Being made a director mid mortgage application

EmzJenks

So I'm in the middle of applying for a mortgage. When I applied I was manager, and now I am being made director with immediate effect. Does this effect my mortgage application at all? Ie do I need to tell my MA/lender?

K_S

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

EmzJenks

K_S said:

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

Won't have shares but will be named on companies house yes

K_S

EmzJenks said:

K_S said:

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

Won't have shares but will be named on companies house yes

@emzjenks You should let your broker know so he/she can dig into the details and do what's needed. Underwriters can get spooked if they see an employed applicant listed as a Director or PSC on the employer's CH page.

EmzJenks

K_S said:

EmzJenks said:

K_S said:

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

Won't have shares but will be named on companies house yes

@emzjenks You should let your broker know so he/she can get necessary details and do what's needed. Underwriters can get unnecessarily spooked if they see an employed applicant listed as a Director or PSC on the employer's CH page.

Oh gosh really. I didn't want to rock any boats, it's been a hard enough slog as it is. Damn it. 

K_S

EmzJenks said:

K_S said:

EmzJenks said:

K_S said:

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

Won't have shares but will be named on companies house yes

@emzjenks You should let your broker know so he/she can get necessary details and do what's needed. Underwriters can get unnecessarily spooked if they see an employed applicant listed as a Director or PSC on the employer's CH page.

Oh gosh really. I didn't want to rock any boats, it's been a hard enough slog as it is. Damn it. 

@emzjenks This is a boat you would rather rock now than risk it being picked up at underwriting or (worse) on a post-offer review/audit of the case. It might not have any impact on your application, but your broker will be best placed to judge that.

EmzJenks

K_S said:

EmzJenks said:

K_S said:

EmzJenks said:

K_S said:

@emzjenks Will you own any material % of shares in the company or be named on the Companies House entry for your employer?

Won't have shares but will be named on companies house yes

@emzjenks You should let your broker know so he/she can get necessary details and do what's needed. Underwriters can get unnecessarily spooked if they see an employed applicant listed as a Director or PSC on the employer's CH page.

Oh gosh really. I didn't want to rock any boats, it's been a hard enough slog as it is. Damn it. 

@emzjenks This is a boat you would rather rock now than risk it being picked up at underwriting or (worse) on a post-offer review/audit of the case. It might not have any impact on your application, but your broker will be best placed to judge that.

Ok thanks I will let them know and see what they say

EmzJenks

@K_S spoken to my broker, she said as long as I don't have any shares it'll be fine and that Director is nothing more than a job title without shares. Does that sound about right to you?

K_S

EmzJenks said:

@K_S spoken to my broker, she said as long as I don't have any shares it'll be fine and that Director is nothing more than a job title without shares. Does that sound about right to you?

@emzjenks Your broker knows your case, the background, the lender etc. As long as you have informed her and she is fine, then you've done your part. Tbh, most mainstream lender underwriters are unlikely to look up applicants/employers on CH anyways unless there's a particular reason to.

EmzJenks

@K_S yeah we aren't mainstream we're Kensington but I suppose all I can do is what I can. I've told her so will be fuming if it comes up later

MWT

EmzJenks said:

@K_S spoken to my broker, she said as long as I don't have any shares it'll be fine and that Director is nothing more than a job title without shares. Does that sound about right to you?

Not a mortgage related comment, but if you are being listed as a director at Companies House then it is more than 'just a job title'... make sure you understand the duties and obligations that go along with being a Company Director.

Not immediately urgent while you are in the middle of your mortgage though...