Mortgages for Directors
Our Director Mortgage Service
Special features of what we offer include:
- Whole of market service - we work with most UK lenders
- Access to leading market mortgage rates
- Access to exclusive mortgage deals not available on high street
- If you are a director of a firm or a number of firms your income may be complex - We work with lenders who are used to unusual income streams and clients who are self employed
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous credit issues
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of innovative finance solutions
To investigate your mortgage options if you are a director call our specialist mortgage team on 0117 313 7780 or fill in our callback request form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
As your mortgage is such an important transaction, good advice is imperative.
Why Choose Us?
Compare mortgages for Directors
Being a director of an organisation can offer numerous advantages – however it can make getting a mortgage a bit more complex. It's common practise for directors of limited companies to take a base salary and make most of their money in dividends or other benefits.
While this can be a good way to minimise your tax returns, it does mean that demonstrating your actual ability to afford mortgage repayments can be more difficult. Most high street mortgage providers lend on the basis of salary, and if you are a company director it’s very likely that your salary does not provide an accurate picture of your finances. Fortunately there are various lenders who specialise in mortgages for directors.
Getting mortgage for directors – the basics
Searching for a mortgage as a director puts you in a fairly unique position when it comes to the mortgage market. You may well have more capital than the normal purchaser available to you, but this cash may come erratically rather than on a regular basis, and may be paid in dividends or another non-PAYE format. Therefore, when you approach a lender with your base salary, it is unlikely that this reflects your true income.
Demonstrating your ability to afford a mortgage
If you approach a standard mortgage lender for a mortgage, they will request three years of records to demonstrate your income. Most mortgage lenders will assess your potential to repay the mortgage amount you are asking for by looking at your salary. However they will not always other factors such as net profits into account, which can make getting the mortgage you want difficult if you don’t go to a specialist mortgage provider.
Specialist mortgages for directors
Mortgage applications for directors usually need to be assessed in an alternative way to customary mortgage applications. A director mortgage application considers different elements, including your stake in the organisation and the dividends you get.
A director mortgage application is usually evaluated on a case by case premise, taking into account a mix of elements which may include your salary, shares held in the company, the performance record of the company, and you average total earnings over the past few years.
To find the best company director mortgage deals, call our mortgage team on 0117 313 7780 or request a callback.