender youd still need some income but documents would vary depending on the lender.
Killer2005 said:
Residental or BTL?
If Residental some lenders (Sarnie would hopefully know which, Barclays used to when I was there) used retained profit towards income so if your business is keeping funds in it then the lender could use that towards affordability.
If BTL less important but depending on the lender youd still need some income but documents would vary depending on the lender.
My understanding currently was that was just ltd and its a sole trader / partnership formation.If Residental some lenders (Sarnie would hopefully know which, Barclays used to when I was there) used retained profit towards income so if your business is keeping funds in it then the lender could use that towards affordability.
If BTL less important but depending on the lender youd still need some income but documents would vary depending on the lender.
Have pm'ed Sarnie, fingers crossed.
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