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Re-mortgaging for company director
jonahyk
Posts: 17 Forumite
Hi
I do apologise if the content of this post might have been addressed before. Though greatly appreciate some advises.
Currently, I owned a mortgage-free property and planning to take up a new re-mortgage LTV ~50% max of it.
The "little glitch" I am facing is that I'm a director of a Ltd co, on PAYE, share of company >25% (termed as self-employed by lenders??). The past 3 years accounts were declared as losses and lenders may potentially see it as a deal breaker.
What are the chances of getting a re-mortgage through high street lenders and will they be looking at other aspects, e.g. PAYE affordability, current savings? I have a set of savings which will cover the mortgage amount (on the extreme side of the scale) but reckon high street lenders may not apply common sense during the full application.
Had a decision in principle by my bank recently but not sure if it will go through with their underwriter.
Greatly appreciate advises from you folks.
I do apologise if the content of this post might have been addressed before. Though greatly appreciate some advises.
Currently, I owned a mortgage-free property and planning to take up a new re-mortgage LTV ~50% max of it.
The "little glitch" I am facing is that I'm a director of a Ltd co, on PAYE, share of company >25% (termed as self-employed by lenders??). The past 3 years accounts were declared as losses and lenders may potentially see it as a deal breaker.
What are the chances of getting a re-mortgage through high street lenders and will they be looking at other aspects, e.g. PAYE affordability, current savings? I have a set of savings which will cover the mortgage amount (on the extreme side of the scale) but reckon high street lenders may not apply common sense during the full application.
Had a decision in principle by my bank recently but not sure if it will go through with their underwriter.
Greatly appreciate advises from you folks.
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