DublinRoaming
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i only take 35k from my company ( company takes in ~105k PA) i could take a lot more than 35k .. this was the my initial question .. do the bank take into account year on year retained profits into account
i only take 35k from my company ( company takes in ~105k PA) i could take a lot more than 35k .. this was the my initial question .. do the bank take into account year on year retained profits into accountOf your €4.3k, you have a mortgage of €1350 (jointly and severally liable) and assuming a 25 year term, you want to take on another mortgage of €1650. That only leaves you with €1300 to live on and maintain a €600k property. Even after lending limits, it should be clear from an affordability perspective that your €70k income is not sufficient
No affiliation but this article gives a very clear answer of "maybe, it depends". It is lender specific so your best bet is to find a broker that deals with most lenders and have plenty of experience with non-standard applications like your ownthe my initial question .. do the bank take into account year on year retained profits into account
the 65k was mentioned by another poster .. i did not mention it ...What €65K?
This figure was never mentioned before the above?
Again a lack of clarity in the thread that is confusing.
yes i agree .. people are asking confusing questionsAs I say, very confusing. And I'm not the only one:
what PAYE tax ? there is corporation tax.. and the company pays the PAYE on my 35k is that what you mean ?But then how is there "PAYE, tax" on that if it's retained in the company? And how/why does €65K become €50K? And if it's €50K then why mention €65K at all....?
no idea what you mean here to be honest you need to ask the people that mention 65k and 50k not me ..But then how is there "PAYE, tax" on that if it's retained in the company? And how/why does €65K become €50K? And if it's €50K then why mention €65K at all....?
I don't know - it's what you said here:what PAYE tax ?
yes i increase salary btw its not really 65k there is paye,tax , corporation tax, business expenses(minimal) prob round 50k it just sitting in current account i was thinking about buying another BTL in a few years if it keeps on growing
This was also you:no idea what you mean here to be honest you need to ask the people that mention 65k and 50k not me ..
Totally confusing thread...yes i increase salary btw its not really 65k
im not worried about drop in income . .before i get out of bed i have 2k in rent coming in and then another 2300 from my salary from the ltd company and another property paid off in 5 years..They will ask why you have retained earnings. Are you concerned about a drop in income, what are your plans for the retained earnings, will it conflict with your ability to pay this mortgage etc etc.
not sure what you mean by this ..what are your plans for the retained earnings, will it conflict with your ability to pay this mortgage etc etc.
Ok thanks for your input and time ,all the best !Totally confusing thread...
thanks for that ill check it outNo affiliation but this article gives a very clear answer of "maybe, it depends". It is lender specific so your best bet is to find a broker that deals with most lenders and have plenty of experience with non-standard applications like your own
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