Mortgage dilema

Natsplus

Hi All,

I am in dire need of some advise.

We are planning to move home, we are looking at houses upto £400k with 10% deposit and 90% LTV mortgage. My husband is in FT employment and has payslips as a proof so no issues there.

I am director of a limited company which has been trading for the past 4 years, the problem is, till now I was not taking out any salary or dividends as I didn't need to and wanted to leave the profits within the business. I have yet to submit self assessment for 2019/2020,. My problem is as I haven't been taking out any salary (that I have now started from June 20), how do I show my income for mortgage? As my husband's salary won't be enough to get us mortgage (he earns £55k, so at x 4.5, he can take us upto £247500).

Are there any mortgage brokers or companies what will accept company accounts rather than directors salary? Is there anyway that it can be helped?

Any advise will be graciously appreciated.

csgohan4

if no track record for dividends and income it will be difficult to use your income, but some lenders may take company profits, you will need a broker to look at your options

LRmortgage

Of course there are lots of questions that would need answering before a definitive answer can be given. 

But we place mortgages based on annual net profits all the time, rather than salary and dividends. 

There are at least 5 high street lenders that can work with this approach. 

dimbo61

So it's complex and you need a good broker who is local so you can meet them and provide all documents needed.
Simple really