My Husband started up in Business last year he has a 50% share of this company and then has his own ltd company for which I own half.
The company he has a 50% share of started only in Sept 12 however has a large predicted turnover this year of £2 million with 2 6 year contracts already successfully running so this should increase yearly.
From this company he pulls a salary through our company this at present is only £20k per year.
I'm not sure how all this works tbh this is just how it's explained in simple terms to me!
Anyway my question is how is the best way to get a mortgage. I'm under the impression we will need to wait until we have 2/3 years accounts. Is this correct? Also will the amount we can borrow be focused on what we take as a salary or will Turnover be taken into account?
I'm being told we can't take more than we need to live on as it needs to be put into the business at least for now.
The company he has a 50% share of started only in Sept 12 however has a large predicted turnover this year of £2 million with 2 6 year contracts already successfully running so this should increase yearly.
From this company he pulls a salary through our company this at present is only £20k per year.
I'm not sure how all this works tbh this is just how it's explained in simple terms to me!
Anyway my question is how is the best way to get a mortgage. I'm under the impression we will need to wait until we have 2/3 years accounts. Is this correct? Also will the amount we can borrow be focused on what we take as a salary or will Turnover be taken into account?
I'm being told we can't take more than we need to live on as it needs to be put into the business at least for now.