Finances and the future

[Oneofmany]

All, I was made redundant at the end of August (Just more shit in the shit pit) but have managed to get work as a self employed contractor on a 6-9 month contract. After this its looks pretty bleak to be honest as the job market is shit.

Currently going through the CAO process (FHDRA at the end of the month) and about to exchange Form E's for the finances. Given I've only just started the contracting job (self employed) and cant provide payslips or accounts at this stage how will that impact how my mortgage affordabilty is viewed? Effectivley I cant get a mortgage right now or in the immediate future as far as I can work out.

The FMH is deffo going to have to be sold to go towards the settlement and no fear I'm right in the shit.

Anyone got any thoughts, info or advice?? TIA

 

[bakedapple]

Do you want to be able to afford a mortgage at this point? You need a roof over your and your children's heads and, if you can afford a decent mortgage, then your ex could get a larger slice of the pie.

Best advice for now is keep as much as you can in the ltd. Have a chat with a friendly broker, and explain what you are trying to do - they are often more than willing to give one answer for the court and another for once you've finalised the finances. Just don't take the complete p*ss as judges can see right through it.

I assume you're paying yourself £12,600 salary - and potentially dividends later in the year after your company year end?

Agreed, the job market is not great atm; budget next week is not going to help either but the US elections could cause investment to start happening again.

 

[Oneofmany]

Do you want to be able to afford a mortgage at this point? You need a roof over your and your children's heads and, if you can afford a decent mortgage, then your ex could get a larger slice of the pie.

Best advice for now is keep as much as you can in the ltd. Have a chat with a friendly broker, and explain what you are trying to do - they are often more than willing to give one answer for the court and another for once you've finalised the finances. Just don't take the complete p*ss as judges can see right through it.

I assume you're paying yourself £12,600 salary - and potentially dividends later in the year after your company year end?

Agreed, the job market is not great atm; budget next week is not going to help either but the US elections could cause investment to start happening again.

Yeah, am still in the FMH and want to stay as long as possible and the current mortgage is in my name only (although shes slapped a land registry thing on the house). My question is more about what happens next, like when I have to sell up to pay her off ??

Guess im looking for advice on what I'm best to do??? Like you say, I want my affordability to look low based on income (£12750) but on the other had I dont want her to think im taking the piss and just be yet more horrible and difficult. Was thinking about a £12750 salary and just take dividends as I go as I need about £3K a month to cover life and debts. Then pay off debt with dividends as the dosh build up in my business account (obviously keep enough for tax etc and a buffer for when the contract finishs). Guess I need advice really on the best way to set myself up??

 

[capa]

Regarding the matrimonial Home rights order, the land registry thing, remember this expires once the final order is signed in the divorce process

 

[Oneofmany]

Regarding the matrimonial Home rights order, the land registry thing, remember this expires once the final order is signed in the divorce process

Thank @capa, indeed.... its getting to that point tho!!