Mortgage and working for family in new start up. Problems?

JackTheLad1

Hi there, my sister has recently started a company within the last few weeks, she's investing a lot of money into this business and she is about to take me on as an employee of this business.

I'm going to be leaving a very well paid job for which I'll be earning about 15k extra a year working for my sister earning well in excess of £56k a year..

I plan on getting a mortgage in the next 8 months or so, will there be any issues getting a mortgage in this new job working for my sister even though by then she won't have a year's worth of accounts with hmrc?

I won't be paid cash in hand it will be through the books now I don't know the ins and outs of managing a company but she said she has a meeting with a payroll company on Friday to arrange managing my pay/ payslips and tax to HMRC and any future employees she eventually takes on down the line.

ACG

It could be an issue for some lenders.
It should not be a deal breaker but you may find your options reduced.

JackTheLad1

ACG wrote: »

It could be an issue for some lenders.
It should not be a deal breaker but you may find your options reduced.

Thank you, when you mean options possibly reduced are you referring to decent interest rates and possible amount lenders are willing to lend?

Thank you

ethank

Advise you to use a broker who will find a suitable place to find you a mortgage.
Expect lots of checks as underwriters will be concerned that there is the potential for a conflict of interest - ie. your employer may provide them with info that is supportive of you.