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Mortgages for Directors

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Mortgages for Directors

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
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      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
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    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Directors

Director mortgages: compare them

Being a director can have numerous benefits - but it can make getting a mortgage a bit more challenging. Limited company directors typically receive dividends or other benefits besides their base salary.

Even though this can be a good way to minimise your tax returns, it can also make it more difficult for you to prove that you can afford mortgage repayments. It is very likely that if you are a company director, your salary is not an accurate reflection of your financial situation. Most high street mortgage providers lend based on salary. There are a number of lenders who specialize in mortgages for directors.

The basics of getting a mortgage for directors

Director searches for a mortgage in a unique position when it comes to the mortgage market. You may have more capital than the normal purchaser, but this cash may come erratically rather than regularly, and it may be paid as dividends or in another non-PAYE format.  It is therefore unlikely that your base salary represents your true income when you approach a lender. 

Providing evidence of your ability to afford a mortgage

For a mortgage, a standard lender will ask for three years of income records. You can determine your ability to repay the mortgage amount you are asking for by looking at your salary. If you don't go to a specialist mortgage provider, they will not always consider other factors, such as net profits, making getting the mortgage you want difficult.

Directors' mortgages that are tailored to their needs

Directors' mortgage applications are typically assessed differently than customary mortgage applications. Director mortgage applications consider various factors, such as your stake in the company and the dividends you receive.

Directors' mortgage applications are usually evaluated on a case-by-case basis, taking into account factors such as salary, shares held in the company, and the company's performance record.

 

To investigate your finance options as a director call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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