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please recommend where to get contractor mortgage

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    #21
    Originally posted by kobie View Post
    Hi
    I think that you can
    1. Borrow cash from ltd co
    2. Pay into offset mortgage
    3. Pay ltdco interest on monies borrowed - but it's back to you anyway.

    Risk is that if you need the money back then the mortgage company will re-asses your ability to pay so might not agree to you recovering all of the offset !!!

    Cheers
    Kobie
    Standard charge of interest is around 4% and general offset rates at the moment are 4% so it doesn't really work.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    Comment


      #22
      Originally posted by northernladuk View Post
      Standard charge of interest is around 4% and general offset rates at the moment are 4% so it doesn't really work.
      Maybe I don't understand this process then - need 200k mortgage.. So

      100k loan from bank @ 4% costs 4k
      100k loan from ltdco @ 4% cost 4k - business accounts pay minimal interest.

      Compared with 200k loan from bank costing 8k so technically you are still paying 8k interest but half of which is back to you ltd co.

      Comment


        #23
        Originally posted by kobie View Post
        Maybe I don't understand this process then - need 200k mortgage.. So

        100k loan from bank @ 4% costs 4k
        100k loan from ltdco @ 4% cost 4k - business accounts pay minimal interest.

        Compared with 200k loan from bank costing 8k so technically you are still paying 8k interest but half of which is back to you ltd co.
        I think the £4k will be BIK and added to your total income for the year.
        Additionally you will have to pay HMRC a surcharge of £25k (i.e. 20% of the loan) which they will refund only when you pay back the loan to ltdco .......

        Comment


          #24
          Mortgage company is requesting signed accounts from accountants but I prepare my accounts myself .

          css_jay99

          Comment


            #25
            Originally posted by css_jay99 View Post
            I think the £4k will be BIK and added to your total income for the year.
            Additionally you will have to pay HMRC a surcharge of £25k (i.e. 20% of the loan) which they will refund only when you pay back the loan to ltdco .......
            And the 4% will be deemed profit so will get taxed when you eventually get it out of company as well.
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #26
              Originally posted by css_jay99 View Post
              Mortgage company is requesting signed accounts from accountants but I prepare my accounts myself .

              css_jay99
              They just want the final accounts you submitted don't they? To show officially what you earned as you can't give them a P60. Should have that surely?

              You have to sign it off as a director whether an accountant prepares them or not.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #27
                Originally posted by northernladuk View Post
                They just want the final accounts you submitted don't they? To show officially what you earned as you can't give them a P60. Should have that surely?

                You have to sign it off as a director whether an accountant prepares them or not.
                Yes I have signed my full accounts, but apparently my Mortgage brokers says they also want the accounts signed by an accountant as well.

                Comment


                  #28
                  here you go :

                  Former prostitute Rebecca Dakin says Valentine's is her busiest day as she reveals the secrets of men who pay for sex | Mail Online


                  'The guy in the bank gave me a mortgage straight away when he heard I was an escort,' she says. 'He told me they never had any problem with girls in my profession.'
                  Always forgive your enemies; nothing annoys them so much.

                  Comment


                    #29
                    With 7 years accounts most high street lenders should be approachable.

                    After 2 years I got 2 mortgages, Santander and C&G. 0.49% above base and 2% above base.
                    Never has a man been heard to say on his death bed that he wishes he'd spent more time in the office.

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