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mortgage taking into account dividend payments
leetransit
Posts: 7 Forumite
Hi, I have a joint mortgage with my partner. If we sell the house and go our seperate ways i will be left with about 15K cash to put down as a deposit. My monthly wage is £450 with another £2K being paid through dividends as i am a share holder in a business. My problem is that my current mortgage company (A & L / Santander) will only take half of my dividends into account when offering me a mortgage which wont be enough. I have had regular dividend payments paid into my A & L current account for the duration of my mortgage and have never missed a payment. Any advice please as to how to increase my mortgage offer?
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On an income of around 7k per year, what sort of mortgage are you hoping for?0
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What mortgage amount do you need?
Only way around this is by looking for a lender that will accept a greater proportion of that dividend income.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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Is that £450 Net?
What is the gross figure?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 -
But you would also be looking at a 90% mortgage - is that correct?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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Well at 90% you have limited options.
You'll need to speak with a good whole of market adviser and let them find a lender that could agree this for you.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 -
Well at 90% you have limited options.
You'll need to speak with a good whole of market adviser and let them find a lender that could agree this for you.
Thanks for the advice. It was easy when i last got accepted for a mortgage! Strange that A&L were ok with my divi payments years ago but now i suppose the goalposts have moved.
I presume they won't agree to take my partner off the mortgage if she moves out then either (I can get a 20k interest free loan to pay her off)0 -
Pay yourself more money as income is the simple solution0
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