Self Employed Mortgages
Some people will lead you to believe that getting a mortgage is very difficult if you are self-employed. Whilst there can be pitfalls for the self-employed in getting the best deal, not every lender has the same approach. You might be a sole trader, in a partnership, or the director of a limited company, this means that lenders assess your income differently.
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Proof of income for Self-Employed Mortgages
The various ways income is assessed means that there can be big differences in the mortgage amount offered. The key to a successful application is knowing the right lender to approach for your circumstances.
Lender’s definitions of self-employed include sole traders, partnerships, limited company directors, and LLP’s. The main thing in calculating affordability for Self–Employed Mortgages is knowing what income lenders need proof of, as well as what documents are required to back this up.
The key to a successful application is knowing the right lender to approach for your circumstances. Lenders have different lending policies and requirements when it comes to Self-Employed Mortgages.
Contractors
These days, working on a contract basis is becoming more common. Traditionally, lenders would have treated contractors the same as self-employed, often requiring accounts for 2 or more years. Our experience in dealing with contractor clients means that we can place these applications with the right lenders, who will look at the contract value rather than annual accounts.
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There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be up to £450.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Mortgage Response is a trading name of The Mortgage Shop (UK) Ltd which is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority.
The Mortgage Shop (UK) Ltd Financial Conduct Authority register number: 951591
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