mortgage advice please

xyellowx

looking to put house on market september will have no debt and a min 20% deposit max 30% depending on prices agreed and currently saving between £600-900p/m which will be ongoing

we bank with halifax and have current mortgage with them wife works for local council part time £800p/m and is director of a small company which she takes £600 p/m from and a dividend every few months if companies done well. i work for her company and do two jobs and get a salary of 33k p/a

my question
halifax have said that we would be excepted for requested mortgage on strength of 3 wage slips each and wouldnt be any problems, should i declare wife is the director of the company i work for , dont want to deceive anybody and nothing irregular about it just circumstances turned out that that way (wife wont leave council job as she enjoys it,and as company grew i started to cover her when shes not there and do my job on top, i only started working for her after i lost my job ) also dont want to be acused of fraud or trying to pull a fast one.

xyellowx

he didnt need the wage slips sorry all the details he required where on his computer. when i asked if it would go to a underwriter he said no as there was no need. is this correct?

we didnt proceed as want to wait till september when we will have the fees saved up

AlexMac

Don't quite understand the question but as Halifax seem to be being helpful, I'd apply my general rule that Honesty's the best policy. And surely, additional earnings strengthen your application, with the backstop that your wife also has a regular job?

I rate Halifax as a flexible lender, as when I once got screwed by my own bank (Natwest) with a 'yes' to a mortgage but (wait for it) an offer subject to a 100% retention pending 3 engineers' reports on timber/damp, trees & roof - i.e no cash for weeks- Halifax pulled an unconditional offer out of the hat in 2 weeks start to finish- saving my deposit as I (crazily) bought at auction with a 28day completion deadline! Good luck

xyellowx

sorry if ive not explained it properly my question is will i or wife be classed as self employed ?
(i didnt tell halifax my wife was my boss and they didnt ask and implied that we would be best applying for mortgage based on just the her council wage and my full time wage)

Wh05apk

What is your wife's shareholding?

Be careful using a branch advisor, as I suspect they have got it agreed "fast-track" i.e no proof of income, Halifax audit cases at random and will then ask for proof and will start digging.

Halifax whilst a little more flexible than most are extremely expensive at the moment, without knowing your full income details/mortgage requirements, it may be other lenders are more suitable.

xyellowx

about 43k combined then she also has 12x£600 and about 6k in dividends from the company p/a will be looking to borrow 150k and will have a 30% deposit roughly

i noticed halifax was not the cheapest but wanted to stick with a main high street bank after reading stories on here of some lenders being almost leagalised loan sharks.

the way i understood it was they would only declare me as full time wife as part time and that would cover the application (no mention of the company as no need to declare the wages due to meeting affordability needs)

seems wrong to me if only morally

Leon_W

I think I would mention it.

You don't say, but if your wifes company is registered at your home address then that is going to look a little suspect. Halifax do check Companies House for registered addresses and company directors so I would be upfront. It really shouldn't be a problem.

xyellowx

thanks for all the advice when we go back september will make it clear to them our circumstances, the companies made a profit last 3 years running so any required books etc not a problem if they decide we are s/employed or it becomes a problem, will go and see a independant mortgage broker to point us in the right direction.