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Nov
07th

MORTGAGE DIFFICULTIES By: Clare

Whilst the banks are battling with each other to sell mortgages of £1m plus, the self employed borrowers, who have their own limited companies are struggling to secure mortgages.
Many directors of owner managed limited companies will choose to take a small salary and retain profits in the company, but they are finding that they are being refused loans by high street banks. Mortgage brokers have found that most banks and building societies only recognise income that is withdrawn from the business, with retained profit being ignored. This is mainly due to the process becoming much more automated and there is not the opportunity to supply figures for retained profits.

For help and advice please contact Haxton Chartered Accountants.

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