Any Mortgage Adivser reccomendation / help - I am stuck

[M@H]

Hi All

I have a fiddly mortgage requirement/problem that I am hoping someone in the PH massive will be able to help me with - a lot of calls to the highstreet lenders have drawn a blank. The bones of it are as follows:

I have found a house I would like to buy - an idle chat with an estate agent turned into a bit of negotiation and a surprise acceptance of a low offer by a vendor. Now I need a Mortgage pretty soon to seal the deal and buy it.

I won't have sold my current home by the time this new one needs to complete as its not even on the market, not that I'm in a rush to move anyway and affordability-wise I can easily run both just fine, I’m just happy to have secured the new one at a good price.

I work on a freelance (self-employed) contractor basis with salary and dividends as "earnings"

And now the seemingly big problem - I started a new Ltd Co in November 2011, having shut down my last one for Accounting efficiencies some months prior. I only have 1 years complete accounts for my current Ltd Co and my final year in my last company shows no "profit" as there were large redundancy payments made (3x prior years were fine) so this doesn't help my 3 year average a bit.

Everyone I have spoken to either (or both) wants 3 years accounts from my current company or wants me to move out of the current house to draw down the funds for the new one.

I'm after an 80% LTV deal - as said, affordability isn't the issue in the slightest, its just getting a Mortgage co. to understand what "good" company accounts look like (i.e. lower "profit" can actually be a good thing) and have a bit of understanding about my moving from one company to another one.

Can anyone here recommend a Broker or someone that I could talk to on this one, or better still, is there anyone here in Lending who can give some advice?

Many thanks in advance
Matt

[I Am Milk]

You have a PM.

[john2443]

I don't have any knowledge of these, so can't recommend, but the point is that companies exist who understand contracting. I put my daily rate in and was scared by the amount they'd lend me!

There are probably others.

http://www.contractormortgagesuk.com


http://www.contractoruk.com/money/contractor_mortg...

[M@H]

I Am Milk said:

You have a PM.

Brilliant, Many thanks for the details.

[M@H]

john2443 said:

I don't have any knowledge of these, so can't recommend, but the point is that companies exist who understand contracting. I put my daily rate in and was scared by the amount they'd lend me!

There are probably others.

http://www.contractormortgagesuk.com


http://www.contractoruk.com/money/contractor_mortg...

Will give them a go - thanks John.

[I Am Milk]

M@H said:

Brilliant, Many thanks for the details.

He is a top bloke, incredibly helpful and knows the market inside out.

[dalenorth]

One of our boys would happily look at it for you if you wish? PM me if you want any advice?

[Griff Boy]

Hi guys,

I'm in almost the exact situation, bar a few slight differences.

I was advised to increase my own mortgage on my primary property to a high enough level to release the cash to buy the second property, do you have enough equity to do this?

On a seperate note, and without thread stealing could any of the guys who think they can help with this sort of problem also pm me as well?

Cheers.

[Sarnie]

M@H said:

Hi All

I have a fiddly mortgage requirement/problem that I am hoping someone in the PH massive will be able to help me with - a lot of calls to the highstreet lenders have drawn a blank. The bones of it are as follows:

I have found a house I would like to buy - an idle chat with an estate agent turned into a bit of negotiation and a surprise acceptance of a low offer by a vendor. Now I need a Mortgage pretty soon to seal the deal and buy it.

I won't have sold my current home by the time this new one needs to complete as its not even on the market, not that I'm in a rush to move anyway and affordability-wise I can easily run both just fine, I’m just happy to have secured the new one at a good price.

I work on a freelance (self-employed) contractor basis with salary and dividends as "earnings"

And now the seemingly big problem - I started a new Ltd Co in November 2011, having shut down my last one for Accounting efficiencies some months prior. I only have 1 years complete accounts for my current Ltd Co and my final year in my last company shows no "profit" as there were large redundancy payments made (3x prior years were fine) so this doesn't help my 3 year average a bit.

Everyone I have spoken to either (or both) wants 3 years accounts from my current company or wants me to move out of the current house to draw down the funds for the new one.

I'm after an 80% LTV deal - as said, affordability isn't the issue in the slightest, its just getting a Mortgage co. to understand what "good" company accounts look like (i.e. lower "profit" can actually be a good thing) and have a bit of understanding about my moving from one company to another one.

Can anyone here recommend a Broker or someone that I could talk to on this one, or better still, is there anyone here in Lending who can give some advice?

Many thanks in advance
Matt

I'm a Mortgage Broker, PM me if would like some specific help

[Sarnie]

Griff Boy said:

Hi guys,

I'm in almost the exact situation, bar a few slight differences.

I was advised to increase my own mortgage on my primary property to a high enough level to release the cash to buy the second property, do you have enough equity to do this?

On a seperate note, and without thread stealing could any of the guys who think they can help with this sort of problem also pm me as well?

Cheers.

I'm a Mortgage Broker, you have PM

[AndrewO]

M@H said:

I started a new Ltd Co in November 2011, having shut down my last one for Accounting efficiencies some months prior. I only have 1 years complete accounts for my current Ltd Co and my final year in my last company shows no "profit" as there were large redundancy payments made (3x prior years were fine) so this doesn't help my 3 year average a bit.

Slightly off topic.. I closed a company down a few yrs back and took it as a capital gain, was advised against taking redundancy payments as it could be seen as income.

[westberks]

AndrewO said:

Slightly off topic.. I closed a company down a few yrs back and took it as a capital gain, was advised against taking redundancy payments as it could be seen as income.

possibly when CGT for business sale was 10%, so it would have been less tax than if deemed to be income. Probably right advice at the time and loads sold non-personal assets during this period.

[M@H]

All sorted now chaps - many thanks for your help

[Eric Mc]

AndrewO said:

M@H said:

I started a new Ltd Co in November 2011, having shut down my last one for Accounting efficiencies some months prior. I only have 1 years complete accounts for my current Ltd Co and my final year in my last company shows no "profit" as there were large redundancy payments made (3x prior years were fine) so this doesn't help my 3 year average a bit.

Slightly off topic.. I closed a company down a few yrs back and took it as a capital gain, was advised against taking redundancy payments as it could be seen as income.

My thoughts too. And of course, apart from Statutory Redundancy, any other payments made as part of a redundancy are indeed taxable - unless you are very, very careful in how the release from employment document is written.

[Eric Mc]

westberks said:

AndrewO said:

Slightly off topic.. I closed a company down a few yrs back and took it as a capital gain, was advised against taking redundancy payments as it could be seen as income.

possibly when CGT for business sale was 10%, so it would have been less tax than if deemed to be income. Probably right advice at the time and loads sold non-personal assets during this period.

It still is 10% - more or less.

[M@H]

Eric Mc said:

AndrewO said:

M@H said:

I started a new Ltd Co in November 2011, having shut down my last one for Accounting efficiencies some months prior. I only have 1 years complete accounts for my current Ltd Co and my final year in my last company shows no "profit" as there were large redundancy payments made (3x prior years were fine) so this doesn't help my 3 year average a bit.

Slightly off topic.. I closed a company down a few yrs back and took it as a capital gain, was advised against taking redundancy payments as it could be seen as income.

My thoughts too. And of course, apart from Statutory Redundancy, any other payments made as part of a redundancy are indeed taxable - unless you are very, very careful in how the release from employment document is written.

Indeed - when I said "large" I didn't mean excessive - they were in line with what employees would have received for four years of service. Anyway, tis done now.