Mortgage Broker covering West Wales

Navigating Mortgages for Directors with Complex Income

A person’s hands holding a partially solved Rubik’s Cube, with the text “Navigating Mortgages is Complex”Are you a company director looking for a mortgage? Do you have a complex income structure that makes it hard to prove your income to traditional lenders? If so, you are not alone.

Many company directors face challenges getting mortgages with complex incomes, especially if they rely on dividends and profits as part of their income.

In this blog post, I will explain why company directors have issues with income verification, and how to find a mortgage broker who can help you get the best deal for your situation.

The Problem: Why Company Directors Have Issues with Income Verification❓

One of the main factors that lenders consider when assessing your mortgage application is your income. They want to see that you have a stable and sufficient income to afford the monthly repayments and interest on your loan. However, as a company director, your income may not be as straightforward as a salaried employee.

You may have a combination of salary, dividends, profits, bonuses, and other sources of income that vary from month to month or year to year. This can make it difficult for lenders to calculate your income accurately and consistently.

Some of the common issues that company directors face:

  • You’ve recently changes from a sole trader to limited company 
  • You’re having problems proving your income
  • You’ve got trading losses in previous tax years
  • You have a bad credit history

Any of these can lead to your bank telling you that you can’t get the mortgage you need because of these problems. But don’t worry, because we are here to help. We have links with lenders that will treat your company profits as if it were your own income, which means you’re more likely to get approved and be able to get a larger mortgage.


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Benefits of Working with a Specialist Mortgage Broker  🙌

As a company director, you may have a complex income that some lenders may not accept or understand. You need a specialist mortgage broker who can help you find and secure the best mortgage for you.

They understand Your Income

A specialist mortgage broker will know how to work out your income from your salary, dividends, and profits. They will also know how to show your income to lenders in the best way, and how to answer any questions or problems.

Source the Best Lenders and Deals for You

They will have access to many lenders and products that suit company directors, including some that are not public. They will also be able to compare different offers and find the best one for you, based on factors like interest rates, fees, loan-to-value ratios, and repayment terms.

Save You Time and Hassle

A specialist mortgage broker will handle all the paperwork and communication with the lenders for you, from filling out the forms, collecting the documents, submitting the application, to contacting the lenders, solicitors, and valuers. They will also keep you updated and informed at every step.

They Speed Up the Mortgage Process

A specialist mortgage broker will be able to speed up the mortgage process, as they will know exactly what the lenders need and want, and how to avoid any mistakes or delays. They will also be able to chase up the lenders and push for a fast decision and completion, so that you can secure your property quickly.

Improve Your Chances of Approval

A specialist mortgage broker will be able to increase your chance of approval, as they will know how to present your case positively, and how to overcome any obstacles or objections from lenders. They will also be able to match you with the right lender and product for your profile, and ensure that you meet all the requirements and criteria.

As a company director, you may have a complex income that some lenders may not accept or understand. A mortgage broker who understands your income can find you the best mortgage deal and help you overcome the challenges. They will guide and support you to make a decision in principle, which is the first step to your homeownership dreams.

They will evaluate your financial situation accurately, based on your income from dividends and profits. This will make your mortgage application smoother and more successful.

If you want to work with West Wales Money, please contact me today and let me help you get the mortgage you deserve.

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