Getting a mortgage - FTB

[northernladuk]

Yes it does. He has cash reserves in the company account. If he can't pay his mortgage otherwise, it's reasonable to assume that he'll declare a dividend.

No.. The company has cash reserves in the company account. It isn't his money. I don't believe it is reasonable at all to assume he will declare a dividend. They do not know his business set up, history or financial situation so to assume that people will take stuff out of businesses the bank knows nothing about would be professional suicide.

To get a mortgage with someone that understands this and takes it on his rate fair enough but a high street bank would never assume that level of risk.

[Old Greg]

No.. The company has cash reserves in the company account. It isn't his money. I don't believe it is reasonable at all to assume he will declare a dividend. They do not know his business set up, history or financial situation so to assume that people will take stuff out of businesses the bank knows nothing about would be professional suicide.

To get a mortgage with someone that understands this and takes it on his rate fair enough but a high street bank would never assume that level of risk.

It's reasonable for us to assume tha because he's not going to default on his mortgage. Anyone who understands contracting will understand that. That's why he should speak to a broker who understands this and who has relationships with high street banks and can explain this, and secure a contract based on:

- Contract
- Daily rate
- Personal bank account statements
- Business bank account statements

This is how it works with a specialist broker.

[Support Monkey]

Speak to contractor money.

****, contractor money every time all this ringing/going round high street branch's waste of time, i have used contractor money twice with no issue, they work off your rate.

[Old Greg]

If the OP can manage 15%, you can get reasonable rates through contractor money, based on daily rate (including offsets) from Accord: Accord Mortgages

[NorthWestPerm2Contr]

If the OP can manage 15%, you can get reasonable rates through contractor money, based on daily rate (including offsets) from Accord: Accord Mortgages

Just been in touch with them they seem like the real deal, really good deal they just offered me.

[Old Greg]

Just been in touch with them they seem like the real deal, really good deal they just offered me.

Who with?

[NorthWestPerm2Contr]

Who with?

contractor money from the northern rock. Excellent rates on offer.

[PAH]

contractor money from the northern rock. Excellent rates on offer.

Isn't Northern Rock part of the Virgin (Money) group now? So probably more secure than when it was government owned.

Let us know what deal you settled on. I could spend days just trying to weigh up whether to go for offset, fixed, tracker, or a combination.

[Old Greg]

contractor money from the northern rock. Excellent rates on offer.

Good - hope it works out. Do seriously consider offset options.

[PAH]

My first few houses were all buy to let.

Why? Because I could borrow on the basis of the rental yield on the property and not on my personal income.

So you got a BTL mortgage but rented it to yourself?

Interesting. I'm probably going to have to get a mortgage of sorts for my old folks who are too old to get their own mortgage but need a top up to afford a bungalow in a nicer area.

Don't fancy tying my own money up in what may be a depreciating asset for the foreseeable, so a BTL that they then rent off me would be an option.