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Mortgage options help
Comments
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Just borrow the lot off the in-laws and forget the mortgage.0
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Although being self employed she has deliberately kept her earnings low to do improvements on her business.
Your partner makes £50k a year from her business yet only declares £11k on paper.
Sounds like a lot of overthinking is going on. Keep it simple would be my advice.0 -
Thrugelmir wrote: »Your partner makes £50k a year from her business yet only declares £11k on paper.
Sounds like a lot of overthinking is going on. Keep it simple would be my advice.
Yes £11k is her income, the rest of her profits have gone back into the business to do property improvements, nothing dodgy going on she’s just kept her earnings deliberately low to make the improvements. Which are complete now.
Looks like my original question is answered though and hopefully we should be fine to purchase the house we want. Thanks to all those that have helped0 -
Your last plan included a mortgage and borrowing of a parent but declared as a loan.
Any update on that.0 -
Yes £11k is her income, the rest of her profits have gone back into the business to do property improvements, nothing dodgy going on she’s just kept her earnings deliberately low to make the improvements. Which are complete now.
Looks like my original question is answered though and hopefully we should be fine to purchase the house we want. Thanks to all those that have helped
The overthinking it is on the basis that you could get a straight forward mortgage based on her earnings within the business. What she actually draws out is up to her as its her living expenses. As its a LTD company, a lot of lenders focus on the earnings and the future potential of the business.
If she is earning £50k but only drawing £11k then just go to a lender that takes her £50k income.
Parents mortgaging a property and then partner paying that but it being a gift but actually a loan is massively over complicating things
If you are happy with the solution then fair enough but its messier than it needed to be0
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