Partnership: Get the mortgage you need
Orton Financial
If you are an existing partner in a firm or have been offered a position as a partner, your mortgage options are going to change. This is because you are now considered self-employed and will be subject to different affordability and assessment criteria.
As a self-employed person, you will need to provide more documentation to lenders to prove your income and expenses. You may also need to have a longer credit history and a higher deposit.
If you are a partner in a firm and are looking for a mortgage, we would be happy to discuss your options with you. We have a deep understanding of the self-employed market and know how to navigate the different lenders and criteria. We can also help you with the entire mortgage process, from applying for a loan to closing on a property.
Contact us today to book your free consultation and take the next step towards your dream home.
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Mortgage for partners
If you are a partner in a firm, lenders may consider you to be self-employed, even if you have a fractional shareholding. This means that you may need to provide more documentation to prove your income and expenses when applying for a mortgage.
Offered a position as a partner
If you have been offered a position as a partner in a firm, you will likely receive a substantial increase in pay to reflect the new position. Usually, you are paid a monthly remittance and receive quarterly, or annual, distribution payments.
At Orton Financial, we are able to use your new income in advance of starting the role for affordability. This means that if you would like to move home before starting the new role, we can accommodate the move. This also means that there is no requirement to build up two years of tax returns to evidence income from self-employment.
Newly appointed partner
If you are working as a partner in a firm within the first two years of appointment, you may be turned away by some lenders due to not having a 2-year history of self-employment. However, at Orton Financial, we understand the unique circumstances of partners in firms and may be able to help you find a mortgage.
Paid in a foreign currency
If you are paid or to be paid in a foreign currency, we can still use your income to arrange a mortgage. While there are options to have your new loan denominated in a foreign currency, it is usually more cost-effective to take your new loan in GBP. The market for currency conversion is extremely competitive and private banks can offer an efficient solution to currency exchange.
Contact us
If you have any questions about mortgages for partners in firms, please contact us. We would be happy to help you find the best option for your needs.
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Interest only Mortgage
Interest-only mortgages can be a good option for some people, but they come with risks. Regulations around interest-only mortgages have tightened, but they are still available under certain circumstances. For example, you may be able to get an interest-only mortgage if your earnings from employment or self employment exceed £251,000. However, borrowing above 75% of the property value must be taken on a capital and interest basis. If your income exceeds £300,000, you may be able to get an interest only mortgage through a private bank.
For more information on interest only mortgages please click here.