If your business is returning a profit of £40,000 or more, we have the specialist knowledge to find the right mortgage for you.
Through years of experience, we understand the rules and processes which can potentially be a barrier to you securing a mortgage. This means we can help you negotiate a safe path to a successful conclusion.
If you’re a sole trader, partnership or limited company and you own more than 20-25% of the business, most lenders will see you as self-employed.
Lenders treat self-employed clients differently, with most needing a minimum of 2 years of accounts to consider a mortgage application.
For sole traders and partnerships, the majority of lenders will assess your income by using the net profit of your business and averaging the last 2-3 years.
For limited companies, the way lenders calculate your income can vary significantly. Some use salary + dividend, others profit before tax + salary, others profit after tax + salary.
If you have retained profit in your business every year, your borrowing capacity can be very different, depending on which of these calculations is applied.
How can Sarah Grace help?
- We are not limited in the range of mortgages that we will consider for you, we can offer you advice on both first and second charge mortgages
- We will match you with lenders where one year’s accounts are acceptable.
- We have access to lenders who will take the last year’s figures only (rather than averaging)
- We will liaise with your accountant if you’re unsure how your income is broken down
- We support you all the way, from finding you the best deal to signing on the dotted line
- We will ensure a smooth transaction with as little stress as possible