Self Employed Mortgage Advice
As a self employed person, you might worry about getting your first mortgage or perhaps you have struggled to secure a mortgage in the past.
At Your Mortgage Expert we’re experts in mortgage advice for self employed people. We can provide self employed mortgage advice to find out how much you can borrow and which lenders offer solutions for your circumstances. We are based in Salisbury but we can help you no matter where you live in the UK.
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.
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. We can also give advice if you only have 1 year of accounts.
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:
- We have access to a wide panel of lenders, some of which are not available to you directly on the high street
- We have built up strong relationships with the lenders through years of experience. We know which ones would be more sympathetic to your personal circumstances
- We have expertise with helping self employed people. We understand how to package your application and which lenders to choose
If you are looking for self employed mortgage advice, then we would love to hear from you. Whatever life stage you are at or purchasing decision you are making, we can help.
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. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Which professions can you help?
We can help with a wide spectrum of professions and self employment types.
Chances are that we will have help someone with a similar self employed status to you. But we won’t make any assumptions and will take the time to fully understand your circumstances.
Here are just some of the self employed professions we help:
- Sole traders
- Locum Doctors
- Freelancers
- Company Directors
- LLPs
- CIS contractors
- Self Employed Taxi Drivers
If we haven’t listed your self employed type, we can still help. We have experience with the whole spectrum of professions and self employment types.
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.
Our handy mortgage calculator
Our mortgage calculator can help you get a better idea of how much you can afford to borrow, and how much your mortgage will cost you in monthly repayments.
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