SELF EMPLOYED MORTGAGES
MORTGAGES FOR SOLE TRADERS, DIRECTORS & CONTACTORS
Are you a self-employed individual looking to buy your first home? Or want to remortgage your home with a new of existing lender? If so, you know that it can be difficult to navigate the entire mortgage application process. There are unique requirements and considerations for those who are self-employed that most might not think about.
We want to make every step to get a mortgage as easy and smooth as possible. You assigned mortgage broker will guide you though the mortgage process.
Self Employed? Struggling for a Mortgage? We Can Help!
The Mortgage Hive works with many lenders that offer good Mortgage deals to self-employed people. Some lenders consider you to be a higher risk if you are self-employed, we don’t let this hold you back from getting the home of your dreams while achieving the best Mortgage possible. We can help with:
Sole Traders and Partners
Company Director
Contractors
One Years Accounts
Freelance Workers
How Much Can You Borrow from a mortgage Lender?
With Residential mortgages the amount you can borrow will be dependent on your income, commitments and term of the mortgage. To qualify for a mortgage, you will need to prove that you can make regular payments over an extended period.
With Self employed borrowers, you can no longer get self certification mortgages. Instead to prove your self employed income most Lenders generally require 2 years evidence of self employment income. If you have only been trading for 1 year, some lenders will be happy for you to provide just this year, they may ask a projection of your future income.
To find out exactly how much you can borrow as a self employed, get in contact with a mortgage adviser. They will be able to look at your circumstances, check mortgage affordability, compare mortgages and get an agreement in principle.
Self Employed Mortgage Decision in Principle
Get a self employed Mortgage Agreement in Principle today! Find out what size Self Employed mortgage you can have?
Contact one of our Self Employed Mortgage Brokers Today!
What documents will evidence my Self Employed Income?
Apart from your bank statements, the documents requested to evidence your income when self employed, will be dependent on the lender and the type of self employment. You maybe a sole trader of have a limited company and receive dividend payments.
Sole Traders or Partnerships Mortgages
Last 2 Years SA302 (Tax computations)
Last 2 years Tax Year Overviews
If you do you own self assessment tax returns you can get from your government gateway. Alternatively your accountant will be able to provide these documents for you.
Limited Company Directors Mortgages
Last 2 Years SA302 (Tax computations)
Last 2 years Tax Year Overviews
or
Last 2 Year Company Accounts
or
Your Accountant will be required to complete an Accountant Certificate
Contractor Mortgages
With a Contractor it will be dependant on the type of contract work you do and how you are paid. It is best to speak to one of self employed mortgage advisers to get a better understanding on what will be required.
What Credit score do Self Employed mortgage lenders need?
Self employed mortgages have the same credit requirements as employed mortgages. The mortgage lender will look conduct a credit check on your credit file. The credit rating you need will be dependent on your credit history and the value of your deposit/equity. We would suggest you get a copy of your credit report from Checkmyfile, then get in contact with a mortgage broker at the Mortgage Hive. Your mortgage broker will check various mortgage providers lending criteria and find the right mortgage deal that fits your circumstances.
Self Employed Borrowers Get in Touch Today!
Self Employed people can find buying a home challenging but with the right guidance and preparation, it is possible! At The Mortgage Hive, we match your personal circumstances with the mortgage lenders criteria, to make sure you have the best chance to get great mortgage deals while making sure the mortgage monthly repayments fit within your budget.
Our experienced team will source the whole of the mortgage market to find a solution that meet your needs. Get in touch today to see how we can help you!
Your Situation is Unique
So is Our Advice.
Due to our high success rate in finding mortgages for self employed clients. We have gained vast experience in knowing how to present individual circumstances to achieve the best Mortgage for you.