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Mortgage help needed
freel1967
Posts: 6 Forumite
Hi there,
I have 2 defaults that are due to come off of my credit history next year and I am trying to sort myself out in order to secure a mortgage.
I have bee offered a new job and I may need to change the way I get paid, it requires me to set up a limited company and pay myself minimum wage PAYE, and the rest of my salary will be made up from dividends. This makes my salary more tax efficiant. It is all legal and above board.
My question is..... Will being paid in this manner have a negative impact on my chances of getting a mortgage?
I hope someone can help.
Thanks
I have 2 defaults that are due to come off of my credit history next year and I am trying to sort myself out in order to secure a mortgage.
I have bee offered a new job and I may need to change the way I get paid, it requires me to set up a limited company and pay myself minimum wage PAYE, and the rest of my salary will be made up from dividends. This makes my salary more tax efficiant. It is all legal and above board.
My question is..... Will being paid in this manner have a negative impact on my chances of getting a mortgage?
I hope someone can help.
Thanks
0
Comments
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Can anyone help?0
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Setting up a limited company would most likely mean you being classed as self employed and requiring 3 years accounts for a mainstream mortgage.I am a Mortgage AdviserYou 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
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