Mortgage Based on Operating Profit + Various Varieties

almerc

Hi all,

Seeking some advice from a complicated mortgage requirement.

My partner and I are buying a house together and have had our offer on the house we have found accepted. My partner has a house in her name which is mortgage free.

Our plan is to rent the current profit as a longterm investment for our children. We want to re-mortgage this current house for a third of the cost of the new house and this to be used as a sizeable deposit on the new house with a mortgage for the remainder.

We wanted to have the re-mortgage solely my partner's name and the new mortgage solely in my name to avoid the additional 3% stamp duty (dual property).

Where it gets complicated is that I am director of my own company so I would need a mortgage based on the 'operating profit' of the company. We know Virgin Money offer mortgages based on 'operating profit' of limited companies but they need to see both names on the application.

So what I am looking for is a mortgage lender that uses the operating profit of a company as income who also accepts an application in one person's name despite another person being a occupier.

Any help with this would be very much appreciated.

Thank you Al

amnblog

This is double tricky Al, working on profit, not dividends and occupier providing deposit but not on the mortgage.

One for a broker.

ACG

I am pretty sure what you are asking for is not possible.
However, with a few tweaks, it may be possible to get result you are after.

But you are going to need a broker as your options are very limited as far as I am aware.

Thrugelmir

almerc wrote: »

We wanted to have the re-mortgage solely my partner's name and the new mortgage solely in my name

Which results in your partner contributing to the deposit and effectively having a financial interest in the property. A situation lenders may well be uncomfortable with.

almerc

Many thanks for all the replies do far, much appreciated. We do have a broker who is looking into this, however, as time is running out I thought would seek advice on here. Especially, given the unique circumstances and the amount of money at stake.

amnblog

You should trust your broker.

If your broker draws a blank you should ask another broker, not obtain half a dozen 'opinions' on here which are based on scant facts.

almerc

I do trust my broker and I posted to see if anyone Knew of a lender that may meet our unique needs based on the 'scant facts'