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Company money to pay personal mortgage

Jaco70 · 2024-09-01 12:53:56

I have a 140k mortgage on my 500k house, through a high street lender. I have enough spare money in my small limited company to take 140k out, clear the mortgage, and repay at maybe £ 1000 pcm, rather than the 1350 I’m paying now (I have around 11 years left on the loan). I don’t want to ask my accountant at this stage, as…

Comments

Jaco70 Posts: 249 Forumite

5 October 2024 at 6:25PM

I’m glad I asked the question, and I’m very grateful for all the (clearly extremely knowledgeable) replies.
Even though some of the intricacies were a little above me, it basically reassured me that my accountant isn’t simply a doom monger.
I will forget this madcap idea, and just continue to pay my repayment mortgage down, and possibly take more out in dividends to pay chunks off, when company finances allow.

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