High Street Mortgages can seem elusive for many Contractors & Business Owners, with the insurmountable hurdles of large deposits and multiple years audited accounts, that is until now.
Operating at optimum tax efficiency can certainly leave you with the most disposal income, however it may also present challenges in securing mortgage finance from lenders who are often unable to see far beyond PAYE employment.
If you are a business owner, you will undoubtedly be taking a large proportion of your income as dividends. These dividend payments may be sporadic and inconsistent, however they are often substantial and usually make up the bulk of cash withdrawn by shareholders each year.
That said, dividend income has traditionally been a difficult concept for many High Street lenders, as any Director who has attempted to secure a mortgage based on dividend income alone will testify. Without the correct approach, many Banks and Building Societies will simply not entertain lending against unpredictable income streams, even if those streams have historically proved consistent when averaged over the years. They also have scant regard for contract agreements demonstrating guaranteed rates and revenue into the future.
F9 Consulting has experience in assisting business owners and contractors to talk to the right people who will be able to help. We understand how and why income is presented in a certain way and are able to convey and assist in consultation with independent financial advisors, which can facilitate the lending decision making process.
If you are looking to purchase a property, whether it’s residential, commercial or buy-to-let, or simply looking to re mortgage your current property for equity release, give us a call. Our initial conversation will help us understand your situation and may prevent you putting unnecessary marks on your credit file in failed attempts, which inevitably will be to your detriment.
Simply give us a call on +44 207 712 1684 or drop us a mail.