Mortgage and working for family in new start up. Problems?
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JackTheLad1
Posts: 2 Newbie
Hi there, my sister has recently started a company within the last few weeks, she's investing a lot of money into this business and she is about to take me on as an employee of this business.
I'm going to be leaving a very well paid job for which I'll be earning about 15k extra a year working for my sister earning well in excess of £56k a year..
I plan on getting a mortgage in the next 8 months or so, will there be any issues getting a mortgage in this new job working for my sister even though by then she won't have a year's worth of accounts with hmrc?
I won't be paid cash in hand it will be through the books now I don't know the ins and outs of managing a company but she said she has a meeting with a payroll company on Friday to arrange managing my pay/ payslips and tax to HMRC and any future employees she eventually takes on down the line.
I'm going to be leaving a very well paid job for which I'll be earning about 15k extra a year working for my sister earning well in excess of £56k a year..
I plan on getting a mortgage in the next 8 months or so, will there be any issues getting a mortgage in this new job working for my sister even though by then she won't have a year's worth of accounts with hmrc?
I won't be paid cash in hand it will be through the books now I don't know the ins and outs of managing a company but she said she has a meeting with a payroll company on Friday to arrange managing my pay/ payslips and tax to HMRC and any future employees she eventually takes on down the line.
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Comments
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It could be an issue for some lenders.
It should not be a deal breaker but you may find your options reduced.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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Advise you to use a broker who will find a suitable place to find you a mortgage.
Expect lots of checks as underwriters will be concerned that there is the potential for a conflict of interest - ie. your employer may provide them with info that is supportive of you.0
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