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Moved To Ni - One Year On

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Last posted about a year ago when we were just about to relocate to Belfast from Canada. A lot of sound advice which helped us immensely.

We’ve now been here a year and have been renting a lovely house in Lisburn; we’ve also settled in extremely well and love the Province/ City.

Here’s our problem: We are looking to buy a house in Lisburn around the $350k mark and have £100k to put down. We also have (non-business) income of around $43k per year.

However, new rules in place from the banks we’ve visited will not take into account my Canadian Business income, or income from the business I’ve set up in N.I. (Canadian Immigration consultancy), until I have two years’ accounts in the UK.

This has really put us back a bit we’ve now got to wait another 20+ months or so to buy, whereas we would like to within the next 6-8 months, as the proprieties we are interested in seem not to be selling at the prices quoted, so are perhaps open to offers (we’re looking around the Wallace Park area, N. Lisburn).

Are there any other options to investigate that offer more flexibility on income multiples/ Business income?

Any advice very much appreciated.

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Loads of question here. How many years company accounts do you have? Is it salary or dividend?

Are you looking to get a 250k Canadian dollar mortgage on an income of 43k? I think this will be impossible with new MMR rules.

I really don't think one of the local banks will touch this, you'll be looking specialist lender. Expect a broker to charge too.

Edited by 2buyornot2buy

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  • 406 Brexit, House prices and Summer 2020

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