Would there be any problems with this

bonio83

Me and my brother are currently looking to0 start a business but that would mean me waiting 3 years minimum for a mortgage.

Would there be any issues with me allowing my brother to own 100% of business and have me registered and paid a fixed wage as an employee allowing me to get a mortgage a lot quicker?

kingstreet

Working for a family business, a lender may view this as avoidance of the self-employment requirements and ask for extended evidence of personal income, or perhaps of the business' income.

Some lenders ask if you are employed by a family business, or one in which you have an interest.

Let_Us_See

In theory what you are suggesting is certainly feasible and legal, and unless it is a specific question on an application form, you are under no compulsion to tell a lender you are employed in a family business.

Also, it helps if the company name and your surname are different!

bonio83

The plan was for him to set it up as a ltd company

Crashandburn

Let_Us_See wrote: »

In theory what you are suggesting is certainly feasible and legal, and unless it is a specific question on an application form, you are under no compulsion to tell a lender you are employed in a family business.

Also, it helps if the company name and your surname is different!

The lenders use google too so if joining a small firm and having say 4 months with them, they will make reasonability checks on the employer.

Let_Us_See

Google will only prove the existence of the firm.

gb12345

Let_Us_See wrote: »

Google will only prove the existence of the firm.

If it's a limited company then it will be fairly easy for the lender to see the details of the company's director(s) and shareholders - who will have the same surname as the OP.