Being a limited company director brings flexibility and independence, but when you’re looking to secure a mortgage, you may feel that it’s actually working against you. Lenders often struggle to properly understand director income, which can leave many unsure of what they can borrow, or even if they’ll qualify for a mortgage at all. That’s where we come in. New Wave specialises in self-employed mortgages, and we’ve made it our mission to help directors across the UK get the finance they need on the best terms.
Can I Qualify for a Mortgage as a Director?
Despite what you may have heard, yes – limited company directors can qualify for a mortgage.
Lenders look at directors differently from employed applicants, focusing on dividends, salary and company profitability. New Wave reviews your financial situation in detail, including personal and business bank statements, credit history and company accounts to create a full picture for lenders, helping them better understand your finances. By identifying potential obstacles before submitting an application, we make the process smoother and more predictable. Even if you’re not ready to apply today, we can show you the steps needed to position yourself for a mortgage in the future, often saving thousands in tax along the way.
What Makes New Wave Different for Directors?
Unlike general brokers, who will work with people from all walks of life, New Wave only secures mortgages for the self-employed. That focus allows us to spot common pitfalls that may hinder your efforts and optimise application to the fullest, all so that we can maximise your borrowing potential. Our in-house underwriting team reviews every document before submission, bulletproofing your application. By presenting income correctly (salary, dividends or a combination of the two), we often increase what directors can borrow. Every mortgage is bespoke, tailored to you and your circumstances, all to give the best chance of approval.
How Much Can I Borrow as a Director?
Borrowing for a mortgage when self-employed depends on a number of factors, including income and company structure. By looking at your income in the right light, we can often increase lending capacity far beyond what you may have thought originally possible. Our approach not only helps directors secure properties they may not feasibly reach through conventional routes, but often achieves more favourable rates too. Each and every scenario is considered individually, giving you a realistic view of your borrowing potential.
How Can I Avoid Delays or Rejections?
Self-employed mortgage applications can stall because lenders often take a cautious approach to non-standard income. Limited company directors are especially affected, as dividend payments, retained profits and salary structures can appear complex. So, how does New Wave come in? We minimise risk wherever we can by reviewing every document in scrutinising detail, including personal and business bank statements, company accounts, dividend records and credit history, before a single application is submitted.
We anticipate the questions lenders will ask and prepare responses in advance, meaning there’s no nasty surprises. Any inconsistencies or gaps are flagged and resolved early, preventing those dreaded delays. This proactive approach allows directors to move through the application process confidently, knowing their case has been handled meticulously from the outset.
By taking care of these details upfront, we reduce the back-and-forth that typically slows down applications. All of this results in faster approvals, fewer obstacles and most importantly, peace of mind. Directors can focus on their business while we manage their mortgage application, ensuring that every aspect of the process meets lender expectations and increases the likelihood of success.
Should I Start Preparing Now Even If I’m Not Ready to Buy?
Yes – it pays to be prepared, as doing so can save you thousands in tax and put you in a favourable position for when you are ready to buy.
Many directors wait until they find a property to start the mortgage application process, which is where the challenges begin, hitting them with nasty delays and missed opportunities. Preparing early means you know exactly what documents you need, how to maximise borrowing and ways to save on tax. Taking action ahead of time ensures that when you’re ready, your application is as stress-free as possible and positioned for success.
What Documents Will I Need as a Director for my Mortgage Application?
Typically, directors provide company accounts, tax calculations (SA302), personal and business bank statements. New Wave makes this simple for you – we provide a clear checklist, review your documents before submitting your application and handle the paperwork that ensues. We’ll flag any issues we find early and show you how to resolve them so your application is as strong as possible.
Take the Next Step
If you’re a limited company director looking for a self-employed mortgage, a free 15-minute strategy call will show exactly what you can borrow and the steps to take to get there. One of our consultants will guide you through your options and create a plan that suits your circumstances.
