Renegotiating Mortgage - Low Salary but Company Director

O

Odhran

Registered User
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Myself and my sister have a 50/50 share in a house. We've had it 5 years and now I'm going to buy her share of the house. Our current mortgage is with Per TSB. The house is worth @ 430K and we now owe 186K. I haven't spoken with Per TSB about remortgaging. I've set up business on my own in the last 2 years. I'm profitable and am paying myself 28K a year. I'm looking at remortgaging the house, releasing the equity and giving my sister her share (around 125K) I've got 30K savings and have 18K SSIA waiting to be released next year. Without having followed it up, I think I'll have a problem getting a mortgage on my own. Would I be right in saying this (considering the low salary)? Does anyone have any advice on how I should proceed with this deal - should I stay with Per TSB or seek something else out while the whole deal goes through.
 
Not really

I know the ins and outs if I was doing this on my own, working for someone else.

I draw a salary of 28K but I bump this up considerably with regards to expenses/milage. I was wondering how importantly the company and my involvement would be viewed by a mortgage lender. I'm the sole employee. The company has been profitable from day 1 and I'll be submitting my first annual returns in the next week. I'm presuming all this is taken into account. I need to know how to approach this considering it is such a low base salary....
 
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