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TUPE Transfer
safc88
Posts: 24 Forumite
Hi
I am finally looking to take my first steps on to the property market with the other half, hopefully this month if we can find the right house.
Amongst the millions of worries I've got is that in October last year, the directors of the Company I worked for purchased our part of the business and we have set up as a new company.
As part of this I was transferred across under a TUPE transfer (having previously had 10 years service) to a newly incorporated company.
Will lenders see my employment as a risk with it being a new company?
I am finally looking to take my first steps on to the property market with the other half, hopefully this month if we can find the right house.
Amongst the millions of worries I've got is that in October last year, the directors of the Company I worked for purchased our part of the business and we have set up as a new company.
As part of this I was transferred across under a TUPE transfer (having previously had 10 years service) to a newly incorporated company.
Will lenders see my employment as a risk with it being a new company?
0
Comments
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Nope. No problem at all.
Only issue might be is if you own 20% or more of the ordinary shares.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Nope. No problem at all.
Only issue might be is if you own 20% or more of the ordinary shares.
Brill, thanks for your help.
No I'm not a shareholder - yet!0 -
The other big worry is that I've got quite a few gambling transactions on my statements (although they are shown as paypal payments) totalling about £200-300 per month made up of £20's and £30's here and there.
Combined we've got about £60,000 saved as a deposit for a house in the region of £180,000-200,000.
I take home about £2,100 a month with only a phone bill of £50 and a charity donation of £30 per month as regular outgoings - I tend to save approx. £1,000-1,300 a month.
Do you reckon the gambling/paypal transactions will be an issue and is it best to come clean as to what they are to the lender?0 -
Stop gambling, some lenders get twitchy about them.
Maybe 3 months prior to applying for mortgage stop gambling at least so it doesn't show up on your current accounts. Even if it's paypal, they may ask what these regular transactions are"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Put the winnings back, if your account
Not winning and have a regular £200-£300 going out review your priorities.
£240pm is £40k borrowing capacity @ 4% over 20years0 -
Do you think you have a gambling problem?
You spend over 10% of your take home pay on betting.Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.0 -
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getmore4less wrote: »That will all change when you have a house.
Which is exactly why I've been enjoying it while I can!
We both know that it will all change once we have a property (we have 5 holidays a year at the moment!) so we've been enjoying and spending plus saving while we can!0
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