Company directors with retained profits
This week my specific is limited company directors who have retained profits looking to move or remortgage. I can help maximise their borrowing by using lenders who will assess their income based on their salary and share of net profit which is often better than salary and dividends from a tax calculation.
We are an independent mortgage broker with over 100 years experience across the 3 specialist advisers.
Drake Mortgages, helping you get your ducks in a row…………
Get your ducks in a row
This week my specific is to speak people you know who are thinking of putting their house up for sale or have already. I can discuss their mortgage options with them and make sure they have their ducks in a row.
We are an independent mortgage broker with over 100 years’ experience between the 3 advisers so we are sure to find a solution.
Once again, those moving house or looking to buy in the next few months. Pass on their details or book a 121.
Get your ducks in a row, call Drake Mortgages Ltd
cis success story
Mr. A had already had an offer accepted on a house but had been left stranded by a previous broker who couldn’t find a lender that would approve the mortgage he needed. He was in need of a solution and fast. After reviewing his financial information, it became clear that his declared income as a self-employed worker wasn’t high enough to meet the lending criteria.
With a small network of lenders who specialise in working with individuals under the Construction Industry Scheme (CIS), we were able to find a solution that not only met Mr. A’s needs but exceeded them. By using just three months of CIS statements and corresponding bank statements, we were able to present Mr. A as an employed individual, boosting his income and affordability.
We were able to secure a loan for Mr. A with a high street bank at a very competitive interest rate, much to his delight. He was thrilled that not only were we able to help him buy the house, but we were able to do it at an affordable price.
The Construction Industry Scheme (CIS)
I am looking for individuals that are working under the Construction Industry Scheme (CIS). Whereas many lenders view these tradesmen and women as self-employed, there are a handful of lenders that will assess their income as if they were employed.
We would need to see the last 3 months pay statements along with last 3 months corresponding bank statements for affordability rather than using the last 2 years tax calculations. This, in most cases, means that they can borrow more.
how can you reduce the monthly cost of unsecured debts?
Do you, your friends, family, clients, or colleagues have debts that are mounting up each month, we all know the January credit card bills are due to arrive soon but by remortgaging we could look to add those debts to your main mortgage with the aim of having one lower payment which is easier to manage.
Sound interesting?
Then get in touch or pass on my details and I can carry out a free review to see how I might be able to help.
While debt consolidation will reduce your monthly payments, adding short term debt to long term debt may mean more interest is payable over the longer term.
How do you move house if you're tied to a fixed rate?
Did you know that most lenders allow you to move your current interest rate from one property to another subject to meeting criteria at the time?
Many clients think that they have to pay penalties if they want to move but this only applies if they redeem their mortgage or move to a new lender.
I have just helped an existing client port their 2.29% fixed rate which has 2 years left to run, saving £16k in early repayment charges and the additional borrowing they required was topped up using a current mortgage rate.
So my specific this week would be clients, friends and family holding off moving because they think they will have large penalties to pay.