Advice for director of ltd company mortgages

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  • dunstonh
    dunstonh Posts: 116,293 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    We are just baffled as the underwritor said they won't take my wages only my dividends but my husband's wages and dividends

    it could be that you have manipulated your salary previously to obtain a lease. When you are already pushing limits in other areas, things like that can swing a decision.
    My letting agent wasn't happy with our previous years books and we had to pay a year up front hence why we had to put our wages up for the following year.

    I wonder if your letting agent even understands limited companies.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Anxiousannie
    Anxiousannie Posts: 62 Forumite
    Yes thanks for pointing that out... was a simple mistake made. I'm aware it's a letting agent i was cooking dinner whilst replying... apologies for the wrong term used!!!

    Yes 2 defaults I only included the default in the first place to explain why we went with Kent Reliance I wasn't actually asking people for their advice on that part, hence why I didn't dwelve more into it.

    My letting agent wasn't happy with our previous years books and we had to pay a year up front hence why we had to put our wages up for the following year. :money:
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Anxiousannie wrote: »
    Yes they are looking at it all I presume. The gross is good and accountant and MA seem to be confident with the figures. We are just baffled as the underwritor said they won't take my wages only my dividends but my husband's wages and dividends :mad:

    Do you perform a proper role for the Company and are paid at a market rate for doing this?
  • Anxiousannie
    Anxiousannie Posts: 62 Forumite
    Yes I do the admin side...so invoices, quotes etc
  • Anxiousannie
    Anxiousannie Posts: 62 Forumite
    Update!!!

    MA has spoken to the underwritor today and he is happy to look our latest accounts which will be ready early February. He is now happy that we have both made 16,500 each in dividends from last year and they will use our wages from the latest accounts)
    MA has advised lender out accounts have made a steady increase over the last 3 years

    My MA said he is going to then send the lender these and they have said they will sit down and discuss the accounts over the phone and if they are satisfactory along with survey, he will be happy to give us an offer.

    Now praying the latest accounts do come out ok

    This process is stressful!!!
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