Self employed - how to choose a mortgage broker?

Eric_the_half_a_bee

My wife and I are sole directors and employees of our limited company and we wish to re-mortgage.

- Low LTV (below 40% after remortgage)
- Early 50s, with reasonable size SIPPs accessible within the next 3 to 4 years.
- Loan (ideally) wanted is a bit below 5x joint salary + recent dividends, and around 3x net ltd company profit
- For the last few years we have suppressed dividends and met some of our personal outgoings through liquidating ISAs, keeping surplus cash in the business in order to save some tax
- Loan sought is only slightly greater than undistributed surplus cash in business
- ISAs now exhausted, we would like to continue saving some tax until children finish university in 4 years' time by re-mortgaging in order to part fund outgoings
- In 4 years' time outgoings will fall, creating surplus based on current rate of dividends, plus also we will be able to access 25% TFLS from SIPPs to start repaying mortgage
- Because of all of the above, recent personal bank statements look a bit odd with more going out than coming in, which I suppose could well affect mortgage affordability checks.

I think I need a mortgage broker's help. I'm happy to pay for good advice but how do I choose one? e.g. "unbiased.co.uk" provides a list but I have no feel for which are most likely to be able to help?

Any thoughts welcomed, thanks.

YHM

Based on what you have said, I would definitely suggest using a broker to find a suitable lender, potentially one that would focus on net profit, more so than salary & dividend.

Good Brokers generally get their business through referrals and word of mouth, so maybe ask friends and family if they know any or you can rely on websites like unbiased etc that give an overview of local registered brokers.

ACG

Unbiased.co.uk...the irony in that name!

As above, I would speak to a broker and have a chat with them before meeting up and going through a factfind. Do they understand, do they sound confident?

You will probably find some brokers just admit it is not one for them - better that than try to wing it.

amnblog

Unbiased does not give you feedback on Brokers.

A site like Trustpilot does.

Your notes above would be well ‘above the head’ of many brokers and I expect that in initial conversation you will swiftly identify those who have no idea what you are talking about!