BTL Mortgage advice

[mcgrco]

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

[DimPrawn]

Talk to your accountant.

[DS23]

sell the flat.

[mcgrco]

My accountant is no use and I dont want to sell the flat.

[Clippy]

My accountant is no use and I dont want to sell the flat.

Your fooked.

HTH.

[FiveTimes]

borrow money from zopa/bank family ?

[JoJoGabor]

Your choices are very limited. I think your only choice is to borrow the money to pay your CT bill. THis is likely to be a personal loan, but the APR will be high at the moment. ALso dont tell them its to pay your CT bill as they will see you as a risk, tell them its for repairs to your flat or something.

ANd don't ever mix up business and personal money for whatever reason, not even a directors loan

[ThomasSoerensen]

write your sob story at www.toosmarttofailatBTLuk.com

[mcgrco]

I cant sort issue out by continuing to work and not take any money out of the company.

I guess the question are there any other options or BTL agents I should look too.

[ThomasSoerensen]

cant you grant yourself an extra salary so the corp porfit i 0. then there is no corp tax payable.