Self Employed Mortgages

Have you ever been turned down for a mortgage because you don’t fit the standard employment ‘profile’ that some mortgage lenders feel comfortable working with? Let Prime Financial Solutions & Mortgages help obtain the most suitable mortgage for you by using their knowledge and expertise of the contractor/self employed field.

If you are reading this and you’re self-employed, having a mortgage can be more of a struggle because you will have to show in detail that you have a regular stable income. It certainly isn’t impossible to obtain a mortgage and there are several ways that you can show to a mortgage lender that you have a stable income.

Types of Self Employed Mortgage Applicants

Self employed applicants are usually sole traders, sole proprietor, business owners or contractors. If you’re self employed and applying for a mortgage, you’re going to have access to the same mortgages as other mortgage applicants. For the self-employed there is no employer to guarantee or confirm that you have a guaranteed annual salary.

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The self employed need to provide more extensive income proof but once you pass the lender’s affordability checks you will be one step closer. We are the best mortgage broker for contractors and self employed for different reasons.

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Mortgage Market Review in 2014

Mortgage lenders have significantly tightened their lending requirements since the Mortgage Market Review in 2014. Stronger methods are now in place to make sure that you can afford a mortgage before any decision is made to approve a mortgage. To prove your income when applying for a self-employed mortgage, this will be needed:

  • Certified accounts for all your income over the most recent two years
  • HMRC overview for the past two or three tax years or SA302 forms. It will be more of a challenge to gain approval from a lender if your business has accounts details for only one year but it’s possible
  • Any records of dividend payments or profit retained (applicable if you are a Director of your own Company)
  • If you are a contractor, proof of future contracts and future commissions

Mortgage lenders will mostly prefer self-employed applicants to have accounts that have been prepared by a professional chartered accountant. Mortgages for the self-employed are not necessarily more expensive, you must guarantee to provide enough information about your income.

Sole Trader Mortgage Rate – What Can You Expect?

Your mortgage rate will rely on how much deposit you put down as well as your credit rating. So a lot will depend on the sum of your investment + how good your credit rating is. But if getting an agreement through a bank is out of reach, you can apply to a specialist lender. The interest rates may be higher, but it would be an extra option for you to have. Remember to check all your options and to choose carefully. Just because you get approved it doesn’t necessarily mean it’s right for you, so get the best possible professional advice. Shop for the best rate and the best terms that you can get.

Contact our Friendly Team of Brokers at Prime in Wigan UK

Mortgage applications can take up a lot of your time and expense. Prime Financial Solutions and Mortgages Ltd is an established mortgage broker and life insurance intermediary, based in the centre of Wigan, Greater Manchester UK. We are respected and recognised by the FCA and we can help you to find the best possible solutions in the shortest amount of time. Contact Prime today to book a free consultation.

To find out more you can contact us by email enquiries@primefs.co.uk and by phone 01942 665436 or you can use our quick contact form. You can visit us at Rodney House, King Street, Wigan WN1 1BT. If you would like to complete a quick online application for Life Insurance you can go straight here to get your free quote.

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