Own LTD Company - Can I get a mortgage?

mannaroth

Hi,

I'm the Director of my own LTD company. The Company was incorporated on October 24th 2014, and has been an enormous success, currently generating profits in excess of £30,000 per month. I own 85% of the company.

I pay myself and my partner a minimal salary (for tax purposes mostly) and take the rest of my remuneration in the form of monthly Dividends. I have complete control over how much I pay myself from the Company, and the Company's own revenue stream is very stable.

What are my chances of getting a mortgage in my current situation?

The main limiting factor it seems is that we have only a few months accounts, and it seems most self employed mortgages usually require 2 years of accounts or more.

Are there any lenders out there that might be able to help?

Not sure if this is required but I'm 24, and a first time buyer.

kingstreet

You'll need at least one full year's trading, then you'll have three or four lenders open to you.

After two years, you'll have the bulk of the market open, taking an average of two years' remuneration and dividends, unless year two is worse, then they'll use that year alone.

If you are a contractor working to a daily rate, you may have an alternative to the usual route of supplying accounts/ SA302s.

nuzik

If you are making profits of 30k a month i would save for 6 months and buy cash

amnblog

I suspect Georgie will want his share first

Thrugelmir

Any Company that's up and running for only 3 months and generating forecast annual profits of £360k is extremely impressive. Not something I've ever seen in my years in business.