New Company, Employing my Partner - can she get mortgage?

experience

I'm planning on starting a ltd company and employing my partner (we're not married but live together).

My partner wants to apply for her own mortgage with 25-35% deposit and 6-9 months of payslips from the new company.

She will only be an employee (not a director or own any shares) and the company address is not our home address. Her tax, NIC and employers NIC will be paid monthly so its all above board and payslips issued

As this is a new company will this affect her getting a mortgage, even though she is only an employee?

I realise if i was the one applying for the mortgage as a self employed company director i'd need 2 yrs + worth of a/c's

Wh05apk

Will you be living at the property? if so then they may link you back to the company and think it suspicious that she is living with the boss.

Interesting situation though, if she is a genuine employee, then I don't see there being too much of an issue, normally if you work for a "family" business they will need to see accounts, but whether they would class this as a family business I am not sure? It doesn't sound like you should be able to, but I can't see anything in lenders criteria to stop you.

I assume when you say 6-9 months of payslips you mean you will apply in 6-9 months time, not just produce them now!

experience

I'm not sure if they ask who will be staying in the property? When the new company starts trading I'l be working away mon-fri but will travel back on the weekends so will be staying then - so it will be her house and her mortgage.

We arnt married so have different surnames, dont have joint a/c's or are linked (apart from obviously being a relationship but do they ask who your boyfriend/girlfriend is on a mortgage application?)

The 6-9 months payslips will be available once she has earnt 6-9 months of wages

experience

My main concern for her is whether the mortgage company will refuse her application because the company she works for hasnt been trading for long?
However she will have 25-35% deposit and has no loans/credit cards and good credit history

Wh05apk

experience wrote: »

My main concern for her is whether the mortgage company will refuse her application because the company she works for hasnt been trading for long?
However she will have 25-35% deposit and has no loans/credit cards and good credit history

No how long the employer has been trading is not normally considered.

Lenders will ask if anyone over 17 will be living at the property which is where you should declare you will be staying there.

experience

Thank you for your help - much appreciated!