How do self employed mortgages work?
If you own your own business, it can be more challenging to apply for a mortgage but by no means impossible.
You will need to prove your self employed income and pass the affordability checks just like employed people. But, because you don’t have an employer to vouch for your salary and length of employment, you have to provide this evidence in a different way. And, often the lenders will ask for more information to prove your income and that can 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.
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.
We have access to Specialist Lenders who are used to dealing with Self Employed income. Our teams know how to package your earnings in order to maximise success.
The Your Mortgage Expert office is in Salisbury. Which means we are perfectly positioned to help people across Wiltshire. We regularly help those living in Warminster, Amesbury, Devizes and Swindon. We can meet you face to face in our office or in your home if you would prefer. With flexible appointments which can fit around your busy schedule.
What information will I need to provide for a self employed mortgage?
The mortgage lender will want to see evidence that you earn enough to be able to afford the mortgage you are applying for. To prove your income when you apply for a self-employed mortgage, you will generally need to provide:
- A set of certified accounts – generally this should be two or three years, but can be one year for some lenders
- SA302 forms or a Tax Year Overview which you can get from HMRC. Again this is generally two or three years but can be one year for some lenders
- If you are a Company Director you will need to provide evidence of dividend payments and or retained profits
- Six months’ Bank Statements which they will look through in order to assess affordability based on income and outgoings
In addition to your employment income, the lender will also need to see documents which prove you are who you say you are, live where you say you live and that you have a right to live in the UK.
At Your Mortgage Expert, we can help pull all this documentation together and ensure the lenders have all the information they need. It is possible that we can help you if you only have 1 year of accounts.
Over many years, we have helped lots of local people to with Self Employed Mortgage Advice in Wiltshire. Get in touch today, we would love to work hard for you.
How can Your Mortgage Expert help?
There are many advantages to using a mortgage broker like Your Mortgage Expert for your self employed mortgage application:
- Access to a wide panel of lenders, some of which are not available to you directly on the high street
- Built up strong relationships with the lenders through years of experience. We know which ones would be more sympathetic to your personal circumstances
- Expertise with helping self employed people. We understand how to package your application and which lenders to choose
If you are interested in having a no obligation chat about your mortgage, why not get in touch? We don’t charge anything up front, so by speaking to us, you are under no obligation. Our office is in Salisbury which means we are perfectly placed to offer self employed mortgage advice in Wiltshire.
We can offer face to face appointments or alternatively, we can do the whole mortgage process via telephone, email and video call if you would prefer. Our team has taken time to build special relationships with local property partners that we can recommend based on our experience working with them. Including architects, conveyancers, removal companies and estate agents.
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Email ClaireClaire Northcote - Mortgage Adviser
Claire lives and works in Salisbury. Prior to Your Mortgage Expert, she worked in several local estate agents. Meaning she understands the local property market. Claire will take the time to get to know you and to understand how she can help. -
Email AndyAndy Hopkins - Mortgage Adviser
Andy lives with his family in Warminster. He joined Your Mortgage Expert from a large national mortgage brokerage. He has years of experience helping self employed people. Andy will cut through the jargon and find the solution for you.
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.