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credit checks with existing provider
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FraudBuster wrote: »Search this board for Hunter.:)
and Boxer, he will be happy to explain!..:rotfl:0 -
You are classed as self employed in Santander's eyes if you own more than 20% of the company - and 2 years accounts is acceptable. As a director, they will look at your income in the accounts - Directors remuneration. and also the dividends that you get paid.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks jill, that helps
SPM - Believe it or not, im just a young woman , new to beig a business owner, trying to stay on the right side of legal . I need to maximisemy chances of being able to move house so i can bring up my baby in a better place- thats why im asking questions. I dont want to risk anything illegal . Last time i went through a mortgage application it was horrendous so Im probably starting from the wrong assumptions and the wrong end of the problem but some of the answers here are helping me see that maybe i dont have to hide anything after all0 -
You are classed as self employed in Santander's eyes if you own more than 20% of the company - and 2 years accounts is acceptable. As a director, they will look at your income in the accounts - Directors remuneration. and also the dividends that you get paid.
A common sense reply. Thank you Jill. And if you are mid year or the accounts are still being prepared provide evidence of current earnings - bank statements and dividend vouchers.
Drawing funds from a business by dividend is different to receiving PAYE. I appreciate your concerns as mortgage providers may not take into consideration that corporation tax has already been paid on the income and your remaining tax owed is less that if you were paying normal PAYE. I have seen this first hand.
However, as suggested by many above, be clear with your mortgage company or advisor. There is little to be gained by not disclosing your situation and lots to be lost in failed applications.Love is all you need da da da da da..... and a little help from a forum every now and then.0 -
ok, i dont know what drawing by dividends is.....i am on PAYE.... thats why i thought i classed as employed0
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