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New Director buying a house
rahul2
Posts: 1 Newbie
Hi Everyone!
First post in this forum as I couldn't find another thread with a similar scenario.
Just a bit of background for myself. I am currently from the South of England and my family and I are moving to another part of the country because I am buying the shares of an existing company. The company is already a running concern with 8 years of accounts with a healthy annual profit.
My father has his own job, which he will continue to work as he works from home. However my mother will be leaving her job in the South and joining me as a PAYE employee in the business.
We are looking to get a new house that will be located close to the new business, however this is proving tricky, as we are struggling with a mortgage. Our financial advisor has said we can only get a mortgage based on my father and my mothers income, but not mine as I need to have been in the business for a minimum of 6 months before my salary can be used as part of the mortgage. However, my accountant has provided me with a cash forecast and what I can expect to draw from the business as both PAYE and Dividends.
Is there anyway that my salary can be used to increase the mortgage amount we can receive from lenders?
If anyone needs any further clarity on the situation I am happy to provide it as it may seem complicated!
First post in this forum as I couldn't find another thread with a similar scenario.
Just a bit of background for myself. I am currently from the South of England and my family and I are moving to another part of the country because I am buying the shares of an existing company. The company is already a running concern with 8 years of accounts with a healthy annual profit.
My father has his own job, which he will continue to work as he works from home. However my mother will be leaving her job in the South and joining me as a PAYE employee in the business.
We are looking to get a new house that will be located close to the new business, however this is proving tricky, as we are struggling with a mortgage. Our financial advisor has said we can only get a mortgage based on my father and my mothers income, but not mine as I need to have been in the business for a minimum of 6 months before my salary can be used as part of the mortgage. However, my accountant has provided me with a cash forecast and what I can expect to draw from the business as both PAYE and Dividends.
Is there anyway that my salary can be used to increase the mortgage amount we can receive from lenders?
If anyone needs any further clarity on the situation I am happy to provide it as it may seem complicated!
0
Comments
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There are a number of factors that will affect options on this very tricky situation Rahul.
What type of type is it?
What were you doing beforehand?
What was mum doing beforehand?
Who are the other owners?
What are the figures and how short are you on your parents income?
What is your age and that of your parents?
Where are we in terms of dependents and other costs?
.... I could go on.
Worth getting a second opinion from another broker as I know of a least one Lender that may consider this type of scenario.
However, don't be surprised if in the end, your income cannot be considered for 12 months.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
As Amnblog rightly said, get a broker.
Forecasts mean nothing for lenders, they only go on now understandably. Anyone can say they can get x,y,z."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0
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