How We Can Help?
Being classed as self-employed quite often means that there are a few extra checks that need to be carried out to get you your mortgage or remortgage. It is strange to think that if you were employed rather than being self-employed it may well be easier to acquire your new mortgage. All lenders work differently, they tend to use what is termed as a score card or points system to help them to underwrite your self-employed mortgage application. Dependent on how high or low your score is, this usually determines if the lender is prepared to lend to you.
There are different types of self-employed applicants from sole traders, limited companies or partnerships. Dependent on what type of company you have, may also determine the lender may be able to offer you your self-employed mortgage. Having independent mortgage brokers helping and guiding you through the process could make all the difference to you getting the self-employed mortgages at all.
Even if your Self-Employed mortgage situation isn’t listed above, it doesn’t mean that we can’t help you. When you speaking with your dedicated independent mortgage broker, please give them as much detail about your trading history and how your business runs day to day. Once your mortgage adviser learns about your firm, they will be able to formulate a plan of action ensuring your mortgage application runs smoothly, they will then be able to try and secure you a Self-Employed mortgage deal.
It maybe possible to get a mortgage with just 1 year of accounts
We work closely with mortgage lenders that are happy to lend to self-employed clients who just have 1 year’s trading accounts. if you’ve been working for yourself for less than 24 months, this shouldn’t limit or delay you from buying a home with a mortgage.
You maybe able to borrow more with the help of Independent Mortgage Brokers
When you’re self-employed, almost all lenders do ‘stress tests’ to decide how much you can borrow – basically, they create hypothetical scenarios where things go wrong, and see if your finances would hold up. So, when we present a case to a mortgage lender, we need to ensure that you and your business are presented to the lender with the correct figures.
What are the next steps in getting the self-employed mortgage you deserve?
We would first of all ask you to take part in a fact-finding exercise to ensure your independent mortgage broker and you know exactly what you require and what your needs are for the self-employed mortgage. Once we have the information regarding your self-employed mortgage requirements we will assess where to look for the best results for your needs and circumstances.
We may need you to supply certain information such as your latest accounts, your latest tax calculations and tax overviews, these documents sometimes are called SA302’s this is a HMRC term used for the documents that most lenders will require for you to obtain your self-employed mortgage. These documents are usually provided by your accountant if not directly from HMRC. Don’t worry if you feel that you are unsure how or where to obtain the relevant documents, we can send you a handy guide to obtain these documents easily.