mortgage advice please

xyellowx

Hi was thinking of putting house up for sale september (been paying off loans /c/cards/gym/phones etc out so will have £695 p/month spare) just household monthly bills going out

got about 35k-45k in my house to use as a deposit and been looking at houses around 210k which are selling for 190k-195k

wife works for local goverment part time 15k p/a
and is director of a small company £7200 p/a

i work for the same company full time £27k p/a

ive just set up my own company last month but dont plan to take a wage out for first 6 months.

question i wanted to ask was will we have problems getting the mortgage due to 1. me working for company wife is director off?
question 2. me setting up a company but not taking a wage and having no accounts ?
we plan to stick with the halifax and can supply over 12 months wage slips, and the affordability is fine according to the halifax online calculator just wondered what our chances are?

ACG

It wont cause problems as such, but you may have to show upto 3 years worth of accounts for the company - but you would have to do that anyway as you would be using income from that company for your wife.

Your own company i wouldnt even mention - it makes no difference either way so dont complicate things.

Any reason why your sticking with halifax? You might be able to get a better deal elsewhere and halifax will probably just treat you like a new customer anyway.

xyellowx

can show the accounts thats not a problem

had read on here halifax were not a strict as some banks and have always been with them with no problems to date, also didnt want to risk having a cheaper mortgage with a finance company via a broker and they start adding things on and moving the goal post
just want stress free know what were getting and where we stand for the next few years even if that means not the best deal on the market

xyellowx

we look after my wifes nan shes 83 and dont get anyhelp from her only son or other grand daughter she will end up moving in with us at some stage in the future (i put a post up on the marriage and families forum) any way with this in mind if we agreed to allow her to sell up and move in with us into a suitable house
question 1 could we remortgage in years to come when she had passed away and repay her son (my father inlaw) the value of the house less costs
question 2 could we get this agreed legally?
would be looking our 35-45k deposit nan house 140k? put towards a house around 250k so would need 70k ish mortgage to begin with and look to save large sum each month then remortgage in years to come to pay father in law what woulsd be his, is this possible/realistic?
please dont think im being crude just looking ahead at what will no doubt happen

ACG

Mortgage brokers dont just use finance companies - we also use the likes of halifax, rbs, nationwide, everyday high street banks - we just have the options of looking in more than one place. We also dont add on things, we explain the importance of protecting your mortgage in the event of death, ill health etc but its your decision whether or not you take those policies out.

When i said is there any reason your sticking to halifax, that wasnt a prod to use a broker, i just meant why not look elsewhere also either yourself or using a broker.

As for the second post, it doesnt make a lot of sense. I think i have got the basics but could you just re-word it for the thicko here.

xyellowx

looking ahead based on nan will end up living with us

our deposit 35k-45k nans house 140k but towards new house based on around 250k so would need approx 70k mortgage

however as nan has a son my father inlaw we would want to give him the money back from the house when the time come so

question 1 could we put the funds from nans house with our deposit towards the new house ?

question 2 what would be the best option to give father inlaw his money back from the will? im thinking if we save differance from what we should pay on the mortgage to what we would be paying and the when the time come remortgage the house to pay him his money back