Mortgage for Self Employed
What is a self-employed mortgage?
Most of the lenders will consider your income by looking at whether you are a sole trader, in a partnership, director or a shareholder of a limited company. This will all depend on your profits, dividends, and director’s wages. This will also depend on whether a company can afford your income. These are just a few of the considerations, but there are a lot of other things that banks and building societies consider when deciding on your mortgage application.
Hence, it is more difficult to get a mortgage if you are self-employed. An experienced mortgage advisor will improve your chance of getting you a self-employed mortgage, as choosing the wrong lender yourself could cost you more. We will assess your circumstances and your business income and position your application in the best format with the best possible lender to improve your chances of being accepted.
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How do you get a self-employed mortgage?
If you’re self-employed and looking for a mortgage, you will, in theory, have access to the same range of mortgages as everybody else and you’ll need to pass the lender’s affordability tests in the same way as any other borrower.
But because there is no employer to vouch for your wage, self-employed people are required to provide far more evidence of their income than other borrowers.
Mortgage providers have considerably tightened up their lending criteria and need to be convinced you can afford your mortgage before they agree to lend you the money.