Most lenders take an AVERAGE of the last 3 years trading accounts to work out how much you can afford for a mortgage.
This may be good for businesses where the recession has made them take a financial hit, and historic figures are better than recent accounts.
There are many new businesses, however, where trading figures have been increasing year on year, but no matter how good the last trading figures are, the 2 previous years are dragging them down.
How about a lender that will still want 3 years figures, but will base affordability calculations on the most recent figures alone? This applies to purchases and remortgages. If that sounds good to you, give me a call for more details.
As with all remortgages and purchases any lending will be subject to affordability checks and valuation.
Your home is at risk if you don't keep up the payments of a mortgage or any other loan secured against it.
David Lossl The Really Useful Mortgage People Ltd
T 0845 170 20 20 M 07855 799 807
email. http://www.usefulmortgages.co.uk/
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