📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

New director in existing LTD company

Hi,
I'm have this past year become a new director with a company that has been in existence for over 15 yrs, I still have my old job role but now I have an additional directorship. I'm looking to move home and have contacted my current mortgage provider Nationwide to get an AIP.
After some discussion I've been told that due to my new directorship I will not be eligible for any mortgages with them. (They thought I should be classified as similar to architect or solicitor, but I dont have any previous earnings as I only started in the last tax year)

So my question, is my new situation going to prevent me getting a mortgage? Where would I go to get the best info on this?

Comments

  • ACG
    ACG Posts: 24,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    What is your shareholding percentage?
    Has your income changed? Are you still getting the same basic PAYE? Will you be getting dividends on top?
    I am a Mortgage Adviser
    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.
  • Hi ACG,
    in answer to your questions
    My shareholding is 22.5%, my income has increased a small amount but in line with my job role (expanded responsibilities not director related), and I have moved into higher rate tax bracket (PAYE is still in action until I make my first self assessment tax return). I will be getting dividends but as of right now I haven't and don't know how much is planned this financial year as its based of profits, but it should be ~20k.
  • ACG
    ACG Posts: 24,680 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Speak to a broker, I would like to think there would be a way of getting it through.
    I am a Mortgage Adviser
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.7K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.