Small businesses form the back bone of the UK economy. However, it’s common for business owners to be treated as higher risk than their employees when it comes to mortgages. Mortgage lending can be restricted as a result of paying yourself in the most tax efficient way. Specialist advice and bespoke underwriting will ensure you get the mortgage you need.
Firstly, it’s important to understand the structure of your business. For example –
- Limited Company
- Sole Trader
Then we need to consider key areas such as –
- Trading period
- Business profits
- Accounting figures
Further considerations include –
- Credit history
- Other debt
It’s common for us to consult with our client’s Accountants. This ensures we give the best mortgage advice while considering tax efficiency.
Mortgages Made Less Taxing
For example, business owners have approached us in the past having been advised by generic brokers to take dividends they don’t need in order to get the ‘best deal’.
As a specialist, we consider the key issues. Will the lender view this as misleading? Is it worth paying a higher tax bill for a slightly lower rate? Does it make financial sense?
We can’t give you tax advice. However, we can work with your Accountant to make sure you get the best mortgage advice based on you individual circumstances.
Working With A Specialist
As a specialist in mortgages for business owners, we work with lenders that can consider –
- Using company profits (pre and post tax)
- Accepting a 12 months trading period / 1 year’s accounts
- Using Projected Figures
- Using the latest year’s figures
- Fluctuating profits
- Low credit scores / credit issues
By working with a specialist, you get the right advice, tailored to your unique circumstances and the solution you need.
Symmonds de Lacey is a small business. We understand small businesses. We respect small businesses and believe that independent professionals should be rewarded for their ambition, not penalised. Most importantly, we have the knowledge and experience to get you the mortgage you need.