Can any mortgage advisors help me??

JoeK_3

h0ney wrote: »

Are you a good one??!!

Or have you washed yours hands of me!

Honey, I have been in the business for over 23 years and you don't want to know my age. I own a national whole of market mortgage brokerage and I would always warn people about over stretching themselves.

Could you not pay your parents back at so much per month?

Plus if you are due to sell the BTl next year, you will be able to realise £35,000 from your share.

JoeK
JoeK

h0ney

JoeK wrote: »

Honey, I have been in the business for over 23 years and you don't want to know my age. I own a national whole of market mortgage brokerage and I would always warn people about over stretching themselves.

Could you not pay your parents back at so much per month?

Plus if you are due to sell the BTl next year, you will be able to realise £35,000 from your share.

JoeK
JoeK

The thing is my dad took out a mortgage over 15 years (so payments are approx 700 per month) to pay for the renovations so we need to pay him back so that he can free up his own cash - it gets more and more complicated!

JoeK_3

h0ney wrote: »

The thing is my dad took out a mortgage over 15 years (so payments are approx 700 per month) to pay for the renovations so we need to pay him back so that he can free up his own cash - it gets more and more complicated!

A buy to let allows up to 85% loan to value and based on your BTL value of £220,000 that could mean a mortgage of £187,000. This could??? mean releasing a further £37,000 from the BTL.

Would the rental income stand it?

Yes this is becoming complicated because of your affordability issue and it's something that should have been considered when you took on the renovation plan and the takeover of the debt of £100,000.

JoeK

Mr_helpful

I still say its possible with a friendly underwriter and if the other property is sold it will reduce borrowing. Possibly the best mortgage might be a flexi so op 's hubby can save for the tax man while overpaying the mortgage and then drawing it out again when bill comes in.

JoeK_3

Mr_helpful wrote: »

I still say its possible with a friendly underwriter and if the other property is sold it will reduce borrowing. Possibly the best mortgage might be a flexi so op 's hubby can save for the tax man while overpaying the mortgage and then drawing it out again when bill comes in.

You are a risk taker Mr Helpful.
Yes it is possible but is this wise advice?

JoeK

MarkyMarkD

I think that the OP needs to be a bit clearer about PROFIT.

PROFIT isn't the amount your business makes AFTER dividends, but the amount it makes BEFORE dividends. Dividends are a distribution of some (or all) of the profit.

I think that this is why everyone thinks that there is an affordability issue.

H0ney, please state what the business made BEFORE dividends were deducted unless I've been stupid and missed it in your posts. Then everyone can add on the £10,200 of salary you pay yourselves and get a realistic income figure.

JoeK_3

MarkyMarkD wrote: »

I think that the OP needs to be a bit clearer about PROFIT.

PROFIT isn't the amount your business makes AFTER dividends, but the amount it makes BEFORE dividends. Dividends are a distribution of some (or all) of the profit.

I think that this is why everyone thinks that there is an affordability issue.

H0ney, please state what the business made BEFORE dividends were deducted unless I've been stupid and missed it in your posts. Then everyone can add on the £10,200 of salary you pay yourselves and get a realistic income figure.

Thanks Marky, I have been asking total income all evening.

JoeK

h0ney

Did accounts from 1st jan 06 to today
Wages joint 10200
Dividends 9475
net profit 13218

Mr_helpful

Cant see a problem there
JoeK I dont take risks, the lender might but only after I have grovelled a lot.