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Please help me, advice from self employed grateful

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  • Please help me, advice from self employed grateful

    I am selling my 2 bed house and buying a 3 bed.

    We have a buyer and we have found a house we like. Our buyers are first time buyers so I thought 'great, quick sale' and the house we are buying has no chain above and is family so we are in constant contact with them.

    We accepted the offer on our house 5 weeks ago if not more to be honest and they still have not done a survey. Apparently they paid for a survey 3 weeks ago but the hold up their end is the fact the husband is self employed and so is having to provide evidence.

    We accepted their offer as they were chain free and were on a month to month rolling contract where they are renting.
    Now I am beginning to panic that they are not going to be given a mortgage despite having a mortgage in principle (altho i know this isnt worth the paper it is written on).

    I have told my solicitor and she says everything is going along fine and no hint of them pulling out. but what ive tried to tell her is that obviously they dont want to pull out but if they cant get a mortgage they wont have a choice.

    i have rung and rung estate agents and they keep assuring me that its all fine. but how can it be? does it take that long to get a mortgage if you are self employed? would the lender have allowed them to pay for the survey if they had no intention of carrying one out or even lending them the money?

    I cant face going back on the market again, having to tidy up after my child every minute of the day incase of viewings.

    Plus to make things more complicated our mortgage offer is only good until end of august when I myself will become unemployed- so we need to have a buyer and moved in by then!

    Just want to know what is going on, be kept in the loop but nobody is telling me anything!!!!

  • #2
    Re: Please help me, advice from self employed grateful

    Usually someone who is self-employed needs to provide 3 years accounts to the mortgage lender to prove the income that they are earning. It is not uncommon for the Underwriter to then ask for further information in relation to an individuals finances to gain a fuller picture of affordability to maintain a mortgage even after the valuation fee has been paid. In these economic times Underwriters are under scrutiny to ensure people aren't fabricating some of their finance liabilities in order to obtain mortgages reducing the risk of an individual defaulting on the loan later down the line.

    When further information is required it does take time for the mortgage lender to feed the information to the Underwriter and for answers to be reciprocated and in some cases extra information is requested 2 or 3 times for one application.