Bear with me here....

[tino]

I am setting up a Limited Company currently and my partner will be acting as company secretary.

My Credit record is pretty shocking and we are looking to buy a house currently - so the proposition is that for now, we put the house in her name only.

Obviously on her income she couldn't afford the mortgage but with mine we could easily.

Is there any issue on me paying her say £2,500 a month for her being my company secretary??

Would El Gordo be a bugger about it??


Cheers

[glashIFA@Paramount]

I am setting up a Limited Company currently and my partner will be acting as company secretary.

My Credit record is pretty shocking and we are looking to buy a house currently - so the proposition is that for now, we put the house in her name only.

Obviously on her income she couldn't afford the mortgage but with mine we could easily.

Is there any issue on me paying her say £2,500 a month for her being my company secretary??

Would El Gordo be a bugger about it??



Cheers

I'm sure you've checked already but sometimes peoples perceptions of their credit ratings aren't, in reality, as bad as they think and lenders can be quite flexible.

Just in case you ahven't already done so, i would suggest you find a good mortgage broker just to check whether it's possible to get your name on a mortgage application.

[tino]

I'm sure you've checked already but sometimes peoples perceptions of their credit ratings aren't, in reality, as bad as they think and lenders can be quite flexible.

Just in case you ahven't already done so, i would suggest you find a good mortgage broker just to check whether it's possible to get your name on a mortgage application.

Believe me mate - I have, and it's not.......

I have been a feckwit in the past but hey

[glashIFA@Paramount]

Believe me mate - I have, and it's not.......

I have been a feckwit in the past but hey

Ahh well......

[PAG]

if you are planning to pay you co sec a salary of £2,500 a month, then GB won't have any problem. GB only gets wound up if you pay in form of Div . But as your partner is ONLY co. Sec she doesn't qualify for div anyway.

[tino]

if you are planning to pay you co sec a salary of £2,500 a month, then GB won't have any problem. GB only gets wound up if you pay in form of Div . But as your partner is ONLY co. Sec she doesn't qualify for div anyway.

Good stuff - the bints only getting it till she gets the mortgage anyway

[Sockpuppet]

I'd say this is a bad idea all round.

Just say the misses leaves you your not going to have any come back on her. Now dont say "my darling would never leave me...." becuase I've seen it happen many, many, many times. She ******* can and will.

Get something legal in there.

[tino]

I'd say this is a bad idea all round.

Just say the misses leaves you your not going to have any come back on her. Now dont say "my darling would never leave me...." becuase I've seen it happen many, many, many times. She ******* can and will.

Get something legal in there.

Fair Dues mate - I realise she can........

If she's that feckin daft then she can take her chances

She wouldn't be able to pay the mortgage on her own and when we are in the new house and the salary to her stops, I can prove I have been paying the mortgage hence "common law"

I'll take my chances bud, just wanted to know if what I was doing was above board :

[Bluebird]

If the mortgage is in her name, you can still have the deeds in your name as well, only problem is that you have to declare to the mort co and they will then adjust the LTV ratio they're prepared to lend.

[Langkawi]

Hi,

I could be wrong here but the one factor that no one seems to have mentioned is the tax. I am under the impression that you pay more Income Tax on a second job than on the first. Perhaps one of the accountants could answer that one.

But apart from that if you pay your girl £2,500 a month surely Gordo is gonna grab at least 30 odd percent of that as tax and NI. You need to find out how much it would be because this could be a very expensive method of getting one over the mortgage approver.

Also, unless your girlfreind earns less than 17K a year your gonna push her into the high tax bracket.