Mortgages for Taxi Drivers explained
If you’re an employed taxi driver, it can be more simple to get a mortgage. You just present your payslips to the lender and they will assess your affordability like any other employed person. Of course we can help you with this.
If you are a self employed taxi driver or an Uber Driver, it can be more complicated. We often hear some of the following things from Taxi Drivers:
- My income can fluctuate with seasonality
- I haven’t been a self employed for long and so don’t have that much income evidence
- My income has been impacted by Covid
- I don’t know how to present my income to a mortgage lender
Whatever your concern, we can help.
As a self employed person, 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 have relationships with specialist lenders who are more likely to accept applications from Taxi Drivers and Uber drivers. We also know how to package your income to maximise the likelihood of a successful outcome.
By using an experienced 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 Self Employed Taxi Driver Mortgage Advice.
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.
Do I need a different type of mortgage as a Taxi Driver?
There is no specific Taxi Driver mortgage. However the way that you apply for the mortgage and the way the lender assesses your income is different to an employed person. We will apply for your mortgage as a self employed person.
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.
We can also look at different types of mortgages which might be more suited to the way you are paid. You may also want to look at an Offset mortgage or a mortgage with greater flexibility to take payment breaks. This will take advantage of the fluctuations in your pay. For example, it might be useful for you to overpay or underpay or even take a payment break.
Get in touch today for Self Employed Taxi Driver Mortgage Advice. We can simplify the whole process and help save you time, money and hassle.
Why choose us?
Our friendly, experienced team is based in the heart of Salisbury, Wiltshire. If you a local taxi driver, our office is right by the taxi rank, so just pop in and say hello.
We can help you no matter where you live in the UK. We can do the whole mortgage appointment and application process via telephone, email and video call. We have flexible appointments to fit around your schedule.
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 self employed people access mortgages
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 today for Self Employed Taxi Drivers Mortgage Advice and 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.