I’m in a bit of a bind, I will ask my accountant but interested if any on here have experience of this.
I have a Ltd company going back 4 years when I was self employed. It is currently “dormant” as I’ve taken on a FT role at another company. But my job is not entirely secure, but we’ve been asked to declare our company interests, which has led me thinking I should shut down my self employed Ltd company; or if I keep it dormant, I could then re-activate it.
However, I’m in two minds about this. If my current job comes to an end, and I shut down the company, will this affect my ability to get a mortgage in the future as a (potential) self-employed person?
That is, for any self-employed people, do mortgage companies like to see a ltd company/sole tradership with say 4 years plus before giving out a mortgage? If I were to shut down the company, and then lose job and go back to self-employment, I would have to start with a new Ltd company.
Thanks all.

They’ll want 4 years audited accounts or something showing your salary etc from your Ltd company for a mortgage, so a dormant company isn’t worth anything…

Thanks. But what if I showed 4 years of self employment, then payslips/salary from current job going back 18 months, then re-activated the company next year?

my job is not entirely secure

Should you be taking on a 25 year mortgage commitment?

wouldn’t make any difference, if the accounts show no activity then they wouldn’t bother with them.

Should you be taking on a 25 year mortgage commitment?

Although my current job isn’t secure, I could go back to self-employment and fulfill mortgage obligations. It’s quite an easy transition as the area I’m in is very niche and it’s easy to shift between the two.

@jekkyl, ok thanks, that’s what I thought may be the case.

my job is not entirely secure

Should you be taking on a 25 year mortgage commitment?[/quote]

No different to anyone else doing the same really.

No such thing as job security for most people.

I recently applied for a mortgage as a contractor. All the agent wanted was to know how long I’d been doing it and a copy of my current contract showing day rate and how long it was to run for. No need to show accounts although they can get them from companies house if they need them. The mortgage is at a leading rate – no pay day loan rates or conditions.
Don’t stress it.

No such thing as job security for most people.

Yep, most companys are one bad quarter from laying people off and two bad quarters from folding….