Sole Trader Mortgages Explained
If you’re a sole trader, you might be wondering what the process is to apply for a mortgage. Often the way you are paid means that the process can be more complicated. You may need to look beyond the high street. But we can help.
You might be worried about the following:
- You only recently set up your Company
- Your profit over recent years has not been consistent
- You have been declined for a mortgage by a high street lender
- You are unsure what documentation you need to provide
Whatever your concern, we can help. If you own your own business, it can be more challenging to apply for a mortgage but by no means impossible.
We know what documents you need to provide to the lender to prove your affordability. We also have relationships with specialist lenders who are more likely to accept applications from Sole Traders. We also know how to package your income to maximise the likelihood of a successful outcome.
By using an experienced self employed mortgage adviser like us, we can help guide you through this whole process and help make it as stress free as possible.
Contact us today for Mortgage Advice for Sole Traders
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
What information will I need to provide for a Sole Trader Mortgage?
As with all mortgage applications, the mortgage lender will want to see evidence that you earn enough to be able to afford the mortgage.
It depends on which lender you choose as to how they calculate your affordability. Generally, they will take an average from your last two or three years of accounts. But they can take other factors into account as well.
To prove your income when you apply for a Sole Trader mortgage, you will generally need to provide:
- Certified accounts – generally this should be two or three years. Some specialist lenders can work with one year of accounts
- SA302 forms or a Tax Year Overview which you can get from HMRC
- These will generally need to be two or three years. Some specialist lenders can work with 1 year of accounts or less
At Your Mortgage Expert, we can help pull all this documentation together and ensure the lenders have all the information they need. We can also give advice if you only have 1 year of accounts or have recently set up your company.
Why choose us?
Our friendly, experienced team is based in the heart of Salisbury, Wiltshire. But we can help you no matter where you live in the UK. To find out more about us, visit our Meet the Team page.
Our team has:
- Over 80 years of experience in the mortgage and protection industry
- Close relationships with high street and specialist lenders
- We have over 100 five-star reviews on Google
- Have helped hundreds of people with Sole Trader Mortgage Advice
How we work:
- Personalised, hard working service
- Search 1000s of deals from multiple lenders
- Detailed research to ensure you save money
- Take care of the paperwork to minimise stress
- By your side from application to completion
- The experience to get a good result for you
Contact us to see how we can help you get a successful outcome.
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Email Dan AllenDan Allen - Mortgage Adviser
Dan Allen has worked with mortgages for over 10 years. He takes time to understand different lender criteria. His wealth of knowledge means he will know which lenders will work for you situation. -
Email Dan HarrisDan Harris - Mortgage Adviser
Dan started working in the mortgage industry in 2004. Since then, he has helped lots of Sole Traders. Dan has great attention to detail and will do the hard work to ensure you get the best recommendation.