Desperately want to move, both self employed with a limited company (think retail shop) each, both taking a small wage and as of this year alone a decent dividend, one account in this month and the other year end next April but that will also will show a decent dividend with enough for the mortgage calculator. Have 5 years of books looking a little better each year but it'll only be this year showing real growth.
The mortgage we have currently was agreed before self employment, no missed payments and both have excellent credit scores. The businesses have zero debt if it matters and machinery/stock in excess of £100k. The books look pretty grim until now as we built it from scratch and expanded, bought the physical shop and renovated, added all the machinery and the costs of that came from all the takings, the downside being both show a loss in the first years (only taking the small wage) and only now showing affordability for the higher mortgage we want to get in December.
Can anyone advise if we have a shot at getting a mortgage based on the current earnings we have or will they take an average from the last 3 years? It's so frustrating and confusing!
Accountant thinks until we're 3 years in with current earnings they won't consider us for the amount we need but admitted he's got no experience since they stopped self cert. Getting in touch with a broker in the next week but want to know if he'll laugh us out. Tia!