Company Owner
Company Owner
It’s not a myth that if you are a company owner, it’s harder to get a mortgage. The good news though, is that it’s not an impossibility. Mortgages for company owners, or the self-employed, have more of a long-winded process behind them but, with 1st Mortgage Services, you can get the right deals for your needs and resources for your mortgage. As a company owner, there are plenty of ways that you can prove to a lender that your income is reliable enough when you are self-employed. You have some extra hoops to jump through, but self-employed mortgages are still a possibility for you.
How Do You Get A Self-Employed Mortgage?
Being self-employed is a difficult process as you rely on yourself for your income, your sick days, and your holidays – you don’t work, you don’t earn, and that’s the long and short of it. So, for a lender, you are seen as an immediate risk. You could have a thriving business, or be a fantastic and grounded freelancer with a contract to your name that will last you for years, but you need to be able to prove it. There are affordability tests that you still need to pass in the same way as any other borrower out there. The difference is that there isn’t an employer to back you up and confirm your wages, which is where the extra hoops come in.
Evidence
As someone who is a company owner, you will need to provide more evidence for your income in the form of sets of Accounts, HMRC Tax Calculations, HMRC Tax Overviews and in some cases your business bank statements. It helps to have these to hand. We can obtain mortgages for people who have only 1 year’s set of figures but the interest rates are higher and the deposit needed is generally higher too.
Will I Have To Pay A Higher Rate?
Mortgages for company owners aren’t necessarily more expensive than the usual ones. As long as you are able to give your lender enough information about yourself, you could qualify for the same mortgage as someone who has a confirmed salary and a full time position. The rate? Well that will depend on factors such as the deposit and the LTV on offer, and you may have to see a specialist lender who can deal with mortgages for company owners.
Finding those mortgage deals may not be easy and you may not know where to start. Instead, use 1st Mortgage Services. Our Advisers can find you the most suitable mortgages for company owners and help you get the right mortgage for your needs. Contact us today on 01845 501830 and let’s get started on your mortgage application now.
What our clients are saying
Benefits of Being With the Business
Considering succession planning can be overwhelming, especially when trying to navigate industry compliance and changes. However, I found a solution that not only alleviated these concerns but also offered valuable support for my clients.
By meeting with Julie Gilbert at First Mortgage Services, I discovered the advantages of fully onboarding with them. They provide access to additional resources, such as an administrator and regular sales meetings. This support allowed me to not only continue advising my clients but also have more time for my family.
When the time comes for succession planning, I can make the decision to continue advising without feeling pressured or rushed.
If you're in need of succession planning or considering onboarding, I highly recommend First Mortgage Services. They have the expertise and support to make the transition seamless and beneficial for all parties involved.
1st Mortgage Services is a lovely place to operate under as a mortgage and protection intermediary. They have a positive and forward-thinking attitude and a great team around you to support all aspects of the job.
I have personally gained a vast amount of experience from my time with the company and have benefited greatly from the shared experience of the whole team. The support of the marketing and paraplanning departments helps greatly with managing workload while ensuring industry standards are adhered to.
The team were all very welcoming and I have always felt at home since joining. It really makes a difference to have that positive working environment with other individuals and to feel part of a team, and 1st Mortgage Services has always had that for me.
Since joining 1st Mortgage Services, I have felt a level of support in growing my business I have not had before. Julie constantly thinks of new ways to generate business, keep engaged with local business’ and promotes the company in various different ways so we are never really out of people sight.
The recent regulatory changes haven’t been a challenge as the support we get from our colleagues, in admin and para planning are fantastic. So we are always on top of our cases and clients constantly kept up to date. This just means everyone who steps foot through our door gets the best possible service in all areas of the advice process from start to finish.
Speak to Us
We specialise in finding suitable mortgages for our clients from a curated list of over 65 lenders. We’ve done the hard work – we’ve already built fantastic relationships with these lenders, so you don’t have to. Our service is completely tailored to fit your requirements. We cater for most parts of the mortgage market and clients nationwide.
To inquire about succession planning or onboarding, reach out to us by email or phone.
- 01845 501830
- info@1stmortgageservices.co.uk
