Hi
I've been self employed for 1 year and before this I was a student for 6 years. I work in a group business so someone else pays the bills, mortgage etc and I take a percentage of what I earn.
so, I have found a premises and we've said yes to the contract etc. I have some money from family but ideally want my own money from a bank. Does anyone know anywhere that would even entertain a self-employed person with only one yr books? I have a business plan etc all ready but so far, no-one will even entertain the idea.
Thanks


pay day loans

This post has been edited by brownr72: 19.11.2010, 8:36

Hi brownr72,
Are you buying commercial premises? Of course, due to credit crunch, lenders are quite strict on their lending criteria, but it doesn’t’ mean it is impossible. If you have 1 year accounts and can provide solid projection figures, you should be able to get a mortgage. Mind, different lenders may have a different requirements, so it is worth speaking to a mortgage advisor. You will need to put down a decent deposit and show that you will be able to maintain growing business and payments. Commercial mortgages are quite different to residential mortgages, and each case is assessed on an individual basis, so it is impossible to say what sort of figures you can get for your profit/turnover. Also you may find that lenders will not do all types of commercial properties, so requirements will vary, the same applies to location.

Hi again,

Any luck with your mortgage? I still think that it is better to find a mortgage advisor in your area specialising in commercial mortgages as your situation is not quite straight forward. However, it is worth shopping around as charges can be quite different, as for example mortgage brokers london can be more expensive than in Windsor, and etc.