Joint mortgage for self-employed and employed

irfan0611

Hi,

I am a director of a Ltd company. The company earned around £40,000 per year and I put myself on minimum pay rate. I recently applied for a mortgage (First time buyer) and I have been told that I cannot show company's money to get mortgage so based on my income showing on SA302s I can borrow up to £75,000.

I am looking for a mortgage of around £140,000. What if my wife work in my company as an employee and I get her 3 months payslips showing sufficient wage to meet the requirement to get joint mortgage. I want to know can I do that? My company's address and our home address is same I am just worried mortgage providers may feel we are faking payslips to get the mortgage. I am going to pay her tax which will be verifiable from HMRC. Are there any other complications should I look for?

Thanks in advance!

ACG

Lenders are well on to that.
You have applied for a mortgage with just your income and then you apply for another with 2 incomes the second of which comes from your business. This will have warning flags all over it (lenders do share this information to prevent things like this happening).

There are some lenders who will allow you to borrow based on retained profits within the business. However, you may need more than one years accounts.

I would suggest speaking to a broker. I would also suggest against doing what you are thinking.