Experts In Self-Employed & Director Mortgages
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Self Employed Or Co. Director Mortgages
Are you self employed or a company director looking for a mortgage?
Our specialist mortgage advisors are here to help.
Self Employed Mortgages
As a sole trader / 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 years accounts. This can vary between lenders.
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. Our team of specialist advisors 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.
The first step is to speak to our mortgage advisors, they can asses your circumstances and advise on the best lenders to check.
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WHAT CLASSES AS SELF EMPLOYED
When you own more that 20% to 25% of a company where your income is coming from, even if you are getting a PAYE income from that company.
Example 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.
CERTAIN SPECIALIST LENDERS REQUIRE ONE SELF EMPLOYED INCOME FOR A MORTGAGE
BIG NEWS! you no longer have to provide the latest two years tax returns if you have only got one years worth of self employed history there are lenders who can accept this.
WHAT IF MY INCOME HAS INCREASED IN THE LAST YEAR WILL THE LENDER AVERAGE THE LAST TWO YEARS?
Certainly with highstreet 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 years income is lower than the previous years income they will use this figure for affordability purposes.
SOME SPECIALIST LENDERS WILL USE THE LATEST YEARS SELF EMPLOYMENT FIGURES FOR AFFORDABILITY
If you are hoping to use the latest years declared self employment figure for your mortgage affordability, it is crucial to speak with one of our specialist mortgage brokers. 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 advisors 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 consistent income.
CAN I GET A SELF EMPLOYED MORTGAGE WITH BAD CREDIT?
Ok, so this is where we are the best of the best, we specialise in getting mortgages for those self employed individuals that have a bad credit history. 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 wont cost you a penny if we cant help you.