ltd company mortgage advice

A question about : ltd company mortgage advice

Hi some advice please, here it goes:

1. I live in property 1 with my brothers family and my parents, which is a shared mortgage with my brother. The property has a residential mortgage of around Ј200K and is worth Ј500k.

2. My wife and I want to buy a property (property 2) to live in separately. We are looking for a property priced between Ј500k-600k. Can I change property 1 to buy-to-let and let it out to my parents and apply for a residential mortgage for property 2?

3. The other advice I need is - I have a fixed salary (PAYE) for 6 years (Ј50k annual before tax) and I was also doing extra shifts of the same job sector during the 6 years via my limited company (Ј10-15k annual before tax). Since August 2014 I have now gone full-time via my ltd company (Ј10k per month before tax) - how do I prove my salary and will I be able to get a residential mortgage with my full-time ltd company work?

4. my wife and I will do a joint mortgage and her scenario is similar but she does full-time PAYE salary (Ј58k before tax).

any advice much appreciated

Thanks

Best answers:

• anyone any advice please?
• This sounds to me like one for a broker. If you're prepared to do the legwork yourself, you *might* not need one - but you've got several complicating factors:
  You want to let a property to family members. That means you can't have a standard BTL mortgage - because they prohibit letting to close family (i.e. parents). You'd need a regulated BTL instead, but fewer lenders offer those. It's also likely lenders would want your salary to be able to support both mortgages (unlike a standard BTL).
  You presumably want to buy your brother out of the first house? Do you have cash for that, or will you be wanting to borrow to do so?
  You've got less than a year of accounts with your limited company. That will *seriously* restrict the lenders available to you (possibly to zero, but I'm not sure about that).
• I am preparing to put a deposit down of around Ј150K for a property between Ј500k-Ј600k.
  Will the lenders not look at my previous 6 year salaried pay?