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How to get a mortgage as a Company Shareholder?
Many people find themselves in the position where they hold shares in a company that pays them a yearly dividend or even more regular dividends and they top up this income with a full or part time job. A very common situation in the modern day and unfortunately, one that can lead to issues with getting a mortgage.
The reason for this is that commonly the only income that mainstream lenders take into account is that of the PAYE job that is held – even if the share dividend income makes the mortgage being applied for an affordable one. So, if your shares pay you £20k per year and you have a £20k per year job, a mainstream or high street mortgage company is only going to offer you funds based on £20k, not the combined £40k.
What is required in this scenario are understanding lenders with a desire to help look at a customer as a complete picture. It is only fair that someone’s complete income is considered rather than just the type of income preferred by traditional mortgage companies. The truth is that there are many who could be considered quite wealthy when all of their share assets and salary are added together, but that can count for nothing unless an alternative route is taken.
That alternative route is to consider applying to a specialist lender who IS going to be fairer when considering your application and IS going to take all of your income into consideration, whatever form it takes. We work with a carefully selected group of specialist brokers who have access to lenders who look at affordability not an immutable set of lending criteria.
What you’ll need
In order to be considered, you’ll usually need proof of all of your income, as well as proof of your share dividends. Once you’ve illustrated the affordability of your mortgage, you could be well on the way to a successful application and the home of your own that you’ve always wanted.
Even if you’ve got a less than perfect credit rating, you could still be suitable for a mortgage. Something that you can find out more about by look at our bad credit mortgage page.
For more information about company shareholder mortgages and to see if you qualify, speak to one of our recommended brokers now.
To be as prepared as you can be, you should make sure you have the following.
- Tax Overview (minimum 1 year)
- Tax Calculation (most recent year)
- Current Tax year Salary/Dividend projection* (these may be requested to be supplied by your accountant if you have less than 3 years history)
- 3 Months Personal Bank Statements
- 3 Months Wage Slips (if applicable)
- Credit Reports from the 3 main agencies – More info
If possible it would be beneficial to supply Company Accounts and Business Bank Statements too. A Specialist Broker will guide you further on what is required.
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