Company director mortgage broker needed

acakayak

Hello,

I am a company owner and director and I would like to take a mortgage. Do you have any suggestions on brokers I could use? 

Thank you!

acakayak

P.S. also, if you have suggestions for the lenders that I could approach directly that would be appreciated as well. Thanks!

ACG

Any broker should be able to do this. 
As for recommendations its difficult to do that as it all depends on your circumstances...
How long have you been self employed for? 
Has there been a big jump in the income?
Do you need to work off latest years figures or will an average of the last 2 years work?
Do you take most of the money out or do you just take what you need and leave the rest in the business? 
Have you been affected by covid? 

(Im not after the answers to that btw, just explaining its not quite as simple as recommending a lender). 

That is just about the self employment. 
You then have all the normal questions. 

propertyhunter

I used L&C as I had a straightforward case. No government loans, in business for 8 years, with 2 years' accounts, consistent company profits, and good credit history. 

I would use a broker, and not do this yourself, since the broker is intimately aware of the lender's requirements.

dunstonh

acakayak said:

Hello,

I am a company owner and director and I would like to take a mortgage. Do you have any suggestions on brokers I could use? 

Thank you!

Any localised broker will be fine.    Probably not the internet ones though as they tend to like cherry picking the easy stuff and are not strong on service with more complicated cases.

Sandtree

dunstonh said:

acakayak said:

Hello,

I am a company owner and director and I would like to take a mortgage. Do you have any suggestions on brokers I could use? 

Thank you!

Any localised broker will be fine.    Probably not the internet ones though as they tend to like cherry picking the easy stuff and are not strong on service with more complicated cases.

Depends what you mean by 'internet ones"... we chose our broker on the internet, they weren't local to us and had no issues as a director/shareholder of 8 years and Natwest as the lender...based on other sage advice here we were asked far fewer questions than people suggest we should have been

acakayak

Thank you for answers!

Regarding the government support, I did have employees on furlough, and I did receive some grant support as one off grants. However, I did not take loans and I don't have any loans towards either Government or independent banks.

Will furlough or grants have any impact on how my mortgage is calculated?

Also, at the moment I have one year of SA302 and from April I will have 2 years of SA302. Should I wait to submit my self assesment first or not?

Majority of my profits remained in the company, so SA302 submission will not make much difference from financial perspective, maybe more from security perspective.

MovingForwards

Which grants have you had and what visa do you have now?

acakayak

I currently have ILR, I will become British Citizen in January 2023.

From government, I received:

about 40,000 in Hospitality support grants (I own a restaurant business).
about 60,000 in CJRS (for staff that was on furlough).

My company's total profits are above 100k, so it is profitable even if both are removed, but obviously it would affect the amount I can borrow.

Are both of these removed from profits or only business support grants?

Furlough was paid only for employees who didn't work and wouldn't otherwise have a job. Basically I was only transferring funds from the Government to them. I am not sure why that would reduce my profits in eyes of lenders.

ACG

Dont worry about answering all of the questions on here. The point I was making was that recommending a lender depends on your circumstances. If I had just said Barclays for example are a good lender for self employed (I do not like Barclays btw so definitely not recommending them) I would have done it based on no information. Now that more information is being provided, it means you might not be looking at the cheapest or quickest anymore. 

Your circumstances should be possible to overcome, potentially at normal rates but that is not a given. You might as well just concentrate on finding a broker. 

acakayak

Thank you once again. I have sent you a private message.