Expert Guidance on Mortgages for Limited Company Directors
Your property may be repossessed if you do not keep up repayments on your mortgage.
Eligibility Criteria for Limited Company Director Mortgages
To secure a mortgage as a limited company director, most lenders require at least two years of trading history, supported by accounts. However, some lenders may accept one year of limited company accounts, particularly if you have a strong prior trading history as a sole trader.
Key documents include two years of income records, tax calculations, and bank statements, ensuring lenders can assess your earnings and financial stability. Working with a broker is invaluable to navigate these varying criteria and find lenders that suit your specific circumstances.
FAQ'S
How does the mortgage process work for a limited company director?
It works virtually the same as if you were employed. It’s the same application process. The only difference is just the way lenders view your income, which we’ll come to shortly.
Are there any specific lenders that specialise in mortgages for limited company directors?
Yes and no – it all comes down to lenders’ criteria. How you take your income from your company might influence which lender we go to – again we’ll cover that in more detail shortly.
Tips for Mortgage Success as a Limited Company Director
Preparation is key to improving your chances of approval. Ensure your business and personal finances are well-documented and sustainable. Gather necessary paperwork, including recent tax returns, accountant certificates, and bank statements. Be aware of how factors like limited trading history, business performance, or being a guarantor for another mortgage could impact your eligibility. Consulting a broker early in the process helps you understand lender requirements, streamline your application, and explore options like using net profit for larger mortgages or securing tailored Buy to Let opportunities.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Most buy to let mortgages are not regulated by The Financial Conduct Authority
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
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