Want to remortgage, but now have a LTD but it's not my main income

fluffybunni10

Hello,

I was wondering if anyone can help answers some questions I have please.

We want to remortgage to take money to renovate our house, I'm employed and my husband is self-employed (he has been for over 10 years).

A few years ago I sent up a LTD as a side business, I didn't make any money in the first year and only in the last 6 months have I been making money. But I do not take any payroll/dividends from the business. My employed job is my main source of income.

So I was wondering:

• will a mortgage company ask for my company accounts and/or business bank statements? If so, long far back do they ask for?
• if I do take payroll/dividends from my business, will this change the answer above, if it's a no, or will this have any negative impact at all?

If anyone has any advice about being in this situation it would be much appreciated. 

Thank-you

MyRealNameToo

fluffybunni10 said:

Hello,

I was wondering if anyone can help answers some questions I have please.

We want to remortgage to take money to renovate our house, I'm employed and my husband is self-employed (he has been for over 10 years).

A few years ago I sent up a LTD as a side business, I didn't make any money in the first year and only in the last 6 months have I been making money. But I do not take any payroll/dividends from the business. My employed job is my main source of income.

So I was wondering:

• will a mortgage company ask for my company accounts and/or business bank statements? If so, long far back do they ask for?
• if I do take payroll/dividends from my business, will this change the answer above, if it's a no, or will this have any negative impact at all?

If anyone has any advice about being in this situation it would be much appreciated. 

Thank-you

Speak to your mortgage broker!

Generally if you pass affordability from one of your jobs the lender won't be too interested in additional income streams. 

Being the director/major shareholder is effectively treated exactly the same as being self employed and so were you to be dependent on money the business is generating then you'd need similar evidence as your husband is submitting for his self employed business with the slight simplification that Companies House will publicly hold some of the information so the bank can self serve for parts. 

fluffybunni10

Thank-you.

Yes, I'm looking for a new broker. Our last one made a huge mistake with our previous remortgage that cost us money so I'm in the process of finding someone else.

ACG

If you are not using any income from that business (which from what you say I dont think would be accepted), you do not need to declare it (on the mortgage). 

You only need to put down and evidence the income you are using.