time to plan
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For context, the mortgage will be for €230k, 1.5 x my income, 40% LTV.
I was asked for all above and only thing extra was a statement in relation to any personal guarantees I had made in relation to company debts or credit accounts, I think it was a single page “I have provided no personal guarantees in relation to the company finances” or some suchNot a bad idea @time to plan.
FWIW this is what I was asked for when applying for a joint mortgage with BOI where I was a proprietary Director, my wife is a regular PAYE worker. I've only included what seemed to be extra as a Directory, we both had to provide the usual proof of savings, identity, personal income, other debt etc
It's a fair bit of hassle to get some of this information in a larger business, and it took BOI a while to come back and forwards, but ultimately it was all accepted.
- Confirmation of personal tax affairs (one of)
- An accountant's written confirmation that your tax affairs are up-to-date. This must be on your accountant's headed paper and note the accountant's qualifications.
- A copy of your most recent tax return (Form 11 /12) from the Revenue Commissioners along with the corresponding revenue balancing statement confirming all your taxes are full paid.
- Proof of self-employed income (says ONE of but ultimately ended up needing to provide all)
- Business bank statements for the last 6 months
- Audited business accounts for the last 2 years
- A copy of your most recent tax return (Form 11/12 ) from the Revenue Commissioners confirming gross income along with the corresponding revenue balancing statement confirming all your taxes are full paid
- Letter from Accountant confirming what, if any, impact Covid has had on your business
- Last 6 months draft set of accounts for the business (to cover gap between last submitted accounts and today)
- Proof of business accounts
- Letter from Accountant confirming business 2020 performance/turn over/ net profit (because last years accounts not yet submitted to CRO)
BOI are worth considering for proprietary directors without 2 years of accounts. 5 years ago, I went through a 'Mobile Mortgage Manager' who helped present the case although I had only set up my company 3 months previously and had no accounts.KBC asked for info on PGs, BOI strangely didn’t.
Not sure about 'worse', but it depends on circumstances.ICS will on Monday have a fixed rate of 1.95% for <60% LTV, and only require 2 years of accounts, but appear to have worse overpayment terms than Avant.
Have I read it wrong? I thought ICS allow a 20% overpayment but Avant allow a 10% payment of outstanding debt.Not sure about 'worse', but it depends on circumstances.
ICS allow 20% overpayment per annum without a break fee, but only as a single lump sum.
Avant allow 10%, by up to 2 overpayments per annum.
The real benefit with Avant is that the break fee is capped at 2% of the amount overpaid.
Yes. Both are a percentage of the balance outstanding.Have I read it wrong?
No cost to you, Avant publish the list of approved brokers they will work with.Coming back to this belatedly, looks like Avant is the option we'll use. I understand we need a broker. Can anyone recommend one for a remortgage? Are there any material differences between them in terms of efficiency or cost to me?
Thanks.No cost to you, Avant publish the list of approved brokers they will work with.
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