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Thinking of moving but problem

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    Thinking of moving but problem

    Guys and gals. Thinking of moving house next year and I'm thinking of closing down the Ltd and extracting the funds to put towards the deposit. However, if I do this say a few months before the mortgage application I'll effectively be unemployed which wont help the application at all.

    Options could be to go umbrella for a while but then there might be issues with providing enough pay slips
    Start up a new ltd but then I wont have the 2-3 years accounts to show
    Get a permi job ASAP so I have the pay slips to provide.

    Other option I though was to estimate the amount of money that will come out of the Ltd and add that to the mortgage application with a no penalty clause to pay of a lump sum (assuming this is something the bank will allow). Then once the move has taken place shut down the Ltd and pay off the additional ask on the mortgage, then the mortgage will be at the level I originally wanted.

    Does anyone else have any bright ideas??

    #2
    Go permie
    Fiscal nomad it's legal.

    Comment


      #3
      Originally posted by alreadypacked View Post
      Go permie
      Could do and look at it as long term contract for a few years...

      Comment


        #4
        Have a word with your accountant and find out what reserves are in your company, that way they can advise you on how much you can legally withdraw as dividends which with profits plus retained reserves might be enough to help you

        That way you won't need to close your company, albeit it will be less tax efficient if it pushes you into the upper earnings limit that year
        Socialism is inseparably interwoven with totalitarianism and the abject worship of the state.

        No Socialist Government conducting the entire life and industry of the country could afford to allow free, sharp, or violently-worded expressions of public discontent.

        Comment


          #5
          Speak to one of the contractor mortgage specialists.

          The application might be on previous company accounts so it doesn't matter that the company is being wound up.

          Comment


            #6
            Originally posted by DimPrawn View Post
            Speak to one of the contractor mortgage specialists.

            The application might be on previous company accounts so it doesn't matter that the company is being wound up.
            Think that might be a little deceptive.....

            Comment


              #7
              Originally posted by MicrosoftBob View Post
              Have a word with your accountant and find out what reserves are in your company, that way they can advise you on how much you can legally withdraw as dividends which with profits plus retained reserves might be enough to help you

              That way you won't need to close your company, albeit it will be less tax efficient if it pushes you into the upper earnings limit that year
              I'd kind of discounted this option just on that basis... I'd be straight into that higher bracket...

              Comment


                #8
                Originally posted by badger7579 View Post
                Think that might be a little deceptive.....
                Financial products, what else do you expect?

                Comment


                  #9
                  Originally posted by alreadypacked View Post
                  Go permie
                  Yes, but then he'll have to wait for his probationary period to end. This is normally 3 months.

                  In fact, I'm not so sure mortgage companies are keen on anyone who has been in a new job for less than 6 months.

                  I'm going back a bit there mind you.

                  Comment


                    #10
                    Originally posted by DimPrawn View Post
                    Financial products, what else do you expect?
                    True

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