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“Computer says no!!!!”

written by AllieRiley on 15/06/2014

We'd been mortgage customers of YBS for 7 years and regular savers in a mortgage offset account with a decent balance. We were looking to move house with a 15% deposit and needed to borrow £150k. With a household income of £90k and a perfect payment history with YBS I wasn't expecting any problems. How wrong could I be! Had an initial appointment with a girl who looked no more than 25 dressed in baggy pants and flip flops, didn't get great vibes from the start. I immediately hit a brick wall in terms of proving my income. I started my own accountancy practice 5 years ago initially as a partner in a limited liability partnership. After 3 years I converted into a limited company and became a director. This completely blew the mortgage advisor's mind, she couldn't grasp the difference between salary and dividends or the fact that my income came from exactly the same business albeit the trading entity had changed. She wouldn't even run an agreement in principle. I went straight home and got my own accountant to recommend a broker who obtained an agreement in principle for me from Scottish Widows within 2 days who I can highly recommend. YBS girl finally came back over a week later to tell me that the underwriters would require 3 years accounts for the limited company which I clearly stated I didn't have although I did have 5 years accounts for the business as a whole. My advice is if your situation is anything other than a standard PAYE permanent employee then you need to use a broker who can match you to the right mortgage provider. Otherwise you could waste your time with a lot of high street banks.