NICHE FEATURE: RNR MORTGAGES
You get a mortgage!
And you get a mortgage! ANIL MISTRY
Everybody gets a mortgage! One of the downsides of being self-employed is that it’s harder to get on the property ladder. RNR Mortgages disagree. Founder Anil Mistry told us why mortgages are now more accessible to business owners than ever WORDS BY TOM YOUNG
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f you’re self-employed, the mere concept of getting a mortgage can feel like a pipe dream. Assembling two to three years of steady revenue is not a certainty for new businesses and can be pretty deflating for anyone also wishing to buy a house. Anil Mistry wants to end that worry. Founded in 2021, based on over a decade of experience, RNR Mortgages specialise in mortgages for self-employed people and first-time buyers, making the process as stressfree as possible. The key advantage of a mortgage broker over going direct to a bank is that the broker has access to many lenders with different criteria, while the bank only has their own. A broker will help you find the right lender for your circumstances. “If a client’s business had been hit by Covid, resulting in big profit jumps over a three-year period, a bank might not take them on, whereas I know which lenders are more inclined. In that situation, it’s worth going to meet
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IT’S JUST ABOUT FINDING THE RIGHT LENDER TO GET YOU IN THE PROPERTY YOU WANT
with the client, discussing the situation and figuring out what’s going to work for them.” Owners of limited company businesses might be on lower basic salaries (eg, £10k), taking the majority of their personal income from dividends (eg, £20k) – some banks might have an issue with this, but Anil knows which lenders will look at the salary plus net profits of the limited company. These could be net profits that have been retained within the company and not been taken by the individual. “If you’d only taken a £20k dividend, but your business has made £100k profit, we can go to a lender that’s going to use your salary and net profit and show them that to get you in your dream house. Self-employed limited company owners often don’t know that’s an option.” The other common issue is thinking: ‘I’ve only got one year’s accounts – I can’t get a mortgage.’ “Yes, you can. You might take a hit on the interest rate, but if the lender’s happy with the
sustainability of your business, you can still get the mortgage. It’s just about finding the right lender to get you in the property you want.” “The personal touch is very important,” says Anil. “While I might do an initial assessment over the phone, I always like to meet with people face-to-face. It helps to develop trust, which is very important when you’re arranging a massive debt for a client.” This is the key thing with mortgage brokers – the information is available from many sources, but if you don’t know what you’re looking for, finding a broker that can explain everything clearly is essential. “I’m trying to get the message across in simple terms. We’ve been producing 90-second videos for social media that give a snapshot of the key information and are far more digestible than a fifteen-minute monologue.” Consultations with Anil are available via rnr-mortgages.co.uk and he can be found on social media @anil.mistry.rnrmortgages.
