Help! Advice on mortgage app when director with shares

[2kidmum]

Has anyone any experience with being a director with shares (25%) and applying for a mortgage + borrowing exta if you have only been this 11 months?

For back ground my partner has worked for my Dads company for 8 years and was made a director with 25% shares in may last year so now does a tax return as hes paid weekly dividends, we are applying for a mortgage next month but obviously havent got 2 years books and we also want to borrow money on top for a full house reno.

Im just wondering if it is gonna be a pain??

I don’t have that exact situation but am a director of my own company and it is a total pain when applying for mortgages even with many years of accounts. We can always borrow much less than if we had the equivalent in a straightforward salary, in my experience. That said most lenders will consider directors salary plus dividends or share of profits if you have the paperwork to back it up, across an average of at least two years.

My advice would be to go to a broker (or a few brokers) and if you have anyone who can act as a guarantor that might also help, that worked out for us.