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Nationwide Mortgage - Accountants Certificate

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Comments

  • NUC
    NUC Posts: 7 Forumite
    jason.parker.86 wrote: »
    Sorry to ask such a silly question, but would accountants certificate take into account "earnings not taken" i.e profit retained with my company.
    J

    no because the profit you retain is in the company's bank account and is for the company.
  • ACG
    ACG Posts: 24,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ive just replied to your post on another forum, theres a little more info on here than the other place.

    The amount you can borrow is based on your ACTUAL earnings, not what you could potentially earn. Officially that money belongs to the business, so if it went under overnight any debts outstanding would get paid out of the money in the companies bank account.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    If you own 100% of the limited company then Nationwide will usual work of the net profit for mortgage affordability. Drawn dividends can also be taken into account, but the underlying net profit has to support any dividend, drawing or director's salary.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Withdrawing the profit will incur a tax liability in some form.
  • jason.parker.86
    jason.parker.86 Posts: 161 Forumite
    Part of the Furniture 100 Posts
    Thrugelmir wrote: »
    Withdrawing the profit will incur a tax liability in some form.

    Yeah but how it comes out of the company is left to my accountant.
    Regarding the company- Myself and brother are shareholders- however his shares dont have any voting rights so assume that means i own the company outright?
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