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Is It Easy to Get a Mortgage as a Company Director?

Getting a mortgage can be a stressful experience, especially if your application is rejected. However, with so many different mortgage providers to choose from today, it is often a case of simply knowing how to navigate through the market and make your application to the best lender for you.

With that being said, in this blog post, we are going to take a look at whether it is easy to get a mortgage as a company director and some of the steps that you should consider taking.

Look For Mortgages That Have Been Tailored to Self-Employed People

There are lots of different mortgage products for people to choose from today when buying a home. Rather than trying to secure a mortgage from your bank or a generic lender, you are going to be in a much better position by opting for a mortgage that has been tailored to self-employed individuals.

It Is Often Easier for Employees to Get Mortgages

A lot of people assume that getting a mortgage as a company director is going to be simple. After all, you are in a high position within the business you work for. Nevertheless, you may be shocked to learn that it is often easier for employees to get mortgages, and this is because a company director is deemed to be self-employed.

A lot of lenders view self-employed people as a risk. This is why it makes it difficult to get a mortgage. Plus, it is not unusual for those who are self-employed to lower their tax bill through legal means of minimizing their earnings. This can also work against you when trying to secure a mortgage.

Make Sure That You Have a Helping Hand So You Can Find the Best Lender

It is important to have assistance so you can make sure that you apply for mortgages that you have a great chance of being accepted for. This only becomes more challenging because different lenders have different criteria and assessment processes. For instance, some lenders are not going to consider businesses that have been trading for fewer than three years. There are then those that will not consider retained business profits. This is why you need to make sure you understand each lender and what they deem important so you can figure out where you should apply. Start off by checking out the likes of Strong Home to get a better understanding of their mortgage criteria.

As you can see, there is a lot that needs to be considered if you want to secure a mortgage as a company director. The best thing to do is work with a mortgage team of experts who will be able to provide you with the help and assistance that you require. They will be able to assess your current situation and advise you on the sort of mortgage they believe will be right for you, as well as how much they estimate you will be able to lend.

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