Mortgage Assistance

Tino06

Hi guys,

newbie so be kind.

Last week I had my "lightbulb moment" and told my GF of the crippling unsecured debt I have.

We are currently in negotiations for a house and need a mortgage asap. We have agreed that it would be best to put the mortgage in her name only until I can sort myself out.

The problem comes though with affordability - I can afford to pay the mortgage but she couldn't on her salary. As she is my company secretary for my LTD company, would it be acceptable to pay her say £2,500 per month.

If so could she self cert even though she is unable to prove that this income would be regular at all. I could even stretch it to £3,000.

so that would give her £36,000 per year gross plus her £14,000 from her job.

so £50,000 pa

looking to borrow £215,000 on a property valued in the region of £225,000

I would basically be paying the mortgage but my name wouldn't be on it.


Cheers guys:o

Mr_helpful

is the unsecured debt yours or your limited co's

Tino06

Mr_helpful wrote: »

is the unsecured debt yours or your limited co's

Mine and mine alone, I am very recently self employed and company formation is only just going through

Mr_helpful

I dont think self cert is a good idea as rates for 95% will be pretty high. If you can genuinely employ her ie payslips tax deductions etc then there are lenders who would take her two incomes together but would probably need to see computerised payslips plus a bank stat showing money going in. That way 95% and no higher lending fee with some companys

Tino06

Mr_helpful wrote: »

I dont think self cert is a good idea as rates for 95% will be pretty high. If you can genuinely employ her ie payslips tax deductions etc then there are lenders who would take her two incomes together but would probably need to see computerised payslips plus a bank stat showing money going in. That way 95% and no higher lending fee with some companys

computerised payroll i don't think is an option mate.

If I could get a 10% deposit would it make a difference?

I guess I'm just wondering if it is possible at all, even if the rates were high initially

Mr_helpful

What is possible and what is legal are two different things. Its certainly possible .
Back to self cert at 90% rates are quite a bit better

Tino06

Mr_helpful wrote: »

What is possible and what is legal are two different things. Its certainly possible .
Back to self cert at 90% rates are quite a bit better

hahaha - okay mate

so where is the "non legal" stumbling block? she technically is an employee and Mr Brown is getting full tax from me through his IR35 scheme so the revenue won't be bothered.

technically it will be her house, i'm just paying the mortgage;)