If you’re a company director looking for a mortgage Simply Lending Solutions can help
- Independent, whole of market access to company director mortgages
- Specialist help for employed & self employed limited company directors
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Mortgages for Company Directors – We can help
Company directors come in many different forms. Some company directors are employees, although many are self-employed; some have sole ownership of a limited company, others share ownership with others. Whatever type of company director you are it’s important that you get advice from a mortgage broker who understands the fundamental differences different types of company directors will face when looking for a mortgage.
Simply Lending Solutions has experienced CeMAP qualified brokers who work with all kinds of company directors regularly. Not only do we have extensive experience of advising company directors about mortgages, we are also whole of market lenders. This means we have access to a variety of lenders, making it easier to find ones who will understand your circumstances.
The expert brokers at Simply Lending Solutions understand that the busy lives of company directors can make it difficult to commit the time needed to source the most competitive deal. So why not call us today and discover how we can help you.
Not all company directors are the same
The term ‘company director’ is used in a variety of contexts to describe different roles and employment status. This can be confusing if you are trying to find a mortgage lender who will understand your individual circumstances.
If we think about everyone who could fall under the umbrella ‘company director’ this could be the sole owner and director of a limited company, a person working as an employee for a major company who has a statutory director’s role, i.e. sits on the board of directors or a retired person who holds one or more director roles with a company or companies but is not directly employed by them.
In terms of employment status, it’s important to note that some of the above will be considered, or consider themselves an employee, while others will be considered self-employed. But that’s not all. Where it can get complicated is that you may be considered an employee for tax purposes, but when you come to apply for a mortgage, lenders will could consider you to be self-employed.
Add to this the complex way in which company directors’ income can be made up and you can start to see why talking to a specialist broker with experience of sourcing mortgages for company directors would be advantageous.
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What difficulties could company directors face when looking for a mortgage?
If you think about the factors that lenders take into account when considering a mortgage application, we can start to see what the issues might be for company directors.
Essentially lenders want to know that you are able to pay your mortgage loan back. Are you a good risk?
You’ll need to demonstrate what your income is, and this is where it can get complicated for company directors. Some company directors are on a high, stable income paid by well-established companies and proving income seems pretty simple.
However, many directors of limited companies may have been advised to pay themselves a salary below the tax-free threshold and then pay themselves dividends. It’s not uncommon to want to leave cash in your business to both minimise your tax liability and provide funds for growth. This might lead a lender to turn your application down as your income level, i.e. your salary plus dividends, doesn’t fully represent your ability to service a mortgage loan. Any dividends won’t for example be liable to the same amount of tax as salaried income so the actual money in your pocket will be higher than if your entire income came from a salary.
In addition, specialist lenders are available who will base their assessment of a company director’s mortgage application on company profit, even if you have opted to retain some income in the business. These lenders look at what share you have in the business which can make a big difference to the success of your application.
It’s also probably worth noting that whether lenders treat you as self-employed employed is dependent on the percentage of shares you hold in the business. A mortgage broker with experience of working with company directors will be able to determine how you will be treated by different lenders based on the information you provide. You can find more about how lenders handle self-employed applicants here. Typically a shareholding of 15-20% and over would mean a lender classifies a company director as self employed
An experienced mortgage broker will be able to ensure that you accurately represent all your income whether that comes from a salary, dividends, retained profits, bonuses or a mixture of all of them, and whether you are also a shareholder or hold multiple company directorships.
Simply Lending Solutions help for company directors
Although we’ve only touched on some of the problems that could face company directors when applying for a mortgage, it’s clear that the process is made easier by talking to someone who understands all the mortgage options available. That’s where Simply Lending Solutions comes in.
Our CeMAP qualified brokers work across the mortgage market which gives them access to and relationships with multiple lenders. These include lenders who specialise in providing mortgages for company directors.
We also find mortgages for company directors all the time. When you combine our whole-of-market access with our experience, that means you get a broker who knows what lenders are looking for. We know whether they will consider your employed or self-employed for example, or whether they will take retained profit into account when calculating affordability.
Simply Lending Solutions brokers also know that lenders’ criteria changes over time, because we work with these lenders day after day, we can have the most up-to-date information about which to approach.
We know what information we need from you to help get the most competitive deals from the most sympathetic lenders, and because we handle the whole process for you, we take the stress of applying for a company director mortgage away.
A clear, personalised process for you
Simply Lending Solutions start the process with a free consultation. This is when we build up a picture of your individual circumstances to clarify what you want, and which lender may give it to you
Using this information which search the market, focusing on lenders that we know are most understanding of company directors. If we think we need more information, we’ll contact you.
Once we have some recommendations, we will talk them over with you. We’ll highlight what fees are applicable, any additional documentation that the lender will need, and anything else that you need to know to make an informed decision.
Whichever option you prefer, Simply Lending Solutions then carry out an underwriting exercise. This helps ensure the smooth progress of the application.
We get all documents from you, then make the application. You then just need to wait for the offer.
Once the offer is received, if you’re still happy, all paperwork is passed to lawyers for completion and exchange of contracts.
You don’t pay Simply Lending Solutions until you receive the formal offer; except for some remortgages where fees become due on completion.
What kind of company director mortgages can we help with?
At Simply Lending Solutions we can help advise on and submit applications for a range of mortgages including both first and second charge mortgages. The mortgages we can help you with include:
- Buy-to-let mortgages
- First-time mortgages
- Second charge mortgages
- Home mover mortgages
- Help to Buy mortgages
- Shared ownership mortgages