Mortgage - PAYE + Dividends

[sagarich]

I'm trying to work out how much I can borrow for the next house move.

Currently a Ltd Co Director with income from PAYE + Dividends with 2 years SA302 calculations from HMRC.

I believe there's a resident mortgage expert on here, can anyone point me in the right direction?

Also, anyone who's recently applied for a mortgage in a similar situation, I would be interested in hearing your experiences.

Thanks in advance.

R

[Timmy40]

Most high street lenders are contractor friendly these days. They usually take your day rate multiply it by 5, and multiply that by 48 and take that as your income for mortgage purposes. Then treat you like anyone else. Don't see you having any problems.

[sagarich]

Timmy40 said:

Most high street lenders are contractor friendly these days. They usually take your day rate multiply it by 5, and multiply that by 48 and take that as your income for mortgage purposes. Then treat you like anyone else. Don't see you having any problems.

Thanks, although forgot to mention I'm not a contractor.

Ltd co with 3 Directors.

[glm1977]

Sarnie is the man for this things.

[Sarnie]

glm1977 said:

Sarnie is the man for this things.

Thanks!!

OP, for lending purposes you would just add your salary and dividends together to derive the figures a lender would use.

Depending on the figures involved it sometimes more beneficial to lend against your share of the company's net profit rather than your specific drawings. This is usually helpful if you've kept drawings low and left funds in the company instead.

[Timmy40]

Given the OPs question seems quite straight forward, I've got a slight variation, can a Ltd Company get a mortgage to purchase a BTL property with the rental income covering the mortgage?

[MagicalTrevor]

Sarnie must have made a fortune from self employed PHers!

Here's another recommendation from me... we've got to keep a roof over his head

[Sarnie]

Timmy40 said:

Given the OPs question seems quite straight forward, I've got a slight variation, can a Ltd Company get a mortgage to purchase a BTL property with the rental income covering the mortgage?

Yes.

[Sarnie]

MagicalTrevor said:

Sarnie must have made a fortune from self employed PHers!

Here's another recommendation from me... we've got to keep a roof over his head

Someone's got to keep all these company directors in their castle's!!!

[Timmy40]

Sarnie said:

Timmy40 said:

Given the OPs question seems quite straight forward, I've got a slight variation, can a Ltd Company get a mortgage to purchase a BTL property with the rental income covering the mortgage?

Yes.

I'm going to PM you!

[sagarich]

Sarnie said:

glm1977 said:

Sarnie is the man for this things.

Thanks!!

OP, for lending purposes you would just add your salary and dividends together to derive the figures a lender would use.

Depending on the figures involved it sometimes more beneficial to lend against your share of the company's net profit rather than your specific drawings. This is usually helpful if you've kept drawings low and left funds in the company instead.

Thanks Sarnie, I see you're based in Birmingham. Are you able to deal with clients nationally or do you prefer to stick within local area?

I would be interested in finding out more about your fee structure, can you PM your details?

Thanks,

Rich

[Sarnie]

sagarich said:

Thanks Sarnie, I see you're based in Birmingham. Are you able to deal with clients nationally or do you prefer to stick within local area?

I would be interested in finding out more about your fee structure, can you PM your details?

Thanks,

Rich

Rich,

Location is not an issue, we have clients all over the world!!

Feel free to drop me a mail if you want a chat

Liam

[sagarich]

Sarnie said:

sagarich said:

Thanks Sarnie, I see you're based in Birmingham. Are you able to deal with clients nationally or do you prefer to stick within local area?

I would be interested in finding out more about your fee structure, can you PM your details?

Thanks,

Rich

Rich,

Location is not an issue, we have clients all over the world!!

Feel free to drop me a mail if you want a chat

Liam

Perfect, I will drop you an email later this afternoon.

Rich