Mortgage Broker in Lutterworth
Mortgage Broker in Lutterworth
Logistics income and how lenders read it
A large share of buyers around Lutterworth work in or around distribution, and that work comes in forms lenders treat very differently.
Employed drivers and warehouse staff on shifts. Basic pay is simple. Night premiums, weekend rates and regular overtime are not — some lenders count all of it, some half, some none. On a package where enhancements make up a large share of take-home pay, this determines your borrowing more than the basic salary does.
Agency workers. Common in the sector, and treated cautiously. Most lenders want twelve months' continuous agency history in the same field, and some want longer. Two or three lenders are noticeably more comfortable with agency income than the rest — knowing which is most of the value here.
Owner-drivers and subcontractors. Self employed, invoicing a haulier or operator. Assessed on accounts or tax calculations. If you have been trading under two years, options narrow but do not disappear — see getting a mortgage with one year's accounts.
Limited company hauliers. Directors are frequently assessed on salary plus dividends drawn, which for someone reinvesting profit into vehicles produces a misleadingly low figure. A smaller group of lenders use retained profit instead, which can transform the outcome. See retained profit and director mortgages.
Vehicle finance counts against you. Owner-drivers often carry HGV finance, and lenders treat it as committed expenditure. It reduces borrowing pound for pound in the affordability calculation, and it is worth knowing where you stand before you view.
The town itself
Lutterworth is a small market town with a genuine centre — Georgian and Victorian buildings along High Street and Church Street, a good supply of interwar and post-war housing, and newer estates around the edges.
Period property in the centre
may be listed or in a conservation area, which affects alterations and narrows the lender pool slightly.
Flats above shops
on the High Street are declined by a number of lenders. Check before offering.
Village property
in the surrounding parishes — Ullesthorpe, Gilmorton, Bitteswell, Walcote — brings the usual rural considerations of private drainage, access and occasionally older construction.
Commuting cuts both ways
The M1 and M6 both being close makes Lutterworth practical for commuting in several directions, and plenty of residents work well outside the county.
Lenders count the cost. Fuel, a second car, and finance on it all reduce the affordability figure. A household commuting long distances in two directions should expect a lower borrowing number than the salaries suggest.
What we do
Whole-of-market advice from Enderby, ten miles up the M1, with access to over ninety lenders — including those most comfortable with shift, agency and self employed income.
We arrange appointments around shift patterns, by phone or video where that is easier.
Speak to us
Call 0116 277 7536 or book a free consultation.
Cedar House, 3 Broad Street, Enderby, Leicester, LE19 4AA.
Nearby
No cost, no obligation
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