Advice on best way to prepare for upcoming mortgage application

[Wanderer]

...And your reply contained no useful mortgage advice whatsoever, so it didn't really add much to the "discussion" you seemed so keen to promote. My post, on the other hand, did supply him with some useful, practical advice.

Well meaning, I'm sure but every other question that gets asked here is answered by some person suggesting that they Google it. My point is that it didn't seem to me that the original poster had some difficulty with Googling but rather than he was hoping that others here would share their personal experiences.

I regret that I can't contribute much to this particular discussion, having obtained my flexible mortgage back in the good old days when they would lend money to buy a broom cupboard and they were happy to look at the company accounts to see the profits. I was hoping to read some interesting replies though.

[Scrag Meister]

Advice on best way to prepare for upcoming mortgage application

My current 2 year fixed mortgage goes onto the Standard Variable Rate mid Feb 2011 so I need to hunt for a new mortgage (preferably fixed again).

I've only just started a new contract with a 3 month gap between the last one, my war chest is healthy and I have no debts other than a large mortgage. I'm interest only and if I were to plough some money into paying off some of the capital then I would go into the higher tax band of my annual Corporation Tax from my limited and I don't want to do that but I could if pushed.

So what tips would you give me to get the thumbs up from the mortgage underwriters when I apply for a new mortgage ? would they want to see my personal bank account statements ? (if so should I whack 10K now into my personal bank from my limited company ?) or would they want to see 2 years worth of statements from my limited company ??? (again the balance is very healthy on this account). My credit rating is good as I've had a couple of checks on done me recenly (and I know this leaves a finger print on the checks database).

Should I wait another month or two whilst being in this new contract and then apply for a mortgage to show that its a reasonably secure contract or should that not matter ?

The new contract is a higer rate than the last, same industry etc.

Your advice is appreciated.

1. Ask your current lender first as I got a good rate as a loyalty bonus from my lender.
2. I think you meant Income tax band not Corporation tax as you pay that on profit whatever.
3. Mine wanted to see business and personal statements, year end accounts for at least 2 years, wife's payslips.
4. Waiting won't prove anything as long as the company is bringing in some £s.
5. By all means explain your forecast for the coming year, if its good news!
6. Get as big a deposit as you can.

GL