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Complex buy to let mortgage advice

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Posts: 71 Forumite


Hi I need some advice and the best way to move forward.
I am married and a homeowner in which I am the sold owner with a sole mortgage approx 100k outstanding on 300k property.
My wife is part time employed and also does self employed consultancy work of which she received income into a limited company. She has never owned a property.
Her employed work equates to about 10k per annum and she pays herself dividend of around 6k per annum.
Rest of her funds she has let grow in her limited company.
We have around 40k sitting in her ltd company account
Our accountant has advised we can set up a SVP company and maybe purchase a property for about 100k.
Getting a buy to let mortgage on the balance. Rent would be about £575 for said property
Question is should I become a director of the SPV company? As my wife has never been a property owner she will not get a buy to let mortgage?
Also her income with her dividend is only about £16k and some lenders need a minimum of £25k
Note she could obviously draw more in first place from the ltd company but it would mean more tax and she does t at present need it so she has used her ltd company almost as a saving account.
Her isa and tax allowance are currently used to max and aim is to get a property under ltd company to gear and build a small portolfio .
I am married and a homeowner in which I am the sold owner with a sole mortgage approx 100k outstanding on 300k property.
My wife is part time employed and also does self employed consultancy work of which she received income into a limited company. She has never owned a property.
Her employed work equates to about 10k per annum and she pays herself dividend of around 6k per annum.
Rest of her funds she has let grow in her limited company.
We have around 40k sitting in her ltd company account
Our accountant has advised we can set up a SVP company and maybe purchase a property for about 100k.
Getting a buy to let mortgage on the balance. Rent would be about £575 for said property
Question is should I become a director of the SPV company? As my wife has never been a property owner she will not get a buy to let mortgage?
Also her income with her dividend is only about £16k and some lenders need a minimum of £25k
Note she could obviously draw more in first place from the ltd company but it would mean more tax and she does t at present need it so she has used her ltd company almost as a saving account.
Her isa and tax allowance are currently used to max and aim is to get a property under ltd company to gear and build a small portolfio .
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Comments
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What pension provision has she made for herself?0
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Hi we both contribute monthly into works pension, we are in our mid 20's at present and I know it's never too early to start paying but this is something we will plan0
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