Our advisers understand the unique income structure which is a feature of being a company director and will consider your PAYE salary, dividends and your retained profits when assessing your mortgage options. Typically, this will expand the mortgage options available to you and can maximise your borrowing potential. This can result in a securing a larger mortgage and lower interest rate offers.
You may have encountered additional difficulties if you have recently become a company director (newly incorporated company) or are hoping to obtain a mortgage with an interest only element. With many lenders refusing mortgages in these circumstances it is vital that you approach the right lender.
Speaking with a mortgage adviser with experience working with limited company directors can help you to secure the right terms on your new mortgage and save you valuable time. Our extensive knowledge of the mortgage market ensures we have a high level of success and ensure you get the best possible advice for your circumstances. We have access to lenders representing the whole of the mortgage market, including exclusive products not available on the high street through our network Quilter Financial Planning.
Is an interest only mortgage an option?
An interest only mortgage can be an effective way of reducing your mortgage payment and make life more comfortable on a monthly basis however all of the monthly repayment (which will be lower than a capital and interest repayment) is used to pay the interest on the loan and therefore the capital does not reduce.
With many lenders refusing to consider interest only applications at all it is vital that you approach the right provider for your circumstances. We continue to offer support to customers seeking interest only mortgages into retirement.
Which strategies are acceptable?
This is a key factor when assessing viable lenders. A pension lump sum, stocks and shares investments, savings, sale of other assets can all be viable strategies for you but not all lenders agree. Each provider sets its own criteria for interest only mortgages to ensure it is lending responsibly, approaching the right lender is therefore crucial to a successful outcome.
Is downsizing an acceptable strategy?
Securing an interest only mortgage with the intention to sell your home to repay the lender at the end of the mortgage term has proved a common strategy in the past however limitations now apply. Again, this varies from lender to lender, please complete our short form and we will discuss your mortgage needs and offer you advice without obligation.
How can we help?
Our extensive knowledge of the mortgage market ensures we have a high level of success and ensure you get the best possible advice for your circumstances. We have access to lenders representing the whole of the mortgage market, including exclusive products not available on the high street through our network Quilter Financial Planning.
We offer trusted advice, free of any upfront costs. With interest rates at an all-time low, the decision you make now could save you thousands of pounds in the future.
Complete our short enquiry form and one of our expert advisers will be happy to explain your options. Rest assured that your details will not be shared with any third parties and we will only respond to your specific enquiry today.
