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Getting a mortgage as a company director

If you’re a company director, quite often your personal tax returns will not reflect your true earnings from your company, you may be under further pressure to keep your personal drawings to a minimum following advice from your accountant.

The Mortgage Marketplace works with lenders who take a more flexible approach and can assess your ability to pay your mortgage based on your company’s retained profit and your accountant’s projections.

Traditionally, lenders wanted to see at least two year’s accounts, but now some lenders will access affordability on just one year’s accounts particularly when your company is growing or when there is a genuine reason for only assessing affordability on the most recent year’s accounts.


Contractor Mortgages

You may provide your services to a client through a contract between your limited company and your client. In these circumstances, it may be possible to assess the affordability of your mortgage based on the value of the contract.

Company with less than two years accounts?

A number of lenders will now consider a mortgage application from individuals who have been trading for less than two years, as long as you can provide one year’s accounts.

Limited Liability Partnerships

If you are a professional and have recently joined a firm as partner, some lenders will now assess affordability of the mortgage based on the value of your contract with the partnership.

Can affordability be assessed on my company accounts?

In some circumstances, your personal taxable income may not reflect your true earning potential, but your company accounts are showing healthy profits. Some lenders will assess affordability based on the turnover and profit of your limited company, not your drawings form the company.

Do you pay more for a director mortgage?

The simple answer is no, many of the top UK lenders will now consider applications from company directors and take a more flexible approach as to how they evidence affordability.

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The Mortgage Marketplace