"Agreement" in principal

SouterStressed

Dave_Ham wrote: »

Also, put down you will consolidate the loan and worst ways you pay £2500 max (better than 5k) if they make it a condition of the offer...

Sorry for being dim, not sure what you mean. Do you think the Halifax will lend me the rest of the money in a seperate loan?

Dave_Ham

Sorry, getting lazy this time of night...

No, what I mean (if the term extension does not work) is if your broker says you are repaying this loan it will make your mortgage affordable.

Halifax may then make it a condition of the mortgage and you will have to repay this before completion - I was saying that worst ways you will repay £2,500 and not add the £5,000 previously mentioned.

I just cannot believe your broker would not have explored these already, although other things being equal Halifax are more flexible than Natwest on lending limits so do be careful....

Thrugelmir

SouterStressed wrote: »

I have contacted the RBS who said they would lend me the money no problem,

The person you spoke to wouldn't be the one to make an actual lending decision I'm afraid to say.

Thrugelmir

SouterStressed wrote: »

I am a company director so my last 3 yrs accouts have been considered. As a result the Halifax are only aware of my earnings up to 31-08-11 at which point
I increased my pay by 50% perhaps if I made them aware of this....

To be clear this increase takes total household income to £40000+

What matters is the underlying profitability of the business. Directors remuneration can be adjusted as you wish. Salary can be withdrawn from retained earnings not just current year profits.

SouterStressed

Thrugelmir wrote: »

What matters is the underlying profitability of the business. Directors remuneration can be adjusted as you wish. Salary can be withdrawn from retained earnings not just current year profits.

Last 3 years

2000 profit £15000 PAYE

5000 profit £15000 PAYE

35000 profit £5000 PAYE

I am a 50 % shareholder.

Dave_Ham

Over and out for now - speak to your broker in the morning as he/she should solve this and cannot believe he has not...

Come back on thread if needed and will do our best...

Thrugelmir

SouterStressed wrote: »

Last 3 years

2000 profit £15000 PAYE

5000 profit £15000 PAYE

35000 profit £5000 PAYE

I am a 50 % shareholder.

Then the issue for the lender is the one good year. They'll be looking for consistant results.

Simon_gloster

V

Thrugelmir wrote: »

Then the issue for the lender is the one good year. They'll be looking for consistant results.

Completely agree Thrug, such a fluctuationvin income, albeit upward, lenders will generally not take the highest net profit.