What Documents Do You Need for a Mortgage as an Equity Partner?
DIRECTOR AND MORTGAGE ADVISER
Specialist broker for high-earning professionals and complex income cases.
Quick Take
Most equity partners should collect two full tax years of HMRC evidence plus current‑year proofs of drawings and partnership status. Add clean bank statements and a simple asset/liability snapshot. A concise, lender‑ready pack saves weeks.
What Counts as Income for Equity Partners
Lenders don’t just look at last month’s drawings. They typically consider:
LLP profit share/drawings: Usually averaged across 2 years; some lenders may lean on the lower or latest year depending on trend and risk appetite.
Basic PAYE (if any): Counted at 100% with payslips/P60.
Bonus/distributions: Often accepted in part, commonly averaged. Evidence matters.
Other income: Dividends, investment income, rental income—usually with separate documentation.
Foreign currency income: Some lenders may consider with exchange‑rate “haircuts” and extra checks.
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Core Document Checklist (All Applicants)
Identity & Address
Valid passport or UK photo ID and proof of address (recent bill/bank/credit statement).
Income & Tax (Personal)
SA302s (HMRC tax calculations) for the last 2 tax years.
Tax Year Overviews (TYOs) matching the SA302s for the same years.
Banking
3–6 months’ personal bank statements for all main accounts used for income and day‑to‑day spending (PDF downloads are fine if clear and unaltered).
Statements for savings/offset pots where relevant.
Property
Latest mortgage statements for any existing properties; tenancy agreements for BTLs.
Assets & Liabilities
A simple net‑worth summary (cash, investments, pensions, property, loans/credit). A spreadsheet is fine; keep it clear and consistent with statements.
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Equity‑Partner‑Specific Documents
Partnership Status Evidence: A brief letter from the firm (or HR/finance portal printout) confirming your equity status, admission date, and expected drawings/profit share methodology for the current year.
Capital Account Statement: Showing current balance, capital contributions and any capital loans (with terms).
Latest Partners’ Distribution/Drawings Schedule (or remittance advices) for the current tax year to date.
Partnership/LLP Agreement (summary or relevant pages) if requested—for confirmation of remuneration and capital arrangements.
Accountant’s Reference where a lender prefers verification from a qualified accountant.
Newly promoted partner? Also include confirmation of previous role and tenure at the same firm; some lenders may take a pragmatic view where continuity is clear.
Scenario Add‑Ons (Provide If Relevant)
Newly Appointed (0–24 Months as Partner)
Confirmation of prior PAYE salary and bonus (payslips/P60) and promotion letter.
Projected drawings or budget memo from the firm, if available.
Interest‑Only or Part & Part
Documented repayment strategy (e.g., sale of property, investments, bonus strategy) and evidence of assets/liquidity.
Foreign Currency Income or Overseas Assets
Currency of pay clearly shown on remittances; expect FX haircut by some lenders and requests for longer statement runs.
Private Bank Route (Large or Complex Loans)
AUM/asset statements, mandate letter or willingness to place assets, if relevant.
Concise wealth overview and advisor contact for verification.
Multiple Properties/Portfolio
A one‑page portfolio schedule (address, value, rent, mortgage, payment, maturity). Keep proofs to hand.
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Common Pitfalls (And How to Avoid Them)
SA302 ≠ TYO: Figures must match. Download both from HMRC and check before submitting.
Illegible PDFs: Export originals (no photos of screens). Do not redact; lenders need unaltered statements.
Unexplained Large Credits: Pre‑empt with a line on the source (distribution, bonus, asset sale).
Out‑of‑date ID or Address Proof: Many lenders need docs dated within 3 months.
Capital Loans Not Declared: Disclose partner capital loans and terms; they can affect affordability.
Complex Income with No Narrative: Add a short covering note explaining your drawings cycle, tax reserves and any year‑on‑year changes.
What Our Clients Say
How Kite Mortgages Helps
We map your document journey first, so you know exactly what to request from the firm and HMRC.
We prepare a concise lender‑ready pack and a short cover note that explains your drawings cycle and any one‑offs—no heavy calculations, just clarity.
We shortlist lenders who are comfortable with LLP income and, where useful, explore offset, part interest‑only or private bank options.
We coordinate with your accountant or firm finance team (discreetly) to obtain the right confirmations in the format underwriters expect.
We keep an eye on timings (tax filings, capital calls, offer expiry) so your application runs smoothly.
Request your fee free mortgage consultation today. No obligation, just sound advice.
FAQs
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Most mainstream lenders ask for two years for LLP income; some may want three for volatile profiles. Private banks are more bespoke.
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Sometimes. A rising trend with strong current‑year drawings can help. Some lenders may still average or use the lower year.
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Not always. Many lenders work from SA302s/TYOs plus a firm letter and capital account. A minority may request fuller accounts.
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Some lenders may consider less than 12 months’ partner history if you have long service at the same firm and robust evidence—case by case.
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If funded by a loan or retained drawings, yes, lenders may factor repayments. Disclose early.
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Good‑quality digital PDFs are fine. Lenders may verify via HMRC or your accountant.
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