Mortgages for Limited Company Directors
Mortgages can be different from person to person, particularly if you are the owner or director of a Limited company. Applying for a mortgage in this scenario can require a few more hurdles to be jumped than usual.
At JG Mortgage Services Limited, we have plenty of experience in helping limited company directors apply for a mortgage while getting a great deal for it.
No matter what you need us for, we are happy to provide our services and support during your mortgage application. Should you want to speak to a member of our team, you can call us today if you need our help!
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What Makes Mortgages for Company Directors Different?
Mortgages for company directors differ because lenders must assess your income differently. Instead of relying solely on payslips, they will look at a combination of salary, dividends, and sometimes retained profits in the business.
This unique income structure means your financial profile may seem complex to traditional lenders, requiring a more tailored approach to find the right deal.
Eligibility
Eligibility as a company director largely depends on factors such as your trading history, income level, credit score, and deposit amount. Most lenders prefer directors with at least one to two years of trading history, although options may exist for those with shorter timelines.
Additionally, your financial records, including accounts and tax returns, must demonstrate a stable and reliable income.
Proof of Income
Proving your income as a company director also involves submitting documentation that shows your salary and any profits.
Lenders may also want to look at your company’s financial performance to ensure the business is stable and capable of supporting your income. Tax returns, SA302 forms, and bank statements are commonly requested to verify these details.
Documenting Your Trading History
Your trading history is important to determine your mortgage eligibility as a limited company director. Most lenders require at least one to two years of filed accounts to assess your business’s profitability and stability.
Accurate and up-to-date financial records, prepared and reviewed by a qualified accountant, are incredibly important to prove that you can be trusted with a loan.
Contact Us Today For Support
At JG Mortgage Services, we specialise in assisting company directors with securing the right mortgage. We understand the issues you face when trying to get a mortgage as a Limited Company Director.
Our team can get you in touch with a wide range of lenders who are experienced in dealing with self-employed applicants. We try to simplify the application process for you as much as we possibly can. If you need some expert advice on mortgages, please don’t hesitate to reach out to our team.
You can contact us at 01244 738422 or email us at info@jg-mortgage.com and we will get back to you as soon as possible.
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