Help

bootnecks

Currently trying to secure a mortgage on a new house.

I'am payed from two different businesses, one is through paye (£31k per year gross) which i am an employee of, the other is a dividend payment on a monthly basis from a business which i am a director of (about 20k per year net)

My net monthly pay is £3600. If this pay came entirley through paye then i would earn the equvilant of £63k gross a year! But when the morgage lenders calculate my pay they all come up with about £55k gross per year! When they calculate what i can lend they obviously come up with a lower figure than if the all may pay came through paye.

This means i cant lend as much as i need to buy the property, is there anything i can do!!

happybroker

not really. Sorry, I would love to give you more positive feedback.

the only other way to go is to take the accounts for the business to your broker/ adviser so that they can see if there is retained profit or anything like that which may demonstrate the ability of the firm to pay you more and work on those figures.

good luck

sarkin

Self cert, rates will be higher

luckyfool

Some lenders will gross your dividends back up to include your basic rate tax.