Can anyone advise. I find myself in a tight conundrum. I recently bough a flat recently and due to problems with securing a mortgage I had to stump up an extra 5 % which I borrowed off my company. I also underestimated my tax for the year having forgot about corp tax. I'm new to the game!
My old flat has 32% LTV and I've had the same mortgage with Abbey for 9.5 years. Abbey refuse to let me take a penny out as I dont have two years company accounts, only one, and they don't do self cert. I have secured the council as tennants with garanteed rent for 3-10 years.
Every other BTL mortgage provider for contractors is trying to charge me 3% plus survey charge + 60% LTV + a high interest rate.
I need to realease equity to pay back my company and I'm running out of cash. I dont want o take more dividends from my company as my next years tax bill is already massive.
Any assitance on the most tax efficent way of doing this? Any other options availible
Thanks
My old flat has 32% LTV and I've had the same mortgage with Abbey for 9.5 years. Abbey refuse to let me take a penny out as I dont have two years company accounts, only one, and they don't do self cert. I have secured the council as tennants with garanteed rent for 3-10 years.
Every other BTL mortgage provider for contractors is trying to charge me 3% plus survey charge + 60% LTV + a high interest rate.
I need to realease equity to pay back my company and I'm running out of cash. I dont want o take more dividends from my company as my next years tax bill is already massive.
Any assitance on the most tax efficent way of doing this? Any other options availible
Thanks
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