Correct at 31/03/2020
If you’re a company director needing a mortgage, L&C is here to help.
You can search for all the best mortgages using our online Mortgage Finder tool, and our experts are on hand to find the right deal for you. Once you’ve found the deal you want, you can complete your application online at any time or place that’s convenient for you and your allocated case manager will support you at every stage of the mortgage application process.
We’ve got years of experience dealing with director mortgages and know exactly what sort of information lenders need from you when you apply, so get in touch today and find out what we can do for you.
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Mortgages for company directors aren’t always straightforward, as it can be harder for lenders to determine how much you can afford to borrow.
When assessing a company director’s mortgage application, lenders will usually look at how much salary is taken as well as any dividends received, as these can often make up a large proportion of a director’s annual income. Most lenders won’t take any profit retained in the company into account, although some specialist lenders may consider this.
Applicants will usually be asked to provide at least two or three years’ worth of proof of earnings, as well as bank statements showing any outgoings such as pension contributions, debt repayments, and childcare costs.
Directors who don’t have several years’ worth of income evidence available may be able to boost their chances of having their mortgage application accepted if they have an excellent credit score and a substantial deposit to put down.
L&C’s experts are on hand to advise exactly which deals you’ll be eligible for and to provide specialist support throughout the application process.
If you’re a company director, you’ll need to provide proof of earnings for at least the last two years – or ideally three - to be eligible to apply for a mortgage. Find out more in our guide 'How to get a mortgage if you're self-employed'
The amount you’ll be able borrow will depend on your income and overall financial picture. Lenders’ affordability criteria can vary widely – at L&C we can advise which lenders specialise in director mortgages.
Some specialist lenders may allow a company to take out a Buy to Let mortgage in a limited company’s name, but they will usually want a personal guarantee that the company director will cover the mortgage payments if the company fails.
It typically takes about a month to get from application to mortgage offer, although it can be quicker. It can take longer if, for example, lenders want to see additional documents or evidence to support your application. Find out more in our guide ‘How long does it take to get a mortgage?’
Choosing the right mortgage for you can be really tricky.
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