Westexe Mortgages provide specialist financial advice for borrowers who are company directors, self employed, or contractors across Exeter & Devon. As an independent mortgage broker, we provide expert mortgage advice without charging any upfront broker fees. Contact us 24/7 for specialist mortgage advice.
We can find the best lender to suit your individual circumstances
The problem with traditional lenders
For years now people working for themselves have felt disadvantaged when it comes to applying for a mortgage.
We have heard it said many times that mortgage lenders do not like lending to these people and that they feel victimised.
The fact is that mortgage lenders are willing to lend to anyone subject to affordability, credit worthiness and criteria. Where the real problems lie is convincing a lender that you have sufficient real income to service the loan you are applying for.
If you are employed, this is easy: all you have to do is provide three wage slips to show you have the means to service the loan. Working for yourself as a company director, self employed as a sole trader or partner, or a contractor, this is not quite so easy.
Westexe Mortgages finds the right lender for you
Lenders will differ hugely in the information and proofs that they require to establish affordability. Unfortunately, lenders counter staff and call room staff are not equipped or knowledgeable enough to provide an answer for this. This is where we come in!
Westexe Mortgages deal with the whole lending market. We understand the differences between lenders and are able to determine the best lender to suit our clients’ own individual circumstances.
We are here to help you, not to help the lender make more money!
Mortgage advice for Company Directors
- Most company directors take a small salary and pay themselves dividends on accountant’s advice to minimise taxation.
- Most lenders will insist on only using this income, which probably does not truly reflect the earning potential of the applicant, especially if they are retaining profit in the company.
- We have lenders who will also use the applicant’s share of the company’s net profit. In most cases, this will vastly increase the size of the mortgage available.
- Sometimes the company has not been trading long enough, or the applicant’s company becomes incorporated on accountant’s advice. We also have answers and lenders who will help in these situations.
- See an example of the difference between typical lenders vs what we can offer for company directors.
- Are you a Company Director? Contact us today to find out how we can help you.
Mortgage advice for the Self Employed
- Lenders will vary between requiring a minimum of three years trading to only one year’s trading.
- Some will average the last three years net profits, some the last two years, and some will just use the most recent year’s net profit.
- At Westexe Mortgages we have the knowledge and answers to work out the best lenders to suit our client’s situation.
- Are you Self Employed? Contact us today to find out how we can help you.
Mortgage advice for Contractors
- Many lenders will not accept contract workers, but others will.
- The differences lie in how long have they been contracting and what term remains on the current contract.
- Some contractors even have complicated systems in place surrounding income received to minimise tax liabilities.
- It is our job to firstly understand the applicant’s sometimes unique situation and tailor the best solution for them.
- Are you a Contractor? Contact us today to find out how we can help you.
Call us 24/7 on 01392 216 344 or use our Quick Contact Form below: