Equity Partner Mortgage

Certain mortgage lenders are better positioned to assist with a mortgage for an LLP Equity Partner. This can be the case for how earnings are proven, how much money can be raised and the loan to value available. A good mortgage consultant will know how to obtain the best terms from relevant lenders.

I went to Advias when I was told repeatedly that there was no way that I would receive an additional advance on my mortgage. Advias told me that this was not the case and they were 100% correct. Another advisor managed to get me an offer at a terrible rate with another lender, Advias came back with an offer from my existing lender at almost exactly the same rate.
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Proving income from an LLP

As an Equity Partner, income will be assessed based on your annual draw and profit share. A lender will total this up and assess your income on this basis. This is different to an employee as their annual bonus will likely be haircut and so comand a lower mortgage amount.

The partnership’s Financial Controller can produce a financial reference which can be relied on to evidence income, both past and present. This is convenient as tax returns may not reflect current earnings and producing partnership accounts for large firms is unlikely to be viable.

Recently promoted Equity Partner Mortgage

A new partner will want to evidence their income based on the anticipated total remuneration, rather than their historic income. This is due to the fact that you will now almost certainly be in better financial conditions owing to income being derived from the LLP’s performance.

A reference from the financial controller will be sufficient to satisfy certain mortgage lenders’ underwriters. Because of this, new partners may immediately be eligible for a mortgage rather than waiting two years.

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