Directors Mortgage

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Director’s Mortgage

With a Director’s mortgage being somewhat of a niche mortgage, it can sometimes be a challenge to find reliable information on the subject to be able to make the right financial decisions when it comes to buying a home.
Here at Harmony FS, we can offer expert help and advice when trying to obtain a Director or Business Owner mortgage so that you can easily and confidently make these financial decisions and be sure that the process of buying your home with this type of mortgage runs smoothly.

How To Get A Mortgage As A Company Director

While it can be a struggle to obtain a mortgage as a company Director (also known as a Limited Company Director mortgage), mainly due to the fact that lenders can view it as a high risk when borrowers are self-employed or business owners, we have a team of experts on hand to be able to guide you through the process.
If you have been trading for over 2 years, you’ll have a much better chance of obtaining a Director’s mortgage, as this will reduce the risk to lenders and they will be more inclined to offer a mortgage if your business has been in operation for more than the first 2 years of business, which are notoriously difficult to survive.
Obtaining a mortgage based on net profit is usually the most sensible option to try when trying to obtain a Director’s mortgage. Unfortunately, lenders won’t usually provide a mortgage based on gross profit, however, each lender will often have their own way of calculating your affordability in determining the amount that they’ll be able to offer.

Mortgages For Business Owners

If you own your own business as a sole trader, you’ll need to have been trading for a minimum of 12 months and have the ability to submit a history of trading, as well as details of your gross and net profit.

While it can be the same challenge for business owners/sole traders to obtain a mortgage as it is for Directors, there are many lenders who will offer a rigorous affordability check to determine the amount that can be offered and the terms of this lending. If a mortgage can’t be obtained at that specific time, our team of experts will be able to provide you with positive action points to ensure that your chances of obtaining a Business Owner mortgage in the future are much higher. For this reason, it’s always worth working alongside a team with detailed knowledge in this area, as it can be difficult and time-consuming to try and negotiate this alone.

Obtain A Director’s Mortgage
At Harmony FS, we’re dedicated to providing the highest quality service and the easiest solutions for our clients; with varied requirements. We can offer expert advice in regards to everything from first time mortgages to obtaining Director’s mortgages.
For our friendly and impartial Director’s or Business Owner mortgage advice, get in touch with us today.