Can I borrow what we need? Mortgage.
Can I borrow what we need? Mortgage.
Author
Discussion

rich12

Original Poster:

3,468 posts

184 months

Monday 30th September 2013
quotequote all
Hi,
We are looking to buy a house for £180k.
My partner earns just over £14k per annum and I am a director in which my last years profit was only £19k with £7k in remuneration.
My end of year is October with a net profit expected to be slightly higher at £21k with the same salary as circa £7k.

We have the 10% for the deposit through the sale of our apartment so will need to borrow £162k.
This may not matter but we also receive child benefits which add upto £900 per year.

Is this at all possible?
Have an appointment with a bank on Saturday but doing it online isn't great as it just has salaries etc.

Thanks.

Sarnie

8,373 posts

239 months

Monday 30th September 2013
quotequote all
The difference between your profit and renumeration; are you taking this as dividends?

Are you the only director of the company?

How long has the company been trading?

PM me if you prefer? smile

rich12

Original Poster:

3,468 posts

184 months

Monday 30th September 2013
quotequote all
I take dividends too. I am the only director and I went limited in October 2010.

Can't pm you for some reason..

Sarnie

8,373 posts

239 months

Monday 30th September 2013
quotequote all
rich12 said:
I take dividends too. I am the only director and I went limited in October 2010.

Can't pm you for some reason..
I'll PM you smile

rich12

Original Poster:

3,468 posts

184 months

Monday 30th September 2013
quotequote all
I am 100% confident in being able to afford this. We currently pay £682 on our mortgage but also have ground rent/service charges etc which are around that price anyway.

I am also confident that my business will never drop in profit, only go up. (The last two years it has been on he back burners for various reasons).

What banks seem to be the best for this? As in being treated as self employed etc..

Sarnie

8,373 posts

239 months

Monday 30th September 2013
quotequote all
rich12 said:
I am 100% confident in being able to afford this. We currently pay £682 on our mortgage but also have ground rent/service charges etc which are around that price anyway.

I am also confident that my business will never drop in profit, only go up. (The last two years it has been on he back burners for various reasons).

What banks seem to be the best for this? As in being treated as self employed etc..
If you own more than 20% of the company, for mortgage purposes, you are self employed.

You should have a PM by now.

rich12

Original Poster:

3,468 posts

184 months

Monday 30th September 2013
quotequote all
Forgive my ignorance but where can I find my PM's? Nothing is showing up anywhere??

Simpo Two

92,956 posts

295 months

Monday 30th September 2013
quotequote all
Should arrive as e-mails to whatever address you gave.

Sarnie

8,373 posts

239 months

Monday 30th September 2013
quotequote all
rich12 said:
Forgive my ignorance but where can I find my PM's? Nothing is showing up anywhere??
Check your email account you used to register on here.

Or just use the email address in my profile smile

Kudos

2,674 posts

204 months

Tuesday 1st October 2013
quotequote all
rich12 said:
I am 100% confident in being able to afford this. We currently pay £682 on our mortgage but also have ground rent/service charges etc which are around that price anyway.

I am also confident that my business will never drop in profit, only go up. (The last two years it has been on he back burners for various reasons).

What banks seem to be the best for this? As in being treated as self employed etc..
But, "what if"? What if you're off sick for a month or two, or unexpected costs come in? Have you thought of stamp duty, insurance etc?

To me it sounds like you are running things a bit thin

Kudos

2,674 posts

204 months

Tuesday 1st October 2013
quotequote all
rich12 said:
I am 100% confident in being able to afford this. We currently pay £682 on our mortgage but also have ground rent/service charges etc which are around that price anyway.

I am also confident that my business will never drop in profit, only go up. (The last two years it has been on he back burners for various reasons).

What banks seem to be the best for this? As in being treated as self employed etc..
But, "what if"? What if you're off sick for a month or two, or unexpected costs come in? Have you thought of stamp duty, insurance etc?

To me it sounds like you are running things a bit thin