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Self Certification Home

Self Cert remortgages
Self Cert mortgage rates
Mortgage Calculator
Self Employed
Employed
Directors
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Your Enquiry
 
 
 
About us
We are an independant mortgage broker registered with the Financial services Authority

We do not charge any fees

Phone us to discuss options for your situation

Full illustrations will be sent to you for any scheme that we discuss

Phone 08456 44 88 23

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Self Certification for Directors

 

Important notice

We are currently unable to arrange self certification mortgages.

One of the consequences of the Banking credit crisis is that mortgage lenders have withdrawn from this type of lending.

We will be watching for any development in this area

 

Directors of limited companies are technically employees of the company.  Mortgage lenders will regard you as an employee providing you do not have a large shareholding in the company.  Mortgage lenders may regard you as having a large share holding when your share holding equals or exceeds 20 or 25%.  At this level of ownership you will have a major influence in the future of that company and are effectively self employed.

Assuming that you have a sizable shareholding in the company, the mortgage lender is likely to request the following:

  • Last 3 years accounts

  • Your current salary

  • Your current dividends

If the income from these sources does not meet the mortgage lender’s criteria then you could consider self certifying your income.

Many company directors will draw their income in the form of a regular salary plus dividends.

Lenders recognise that your income needs to be sustainable so they are likely to request your last 3 years accounts to see that the company generates sufficient profits to maintain your income.

It may be that you do not draw all of the profit in the form of dividends.  You may prefer to leave profits in the company.  Mortgage lenders differ on how they view this income. Please speak to us as we can identify which lender is appropriate for your situation.

Your home is at risk if you do not keep up the repayments on a mortgage or other loan secured on it.

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