Company Director Mortgage Advice Needed

arrows123

I currently live in a property where I'm on the mortgage with someone else 50/50. The amount left is £75k with a LTV of 50%. I'm a company director of a limited company (sole director) which has been going for 6 years. Theres about £100k in the business and I've got £20k in personal savings. No debts and excellent credit history. I operate with the usual low salary plus dividends each year for my "wage" This has been £35k & £40k in total for the last two years but slightly lower for the previous years (no real reason my accountant just wasnt great at advising me it was in my interest to take more out!). The company has always made a profit each year.

I want to buy a property to move into, in the near future. Few questions:
- common sense says to get myself off the other mortgage somehow (there are a couple of options - either going to BTL, being bought out my half, or paying my half off (would obvs decrease the amount of cash I would have available to use) and getting the rest of the mortgage in the other persons name) and then go for a mortgage on my own with the details above - do these figures sound like it would be possible and any idea how much?

- other question would it be possible to get another mortgage whilst still on the old one?

I understand some mortgage companies can look at the amount of cash reserves in a business to assist with application etc as well?

Thanks

amnblog

You can potentially run the two mortgages at the same time.

Some Lenders will consider profit rather than dividends for affordability they don’t assess based on the cash within the business.

arrows123

Is it worth going to my existing mortgage company to talk or to go to a mortgage broker?