How we can help the self-employed find a mortgage

It has been a turbulent time for the self-employed, what with the pandemic lockdowns and Brexit, many businesses are seeing an impact on their bottom line. It has meant in many cases, that self-employed business owners are taking less salary and dividends or their net profit figures are down on previous years.

We are here to help the self-employed

We are independent mortgage brokers who look at the whole of the market so can find specialist lenders that offer products that offer more flexibility in their criteria. Some lenders provide an opportunity to present at least one year of accounts, as opposed to the two- or three-years’ worth required for many products in the market. Some lenders base their lending on the most recent years figures alone or use a director’s salary and share of net profit instead of dividends. Different lenders have different criteria and with our expertise you can be sure that we will place you with the most suitable lender. Additionally, lenders are beginning to look at every applicant and assess them individually, to give every application the fairest chance of success and in this we can use our experience to present your application in the best possible light so as to improve the chances of it being successful.

We discuss mortgage rates and affordability 

Unfortunately, the self-employed aren’t shielded from rising interest rates however, in most cases the rates available to you will be the same as an employed person. Some specialist self-employed and contractor mortgages are subject to slightly higher rates in some instances. With the increasing base rate raising SVRs, affordability may be an unwanted issue. We always highlight to self-employed applicants that they need to be able to provide supporting materials that will reduce the risk for underwriters. 

We have open conversations with our self-employed clients

We invest the time with our self-employed clients because we know that often more information is needed for lenders. We speak with our self-employed clients early in the process, so that we can communicate with lenders ensuring we have the essential information they require. We find out as early as possible, what supporting documents will be required, what accounts would be accepted and for what period and then we can ensure we manage your expectations throughout the process. 

We take the time to speak with lenders first so that we can share what our self-employed applicants need to provide in order to make the process as smooth as possible.

If you are a company director, self-employed sole trader or a contractor, it would be very beneficial to speak with us. We can help you find out how much you can borrow and identify the best lending options available to you, assisting you to navigate the mortgage application process with our support and expertise.

*Please note: Your home maybe repossessed if you do not keep up repayments on your mortgage.

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