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Days away from mortgage offer...and this happens

(17 Posts)
Schoolquestionz Tue 03-Jan-17 14:11:22

I am self employed.

Have done it all on DH wages and had mortgage in principal, valuation etc etc.

Now despite an email saying all was well and that the bank didn't need anymore information we've had a call saying they're concerned I'm a 'dependant'.

Could this scupper everything?

We're really worried and upset.

I do actually earn a significant amount but I've not done my first tax return yet.

HELP.

Trainspotting1984 Tue 03-Jan-17 14:14:04

Usually you just sign an agreement that you'll Leave the house if it's repossessed and don't have a financial interest

IronMaggie Tue 03-Jan-17 14:15:57

Which bank is it? Even if you don't have any SA302s yet you could still offer to provide proof of income - invoices / contracts / bank statements etc. And will your first tax return be done this January? There's always the option of accelerating that so that you can produce proof to ease their minds...

It's frustrating, isn't it? I'm in the same situation and am classed as having zero income, despite my salary having increased significantly since I was an employee.

Schoolquestionz Tue 03-Jan-17 14:24:44

Gah!

Just got off the phone.

We'll find out more tomorrow.

Might be a case of putting more money down (and living in a dump!).

This is SO stressful :-(

Schoolquestionz Tue 03-Jan-17 15:30:03

What stage are you at Iron?

dynevoran Tue 03-Jan-17 16:07:29

Where there is a will there is a way. Honestly I am self employed and in the earlier stages of my business we have had this twice but with some tweaking and providing some extra invoices etc I do have we always managed to make it through. Just keep pushing for what you can do and what they'd like to see to change this.

Good luck.

IronMaggie Tue 03-Jan-17 21:40:18

It's not looking good for me, but I'm fortunate that mine is just reviewing the mortgage on my current property to get a better rate, rather than trying to buy.

I'm currently gathering up all the information they've asked for, both business and personal and will see what they say. I've been told that I've been referred to an underwriter who has experience with 'special' cases like mine but I don't see why I'm that unique. Some banks are apparently much more sensible about self-employment than others so if you have the option of shopping around it might be worth it.

Schoolquestionz Wed 04-Jan-17 17:13:17

Hello all.

SO they've requested my last three bank statements, X2 P60s and a letter from a regular customer.

I'm praying this means they are really going to consider it.

I can't believe how stressful this whole process is.

Both the sale of ours and the purchase of the new one.

IronMaggie Wed 04-Jan-17 18:18:49

Yes, that's a really good sign School, hopefully that all brings them to the right conclusion. Fingers crossed for you!

Schoolquestionz Wed 04-Jan-17 21:01:47

And for you Iron 🙏

Waitingfordolly Wed 04-Jan-17 21:15:31

This annoys me from banks. When I bought with XP I had a substantial deposit and other savings, and 10 year's unblemished record of paying a mortgage. He had no savings or deposit, had been renting, and subsequently got into significant debt, yet he was considered a better bet than me because he had a job and I was self employed, even though I had a couple of years of accounts. One bank completely refused to consider us because I was self employed even though we wanted only 60% ltv and XP could have covered it himself on his salary. We went with a small local building society in the end who looked at each customer individually.

Hope the news is good for you!

Randonneur Wed 04-Jan-17 21:23:12

We got a mortgage in similar circumstances with the help of a brilliant broker. They are good for situations like this.

IronMaggie Thu 05-Jan-17 23:04:45

Any update today School?

I got some good news - the bank called me today with lots more questions which I think I answered sensibly and got the result I wanted. The remortgage at the interest rate they've offered will more than halve our monthly payments which is amazing and also means we can afford to make overpayments. So even though I'm self-employed and they haven't validated my income perhaps the fact that I've never missed a payment counts in my favour?

Hope you get the result you want too!

Schoolquestionz Thu 05-Jan-17 23:45:24

Ahh that's absolutely fantastic!!!!! I'm so chuffed for you!

Thank you for checking up on me...I was going to update as it's a yes!!!!

Yippeeee!

Now we just need to get those contracts exchanged and completed and we can have virtual wine!!

girlelephant Fri 06-Jan-17 13:21:34

Woop woop!

mintthins Fri 06-Jan-17 13:34:35

Congrats OP. Good luck with the rest of your move.

IronMaggie Fri 06-Jan-17 15:43:15

Wahay - fantastic news, glad it all came together. And good luck with the rest of the process, hopefully that's the bulk of the stress over and done with!

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