Today we have Campbell Hastie from Hastie Mortgages answering some frequently asked questions on mortgage.
Why do business owners fail to get mortgages?
Campbell: Well, it’s pretty simple. Either they don’t have the financial information on hand, or if they do, it’s not up to date or it hasn’t been compiled properly or it’s missing some key elements. You know, if the banks looking to assess what your debt servicing capacity looks like, in other words, how much mortgage you can afford? Um, they need to see your financial information, and without it, you’re pretty much stuff. So that’s the number one reason why business owners often failed to get a mortgage approved.
When should a business owner hire a chartered accountant to help them with the process of getting a mortgage?
Campbell: This is like a trick question. Um, you should probably be working with a chartered accountant at all times, irrespective of whether you need a mortgage or not. But, um, you know, the real answer, I guess, is that you should look to engage your accountant Well, in advance of when you actually want to borrow that money, I would say to maybe three months prior.
Why do business owners need a chartered accountant when applying for a mortgage?
Campbell: The reason is because a chartered accountant is going to help you compile your financial information in a sensible, incredible way. And that’s really, really important because, um um, lending is and has always been a confidence game first and foremost. And if you’ve got sensible, incredible financial information that you can give you a lender, you’ll give them confidence, and you make it much easier for them to make a decision, which is a favorable one, simple as that.
Why is it important to get all of your financial documents ready for this process?
Campbell: Well, as mortgage advisors, what we’re trying to do when we compiler mortgage application for people is we’re trying to answer all the questions that you might have before those questions even get asked. Just try and knock them over, because that makes the lending decision a real easy one. And the key to that is up to date. Credible, sensible financial information, yeah
How long have you worked with Murray of Insight CA Limited?
Campbell: God. How long has it been? Um, two or three years. Four years? How long’s it been? Very. Feels like forever.
Why should business owners work with Murray?
Campbell: Every now and again you come across what I suppose you’d call a wrinkle when it comes to putting a mortgage application together for self-employed people. And on those occasions when we work with Murray, he’s been able to help us diagnose what that is and come up with a solution that helps to mitigate that wrinkle. Um, that’s testament to his experience and all the rest of it. So, um, you know, I definitely love working with Murray for that particular reason. He just is able to get to the bottom of stuff and figure it out.
Do you need help preparing your business for a mortgage? Looking for an accountant in Auckland to make work easier for you? If so, there’s no need to look any further, book a call with Murray by clicking here.
If you’re looking into buying a house without all the hassles – contact Hastie Mortgages today!