As a business owner, owning a home is an exciting achievement. Getting a mortgage as a limited company director is a bit trickier than it is for traditional employees. Don’t let the application process intimidate you.
If you are a director of a limited company, the lender will require you to provide your company’s financial statements. You’ll also have to show that the income you receive qualifies you for the mortgage. Because of this, it’s important to make sure your finances are in order before approaching lenders.
It’s a good idea to have a specialized mortgage broker who will help you navigate the complicated process of getting a mortgage. They will guide you through the application process and help you determine your eligibility, making sure they find the most competitive rates that fit your circumstances.
Additionally, you may want to consider a personal guarantee mortgage. This means you will be personally responsible for repaying the mortgage, not just your limited company. The personal guarantee gives the lender assurance that the money will be paid, even if your business fails.
Getting a mortgage as a limited company director requires preparation and knowledge of your financial situation. Seek out professional advice, and be ready to present a checklist of your company’s financial records, to ensure your mortgage application is successful.