Self Employed Mortgages

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Self-Employed Mortgages

Shaun Clements from The Mortgage Centre talks us through mortgages for the Self-Employed.

Is it harder to get a mortgage if you are Self-Employed?

Not really, it’s more documentation and a different kind of marketplace to find a mortgage for the Self-Employed, but it’s all about preparation. More importantly, spending time with a Mortgage Adviser is essential because everybody’s individual circumstances are so different.

Can I get a mortgage if I only have one year’s accounts?

The good news is that you can still get a mortgage with one year’s accounts, that said there may well be lots of lenders that will not accept your application, but there are certainly some lenders that will consider an application.

Are Self-Cert Mortgages still available?

No Self-Certification Mortgages are no longer available, they’ve been withdrawn from the marketplace.

Can you get a joint mortgage if one person is Self-Employed?

Yes, absolutely a joint mortgage is available if one of the applicants is Self-Employed. Their income would be assessed and treated as per their tax calculations and overviews, and if there was an employed person alongside a Self-Employed applicant, then their income would be considered too. It’s possible to put the two together and there’s no restrictions if one is Self-Employed and one is employed.

Is Buy to Let available for the Self-Employed?

Again, there’s no restrictions on that. If a Self-Employed person wants to move into the Buy to Let market, there are no issues with that, although in some instances the lender may require a minimum amount of income.

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

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What is the difference between someone who is Self-Employed and a Limited Company Director?

There is a difference, and it comes down to income. Some lenders will lend on a company’s Net Profit plus their Director’s salary combined. For a sole trader, the lender will work off the tax overview and calculation for that individual.

How does Remortgaging work for the Self-Employed?

There is no difference to Remortgaging for the Self-Employed really, although a Self-Employed income support grant scheme (SEISS) can cause issues for some lenders. If a Self-Employed applicant had been in receipt of those grants, it can cause problems with your application with certain lenders, but the marketplace continues to change.

A lender who won’t accept anybody that’s had a Self-Employed income support grant in the last twelve months, can all of a sudden change that to the last 3 months. That’s why, as a broker, it’s so important that we do a full assessment of clients income.

How much can a Self-Employed person borrow?

Some lenders have reduced affordability for Self-Employed applicants, but booking an appointment with one of our advisers who will be able to assess your income and look into a maximum you can borrow, will help you to find out which lenders will offer the most.

What documents do I need when applying for a Self-Employed mortgage?

The main documents needed for Self-Employed applicants are tax calculations and tax overviews for the last two years. Or, if you’re a limited company, there are some lenders that will speak directly to the accountant.

Without doubt, preparation is key to any pre-application for Self-Employed clients. If you make an appointment with one of our advisers, we can do a full assessment and help you understand what you could borrow.

How do you prove your income?

The documentation is key to proving your income, so it’s important for both the broker and the lender to see the relevant documentation for your employment type.

Your property may be repossessed if you do not keep up with your mortgage repayments.

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Why Choose Us?

  • Expert Mortgage & Protection Advisers
  • Friendly and Personal Approach
  • Professional Advice Tailored to You
  • Build Long-Term Relationships
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Client Reviews

stantona
stantona
stantona

I highly recommend Lee Rulten to anyone who needs support with any element of choosing the best mortgage/products for their needs/new home. Lee has provided terrific advice, assistance and support from the very first day we started the process of looking for our new home. Having Lee support us right from the go was invaluable with finding the correct products to suit our needs and providing a clear understanding of the processes and policies we required. Lee was always available and helped us understand all aspects of buying a new home and reassured our concerns by explaining in a way that is easily understood.

Mel Bennett
Mel Bennett
Mel Bennett

We cannot recommend Shaun and the team highly enough. Shaun gave us excellent advice, he supported us through every step of the process which was difficult due to our circumstances with compassion and understanding as well as insightful knowledge and gave us clear advice. We were turned away from many providers but this team didnt give up on us even though it was challenging and now we are home owners, this would not be possible without them. Thank you Shaun and Lee

Lenka Bilecova
Lenka Bilecova
Lenka Bilecova

Lee has provided 5* service, from 1st initial call throughout the whole process. As a FTB, we had lots of queries and Lee was always happy to talk through and advice, provide examples based on experience. If you are looking for a hands on, reliable and always ready to help broker, look no further. 100% recommended.

Sarah Andrews
Sarah Andrews
Sarah Andrews

Lee has been fantastic at supporting us with finding products to suit our needs from a remortgage to buy to let products. We have been able to achieve the best deals and turn these around efficiently and quickly in order to proceed with our purchases. Lee has been quick to resolve issues and helped us understand any queries or concerns we have had in a way that is easily understood. I highly recommend Lee to anyone who needs support with any element of choosing the best mortgage for their needs.

katie Goddard
katie Goddard
katie Goddard

I highly recommend The Mortgage Centre to go for a mortgage as really supportive and , the service was impeccable and always answered queries quickly .Would definitely choose them again .

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

We normally charge a fee for mortgage advice, however, this will be dependent on your circumstances. Our typical fee is £299.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

The Mortgage Centre is an Appointed Representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority.

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