Originally posted by badger7579
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Thinking of moving but problem
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Originally posted by BlueSharp View PostAnother couple of options, i'm doing a variant of A (longer mortgage term with over payments) as there was little difference in costs unless I stop overpaying.
a) Take the bigger mortgage, max out the over payment's for each year if possible.
b) Choose an offset mortgage, where you withdraw from the company as you would in A but the savings is offset against the mortgage.Comment
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Originally posted by badger7579 View Postwhat's the problem with becoming a high rate taxpayer? Nothing at all, I long to be worse off....I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).Comment
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Originally posted by DimPrawn View PostSpeak 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.Originally posted by badger7579 View PostThink that might be a little deceptive.....
Why not get an offer in principle based on a given LTV and then fold the company up after doing all the paperwork?Originally posted by MaryPoppinsI'd still not breastfeed a naziOriginally posted by vetranUrine is quite nourishingComment
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Originally posted by northernladuk View PostMany providers won't accept loans as deposit or for income calcs plus the cost and risks of doing one so not generally a good idea.
It was for the deposit. They are asking now about that money?
The idea is to keep the company open and not go into higher rate on this year. A directors loan handled right would do it.Always forgive your enemies; nothing annoys them so much.Comment
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Originally posted by BlueSharp View PostAnother couple of options, i'm doing a variant of A (longer mortgage term with over payments) as there was little difference in costs unless I stop overpaying.
a) Take the bigger mortgage, max out the over payment's for each year if possible.
b) Choose an offset mortgage, where you withdraw from the company as you would in A but the savings is offset against the mortgage.
It's 2007 all over again don't-cha-know.Comment
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Originally posted by badger7579 View PostGuys 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??
PM me if you want more details on this and I'll follow up in the morning.
Martin
Contratax LtdComment
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