The eligibility criteria can vary significantly among lenders, but you can anticipate the following factors being taken into consideration:

• Trading Period: Most lenders prefer businesses to have operated for two to three years or more. However, it’s still feasible to secure a mortgage if your company has been running for less than a year, depending on your profession and experience. Nevertheless, in such cases, you may not qualify for the most competitive rates, as the number of lenders willing to assess your application will be limited.
• Deposit Amount:For this loan type, a minimum deposit of 5% is required since the maximum loan-to-value (LTV) ratio is 95%. Deposits of 15% or more typically grant access to a wider range of mortgage lenders, resulting in lower rates.
• Credit History: Lenders will scrutinise your credit file, and any instances of bad credit may raise concerns. However, mortgages are available to company directors with bad credit, although the options might be limited, and you may face higher interest rates depending on the nature of your credit issues.
• Property Type: Approval is more likely for standard construction homes. Self-employed individuals and non-standard build properties are perceived as higher risk by lenders. Therefore, combining the two factors narrows down the pool of potential lenders.