Company Director Mortgages
WHETHER YOU OWN A SMALL FAMILY-RUN BUSINESS OR A LARGE-SCALE CORPORATION, MORTGAGES FOR COMPANY DIRECTORS CAN COME WITH REQUIREMENTS AND NICHES THAT YOU MIGHT NOT BE AWARE OF
Bespoke Money is here to guide you through the process smoothly. As a company director, there are a lot of things that people expect of you. Your business partners expect cooperation and results, your employees expect leadership and guidance, and your bank expects financial success. When getting a company director mortgage, the lender expects the same.
Whatever your situation, company director mortgages require you to be both financially sound and financially stable with your business. By talking to and working with an expert mortgage broker, we can make sure that you are in the best position financially to achieve the deal right for you.
GETTING A MORTGAGE AS A LIMITED COMPANY DIRECTOR
When looking for a mortgage, company directors are assessed differently than your standard PAYE employee. It’s no secret. Mortgage lenders see the financial stability of a company director as something directly influenced by the status of their business. Unfortunately, if your business is not profitable then they lose some confidence in your ability to pay your mortgage back.
Lenders who offer a mortgage for company directors normally look at your affordability in one of two ways. They will either look at your salary and dividend received from the business which would be outlined in the full company accounts, or some lender can potentially use the salary you have paid yourself and the business’s net profit for the year. In either scenario, the lender will normally take an average of the last 2- or 3-years figures to find a final income figure for you.
Without an in-depth knowledge of specific lenders criteria and their limited company director mortgage process, you can easily display the wrong income figures to a lender, delaying the mortgage process and receiving a lower mortgage offer as a result. That’s where Bespoke Money comes in. With over 25 years of experience in helping business owners to find the best mortgage deal available for them, we like to think that there is no company director mortgage scenario too complicated, and it is our mission to turn your dreams into reality.
Think carefully about securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.