Santander mortgage

Thrugelmir

There's a number of factors all merging together here. So perhaps breaking them up would help.

What's the purpose of the £100k equity withdrawl?

_Andy_

"of the way the income is paid its a tax efficient way. They do not take into consideration the value of our home which seems mad as we have a large amount of equity"

You want your cake and to eat it - you can't avoid / reduce tax then want to consider it as income.

Re equity - your argument holds no water - regardless of how much you have, the payments must still be affordable. Otherwise, using your logic, someone on £10k could borrow £200k etc.

fairfighter

chanz4 wrote: »

so your no better than he big companys avoiding paying tax

That is a really silly comment of course we pay tax but we pay it corporately we do NOT avoid paying however mortgage companies only take personal and not corporate into consideration, these big companies you talk about AVOID go offshore or just don't pay that is NOT us.

Thrugelmir

fairfighter wrote: »

That is a really silly comment of course we pay tax but we pay it corporately we do NOT avoid paying however mortgage companies only take personal and not corporate into consideration, these big companies you talk about AVOID go offshore or just don't pay that is NOT us.

Like you large Corporations play the rules to their advantage with regards to tax.

I doubt that tax has a direct bearing on your discussions with Santander though.

loveka

I do understand your frustration- we are in a similar position in that we are stuck with Santander and on interest only.(We have a repayment vehicle in place but they aren't bothered about that!)

You just have to wait until you have 6 months left. They wont budge. You may get a decent rate then. This happened to us- for months they told us we would have to go on the SVR then suddenly changed their minds and gave us a decent- at the time- 5 year fix. Of course 6 months on rates are much better, but some of their advertised rates I assume are for new customers. The 123 account made a difference to the rate we got , but only when we got to just before the old rate expired.

amnblog

Fairfighter

You are wasting an awful lot of time here worrying about what Santander will or wont do. You have based your view of your situation on at best a scratchy knowledge of how lenders handle the self-employed.

Take Dave Hams advice and speak to an independent mortgage broker who specialises in the self employed and you will most likely get this sorted.

If you are taking directors loans, retaining profit, or seeing profit decline, Santander are probably not the right lender for you at this time - this does not mean you are a 'no' to other lenders.