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Mortgage and LLP

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  • Mortgage and LLP

    Hi, im after some advice as i am looking to get a property soon but at the start of this financial year i joined a Limited liability partnership (LLP). I would like to know where i stand because i suppose technically i am self employed, but only since april!

    Any help or advice would be gratefully appreciated.
    Thanks

  • #2
    Re: Mortgage and LLP

    If you are now a partner in an LLP you will indeed be considered self employed from a mortgage lending perspective.

    This could well make things tricky for you until you have a track record of regular and sustainable income from this new position. Lenders will ordinarily require you to have 2-3 years of trading accounts / self assessment returns to evidence this.

    If you have a particularly large deposit you may be able to get something agreed based on the historical performance of the partnership as you have joined an established business. To investigate this option it is possibly best to approach the bank with which the partnership has a business relationship already, but there's certainly no guarantee that they will look favourably on this.

    The best thing would probably be to find a local whole of market broker to discuss this with in more detail.
    ____________________________________________
    Property for sale in Torquay

    www.thomasdobner.co.uk

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    • #3
      Re: Mortgage and LLP

      Thanks for your reply.

      Im not sure if this makes any difference, but i have been employed by this same company for the previous 5 years and since joining the LLP have signed a contract which is basically the same as my previous employment contract with regards to notice periods etc...

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      • #4
        Re: Mortgage and LLP

        Is it a Contract or a Partnership Agreement that you have signed?

        Does this document entitle you to a guaranteed salary or is your remuneration now purely derived as a share of the net profits?
        ____________________________________________
        Property for sale in Torquay

        www.thomasdobner.co.uk

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