Mortgage - New Business Advice

7chb

Hi,

I am currently in the process of starting a new business (Ltd Co, 100% ownership), and this requires us to relocate. Unfortunately our house is taking a little longer to sell than planned - the original plan was to have the new house and mortgage sorted before I left my current job in order to prevent any issues with the application (so that my last 3 months payslips, bank statements etc all showed a steady income in a steady employment etc).

I probably know the answer, but as the sole owner of the new business, could I declare myself as say a manager on the application, I will be producing payslips and can pay myself a steady salary which matches my current income until the mortgage is sorted, and this in theory gets around me being 'self-employed'. Or is there a risk that they may look into this, see I'm the owner and request company accounts etc (which as new company I obviously will not have)? If the latter it looks as though I will have to stay in my current job until the houses are sorted!

Thanks you.

ACG

As you say, you know the answer.

I am an employee of my limited company. I am also the 100% shareholder. For Mortgage purposes, I am self employed and s such need a minimum 1 years accounts/trading.

Mortgage_Adviser

The fact that you are a sole owner of the company will be quiclky discovered and if yoi declare yourself just as an employee, the applciation will just be declined.


There may be a bit of hope there for you though.


What is you occupation currently via LTD company, Is it in the same field (eg a Doctor) as you were doinf before?


Or something absolutely different.