Complex situation

orangedog21

Just wanted to know if it was at all possible to get a mortgage here with this complex situation

• 2 applicants both tier 2 visas, been in the country for 1 month
• 1 applicant has salary of £35k
• 1 applicant is ltd company director/employee
• both applicants have a combined deposit of 25-28% of the total value of the property

Is there anyway an banks will loan a residential mortgage in this situation now? Or will we have to wait for a couple of years prior to being considered? We are currently renting and would rather pay this money to a mortgage instead.

thanks in advance

kingstreet

orangedog21 wrote: »

1 applicant is ltd company director/employee

How much equity in the company? How long trading?

orangedog21

The Ltd company just started trading.
No equity in there currently, but the plan is to pay both a wage and a dividend to the same applicant. Exact wage/dividend split is not yet determined.

kingstreet

Equity meant share in the business.

As it's just started trading, income from it won't be taken into account for a mortgage if the applicant has a significant share as they will be treated as self-employed and in control, rather than as an employee.

orangedog21

Sorry - yes applicant 1 has a 25% share and applicant 2 has 75% share
applicant 1 will get some dividends too
So yes, applicant 2 will be treated as self employed.

Will any banks loan approx 75% in this situation?

kingstreet

No. It's far too early.

Your lender options are limited by the visa situation, so 25% deposit is going to be pretty much the minimum you would need.

orangedog21

how long would we have to wait?

kingstreet

Typically until the business has a year's accounts.