Self-Employed Mortgage Experts
We are experts in getting mortgages for the self-employed or company directors. With our experience and knowledge, you have the best chance of getting the mortgage you need. Read on to find out more about us and how we can help you secure a great self employed mortgage.
Self Employed Or Co. Director Mortgages Essex
Are you self employed or a company director looking for a mortgage in Essex? Then you have come to the right place. We are A Little Mortgage Advice, and we specialise in helping everyone who wants to buy a property find the perfect mortgage for them.
Want to explore the best mortgages for self employed buyers? Our specialist mortgage advisor is here to help.
01268 387898
Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Self Employed Mortgages
What is it like to try and secure mortgage financing for self employed buyers? As a sole trader or company director, the information required to make a mortgage application will be different and varies between lenders.
Most high street lenders require a minimum of 12 months’ trading and will need to see a full year’s accounts. This is so they can build a clear picture of your financial situation.
We can answer any questions you may have and we will take care of the whole process from start to finish.
How We Can Help
If you are self employed or a company director, you may have found it more difficult when speaking to a high street lender. We are here to help. There are lenders available who specifically work with self employed applicants. They offer different eligibility criteria to most lenders, and they are more likely to suit your circumstances. Most people haven’t heard of them, though – which is where we come in.
The first step is to speak to our mortgage advisor; they can assess your circumstances and advise on the best lenders to check. We will be able to match you to the best lenders for your current situation, as we have worked with a number of buyers just like you before.
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Get Your Credit Report
Obtaining a credit report to help give you the best chance of getting the right mortgage. At A Little Mortgage Advice, we recommend checkmyfile because of their reliability and accuracy of reporting.
Click the link below to start your 7 day no obligation free trial.
*A Little Mortgage Advice receives a small fee from checkmyfile. Monthly fee of £14.99 applies after your free 7-day trial. You may cancel at any time without charge by Freephone, Secure Message, email or online. The free 7-day trial applies only to new customers aged 18 years or more who are living in the UK. The 7-day free trial period starts when you register.
Why Choose A Little Mortgage Advice?
Specialist Advisor
We’re a specialist independent mortgage broker with access to all U.K. mortgage lenders, meaning that we search the whole of the market to find you the best mortgage product to suit your individual circumstances. A Little Mortgage Advice Brokers really do go that extra mile for our customers.
Personalised Service
As a small, independent mortgage advice brokerage, you will have a dedicated mortgage advisor who will stay with you throughout the mortgage process. We dedicate the same amount of time to each customer, never leaving you waiting, responding quickly and answering all of your questions so you feel comfortable and confident that you are in safe hands.
Five-Star Reviews
Every customer interaction, email, and phone call is important to us. We pride ourselves on offering a five-star service at all times, our reviews speak volumes and so do the awards that we have won for outstanding service.
No Obligation Quote
We offer a free no-obligation quote and helpful advice throughout the process. So, finding out if we’re the right fit for you won’t cost you a penny. It’s as easy as picking up the phone and giving us a call, you have nothing to lose and a lot to gain because our mortgage adviser is qualified and experienced.
WHAT CLASSES AS BEING SELF EMPLOYED?
According to HMRC, you are self-employed if you run your business for yourself and take responsibility for its success or failure. You are also self-employed if you own more than 20% to 25% of a company where your income is coming from, even if you are getting a PAYE income from that company.
For example, if you own 20% to 25% of a company where you are getting a salary and paying tax and national insurance on that salary, you will still be classed as self-employed and be asked to produce either SA302 Tax Returns and/or Company Accounts.
WHY IS IT DIFFICULT TO GET A SELF EMPLOYED MORTGAGE?
Mortgage lenders perceive self-employment as a risk factor, since an individual’s income is not as stable as that of an employee of a well-established firm. Moreover, self-employed individuals do not have the same benefits, such as holiday pay, sick pay, or redundancy pay.
YOU ONLY NEED ONE YEARS WORTH OF TAX RETURNS TO QUALIFY FOR A SELF EMPLOYED MORTGAGE
This is possibly the biggest mistake people make when waiting to apply for a self employed mortgage, most people think, or have heard that you need a minimum of two years tax returns.
Great news though! You no longer have to provide your latest two years’ tax returns. If you have only got one year’s worth of self employed history, there are lenders who can accept this. This can vary from lender to lender, of course, which is why it is important to talk to a mortgage broker
WHAT IF MY INCOME HAS INCREASED IN THE LAST YEAR WILL THE LENDER AVERAGE THE LAST TWO YEARS?
Certainly, with high-street lenders, they will want to see two years’ SA302 Tax returns and corresponding Tax Overviews that match; they will take an average of the last two years to determine what income they are prepared to use. If the latest year’s income is lower than the previous year’s income, they will use this figure for affordability purposes. If your income has increased in the last year, some specialist lenders will use the latest year’s self employment figures.
If you are hoping to use the latest year’s declared self-employment figure for your mortgage affordability, it is crucial to speak to our specialist mortgage broker. We will discuss your circumstances and be able to tell you if you qualify with one of the specialist lenders that can accept the latest years self employed earnings for a mortgage application.
WILL I PAY A HIGHER MORTGAGE INTEREST RATE BECAUSE I AM SELF EMPLOYED?
Not necessarily, our experienced mortgage adviser will quickly identify if a Highstreet lender is likely to accept your mortgage application. If you have over two years consistent income from self employment, have a decent deposit and a good credit history then you are in the best position to get a good highstreet mortgage even though you are self employed.
If however, you are looking at using the latest years self employed figures and have a small deposit, we will be looking at specialist lenders to place your mortgage and the interest rates will be slightly higher than if we could place you with a highstreet lender.
As part of our services for self employed people, we will carry out regular reviews and would hope to get you to a highstreet lender once you do have two years of consistent income.
CAN I GET A SELF EMPLOYED MORTGAGE WITH BAD CREDIT?
We can place most bad credit mortgages for self employed people, but if we can’t, we will tell you exactly what you need to do in order to get your mortgage as soon as possible, plus it won’t cost you a penny if we can’t help you.
Talk to Us
Want to find out more about mortgages for self employed buyers and how we could help you get one? Then get in touch with our team today! With some of the best rates for mortgage advice you’ll find and a team who have plenty of experience.