From: "david" 
Newsgroups: uk.business.accountancy uk.finance
Subject: £200k Mortgage for new company director
Date: Sun, 24 Apr 2005 12:47:23 +0100

I left college in 2001 and became self employed, in the first couple of
years my earning were really low, approx 6-7k year. In the third year
however things picked up and I earnt approx 40k before tax. Before the
financial year 04/05 I converted a Limited company and have just ended the
year with a 270k profit, tax yet to be duducted. This money is still in the
business account, (I am the sole director of the busines btw). I expect the
next financial years profit to be roughly the same as the previous all being
well.

Personally, I have approx £48k of saving in the building society, all tax
paid on. I'd like to buy a house, but alot of the advise I've read suggests
I need to supply at least 3 years of audited accounts, which worries me a
little as the first two years I was self emploted were very low earning. I'm
only 24, given the information above, do you think I will have any problems
trying to get a mortgage for say £200/250k? Officially my salary is
£395/month, but obviously I get paid dividends monthly aswell(2.5k) & have
access to all my companies moneys in the account, subject to tax ofcourse.