By Director of Mortgages and Finance, Lewis Chambers
As the famous saying goes; with great power comes more complex mortgage applications – or something along those lines. High earning individuals employed full time by an organisation can benefit from a simple mortgage application process, however, business owners or those who have more than one enterprise iron in the fire could possibly encounter a more complex process.
For example; those who have an inconsistent income, sole traders and those who receive vested share bonuses or have additional investment incomes will encounter a more complex mortgage application process. Those who have careers in ‘risky’ industries such as professional sports or performing arts will also certainly fall within the same category.
Earnings might be high during a certain period of the year or during their career and lower during others, which means that finding proof of high income to lenders who need to underwrite them can be difficult and time-consuming.
Business owners and high earners who take out larger mortgages are often seen as more ‘at risk’ - which is why a concrete application is essential in order to be accepted.
These mortgages could be for a high end residential property which the applicant plans on making their home, or one or more buy-to-let investment properties.
We specialise in handling cases from across the board and have a breadth of experience in managing complex cases for high earners and entrepreneurs. We provide the best possible quality of service by going through the following steps;
We know our lenders We work tirelessly to maintain the highest standard of knowledge of the best offers from all lenders. We have developed great relationships with mortgage providers, keeping in touch regularly and even securing exclusive deals.
We get to know you
We know everyone is different and no two cases are the same. Our team get to know our clients inside out to ensure we provide a mortgage offer which is perfect for them. We communicate in an efficient way to find out all the relevant information to build the strongest case possible to lead to a successful solution which the client is happy with.
We know the application essentials For larger and more complex cases lenders will require additional information to support the application. These additional documents may not be obvious, and with our expertise we know what information will sway a lender to provide a good mortgage offer. For such cases this may include directors’ tax assessments, dividend statements and retained profits as well as certain accounts.
Not supplying the correct documentation can lead to being declined or delaying the process considerably.
We take the stress away We know that high earners and business owners are often busy. We respect all of our clients’ time - so we endeavour to take the stress away, managing each bespoke application while communicating the appropriate and relevant information to maintain our clients are well informed and content throughout the process.
We never over promise and always deliver the highest level of service.
For more information please call 0191 260 2000