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Mortgaging a house owned by own company
Jadeikins16
Posts: 1 Newbie
Hi all! New member but this seemed the most legitimate way to get proper answers.
Me and my partner want to buy a house together, the house is a new build which my partner has built through his Ltd development company. We've been using a mortgage broker and had our fact find sheet done etc. Our wages, assets and actually purchasing the property isn't a problem, but we've found that there a very limited lenders that are willing to mortgage us because we're so closely connected to the business. We have 20% deposit and have already had to jump a million hoops to get this far and this has just thrown another spanner in the works.
Does anyone know why lenders don't like giving mortgages in this circumstance? And is there any other options we could look at? Our mortgage broker is thankfully so on the ball and doing his up most to find a solution but we just keep hitting more bumps in the road!
Or does anyone know any lenders that are "not on the high street" that might be worth looking at?
X
Me and my partner want to buy a house together, the house is a new build which my partner has built through his Ltd development company. We've been using a mortgage broker and had our fact find sheet done etc. Our wages, assets and actually purchasing the property isn't a problem, but we've found that there a very limited lenders that are willing to mortgage us because we're so closely connected to the business. We have 20% deposit and have already had to jump a million hoops to get this far and this has just thrown another spanner in the works.
Does anyone know why lenders don't like giving mortgages in this circumstance? And is there any other options we could look at? Our mortgage broker is thankfully so on the ball and doing his up most to find a solution but we just keep hitting more bumps in the road!
Or does anyone know any lenders that are "not on the high street" that might be worth looking at?
X
0
Comments
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You said there are "limited companies who will loan" so use if of those? look at self build loan companies as well.
If their rates are somewhat higher, which I suspect they will be, remortage after a couple of years by which time the link may no longer be a problem.0 -
What are you hoping to achieve by buying something that is already yours, by virtue of being owned by the company you own?
Usually people are looking for ways to extract capital from their companies with minimum tax to pay. Seems to me you are trying to do the reverse.0
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