mortgage deposit

smacky

Hello Friends

I am looking for some advice , me and my partner are looking forward to apply for mortgage in first 6 months of next year
last 3 years i have owned a business and take salary + dividend

company started 02/2009 so its been over 3 years

my last 3 years personal tax returns figures are as follows(rough)

2009/10 - 28k
2010/11 - 32k
2011/12 - 37.5k

2012/april 13 expected 37-40k


company profit has shown steady growth

unfortunately the properties around locally are about 240-270

*** my main concern is deposit , i have access to atleast 10-15% however most of the money i have saved i always put that back in business as it would yield more profits obviously

so the question is should i transfer atleast 10% to my personal account for atleast 4-5 months so the lender can see it or is it okay to use it and inform lenders that upon approval it will be withdrawn from business

apart from this i have had decent credit history apart from 2-3 late payments on 1 of my current account (they were marked as late as went overdrawn and took a couple of days to bring it back into line)

this was about 2.5 yrs back

apart from that i have several credit cards that i use for business purchase and pay them off every month in full

recently i needed some stock to pump in for christmas so i applied and received loan for 5k from hsbc but i intend to pay that off end of december

any help and suggestion would be appreciated

apologies for long post

ACG

The money your withdrawing for your deposit, are you intending to withdraw that as a wage/dividend or are you looking to withdraw it as a loan and pay it back?

If your withdrawing it as income then it should be fine, i imagine some fussy lenders might have issues with it but i dont think many will.

Does your partner work? the reason i ask is your income alone wouldnt support a £220k plus mortgage. I think your partner would need to be on approx £30k also - maybe slightly less but around that figure.

smacky

Hello

thanks for your reply... i have already withdrawn that income as dividend just use it for buying stock (could say an informal loan to the company so yes i can withdraw any time tbh)

wife works in same company at £12k salary

but can increase her salary for few months if that helps ...