Has your boss asked you to arrange their mortgage? A guide for personal assistants

How can a personal assistant arrange a mortgage for their boss?

At Trinity Financial, we regularly receive enquiries from personal assistants, executive assistants and company secretaries whose employer has asked them to find a mortgage broker. 

This is particularly common when the client is a company director, chief executive, business owner, senior banker, partner in a professional firm or another time-poor individual. They may be buying a new home, refinancing an existing property, raising capital or arranging a large mortgage, but they do not have the time to contact multiple lenders and brokers themselves.

A personal assistant can carry out much of the initial research, gather information and coordinate the process. However, the mortgage broker will ultimately need to speak directly to the person taking out the mortgage to discuss their circumstances, objectives and financial position.

Why might a CEO or company director ask their PA to arrange their mortgage?

Senior executives and business owners often have demanding schedules, frequent travel commitments and limited time to deal with mortgage administration.

A mortgage application can involve phone calls, document requests, lender forms, valuations, solicitors and regular updates. Asking a trusted PA to manage the initial stages can make the process far more efficient.

Their finances may also be more complicated than those of a typical borrower. For example, they may receive:

• A relatively modest basic salary alongside a substantial annual bonus

• Restricted stock units, share awards or carried interest

• Partnership or dividend income

• Income through a limited company

• Foreign currency income

• Deferred compensation

• Investment or rental income

• Income from several different businesses or directorships

Some lenders are much better than others at understanding these income structures. A specialist mortgage broker can identify which banks are most likely to accept the client’s circumstances without the PA having to approach numerous lenders individually.

What information should a PA obtain before contacting a mortgage broker?

The more information available at the outset, the easier it will be for the broker to assess the case and identify suitable mortgage options. If PA's do not have most of the information required to work out how much their boss can borrow and the most suitable lenders, our brokers often gather as much inforation over the phone and then send over a list of information required. 

Information about the property

The broker will usually need to know:

• Whether the client is buying, remortgaging or raising additional funds

• The property value or agreed purchase price

• The property address or general location

• Whether it will be the client’s main residence, second home or rental property

• The type of property, such as a house, flat, listed building or new-build

• Whether the property has any unusual features

• The expected completion date

• Whether the purchase is part of a chain

• The size of the deposit or equity available

• If they have a mortgage or mortgages, which lenders they are with and the outstanding balances

Unusual properties may require additional investigation. Examples include listed homes, properties with large amounts of land, flats above commercial premises, multi-unit properties or homes containing an annexe.

Information about the mortgage

It is also helpful to establish:

• The amount the client wants to borrow

• The preferred mortgage term

• Whether they want a repayment, interest-only or part-and-part mortgage

• Whether they prefer a fixed, tracker or variable rate

• Whether flexibility is important

• Whether they expect to repay a significant amount early

• Whether they may move home during the fixed-rate period

• Whether there is an existing mortgage to repay or port

• Whether the current mortgage has an early repayment charge

The lowest advertised rate is not always the most suitable option. A slightly higher rate may offer lower fees, greater flexibility, better early repayment terms or more appropriate lending criteria.

What financial information will the broker need?

A PA can help organise the documents, although the client will need to approve the information and engage directly with the broker.

The broker may ask for:

• The client’s basic salary

• Recent payslips

• Details of annual bonuses or commission

• Employment contracts

• P60s

• Tax calculations and tax year overviews

• Company accounts

• Dividend or partnership income

• Details of share awards, RSUs or carried interest

• Bank statements

• Existing mortgage statements

• Details of loans, credit cards and other commitments

• Information about school fees, maintenance payments or other regular expenditure

• Proof of deposit or investment assets

• Details of any other properties owned

It is important that the information is accurate. Mortgage lenders carry out detailed affordability and credit checks, and inconsistencies can cause delays.

Can a personal assistant deal with the entire mortgage application?

A PA can help with research, document collection, appointment scheduling and progress chasing. They can also act as a key point of contact where the client has authorised this.

However, the mortgage broker must speak directly to the applicant at appropriate points in the process.

The broker needs to understand the client’s personal objectives, financial commitments, attitude towards risk and preferred mortgage structure. The client will also need to approve any recommendation and complete the lender’s application and identification requirements.

This direct contact helps ensure that the advice is suitable and that the mortgage application meets regulatory and lender requirements.

How does a PA find a good mortgage deal for their boss?

Comparing mortgage rates online can be a useful starting point, but it rarely provides the full picture, particularly for large or complex mortgages.

The PA should consider whether the broker:

• Regularly arranges large mortgages

• Understands complex and variable income

• Has access to high street banks, building societies and specialist lenders

• Has relationships with private banks

• Can assess bonus, commission, RSU and foreign currency income

• Can deal with unusual properties

• Provides a dedicated point of contact

• Can coordinate with solicitors, accountants, estate agents and wealth advisers

• Has experience working with PAs, executive assistants and family offices

The broker should compare the overall cost of the mortgage rather than simply quoting the lowest headline rate. Arrangement fees, valuation costs, legal incentives, early repayment charges and lending flexibility can all affect which deal is most suitable.

How have Trinity Financial’s mortgage brokers helped personal assistants in the past?

Trinity Financial’s brokers have worked with personal assistants and executive assistants arranging mortgages for senior executives, company directors, entrepreneurs, bankers and other high-net-worth clients.

In many cases, the PA has made the first enquiry, supplied the initial property details and arranged a suitable time for the broker to speak to the client.

Our brokers have then helped to:

• Work out how much the client may be able to borrow

• Identify lenders willing to use large bonuses or variable income

• Assess RSUs, share awards and carried interest

• Arrange mortgages for clients paid in foreign currencies

• Compare high street and private bank mortgage options

• Structure repayment, interest-only and part-and-part mortgages

• Find lenders for unusual or high-value properties

• Secure agreement in principle decisions

• Manage the application through to mortgage offer

• Liaise with the client’s PA, solicitor, accountant and estate agent

This can save the client and their PA a substantial amount of time, while reducing the risk of approaching an unsuitable lender.

Why specialist advice can be particularly important

Many senior professionals have strong incomes but complicated financial arrangements. A lender may offer an attractive rate but only use basic salary for affordability, while another bank may also consider bonuses, share awards or investment income.

The most suitable lender may therefore be the one that provides the required loan amount and mortgage structure, rather than the lender offering the lowest rate on a comparison table.

A knowledgeable broker can explain the client’s circumstances to the right underwriting team and present the application clearly from the outset.

Speak to Trinity Financial

If your employer has asked you to research or arrange a mortgage on their behalf, Trinity Financial’s brokers can provide an initial assessment and explain what information will be required.

We regularly work with personal assistants, executive assistants, company secretaries and family offices. We can manage the process efficiently while ensuring the client is involved whenever direct discussion or approval is required.

Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage