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Q. I am self-employed, can I still get a mortgage?

Self Employed

A. The answer to this question is most definitely yes. But (and you knew there was a but coming, didn’t you?) lenders are a little stricter with self-employed applications. It frustrates me when I hear that lenders haven’t been helpful to a self-employed applicant; something which is often mentioned in the media. Like anything in life, it helps to be armed with some knowledge.

Some key points to note for self-employed mortgage applicants are:

    • You must have your documents in order. The majority of lenders will require your tax calculation (also known as an ‘SA302’) for the last three years. This can be ordered from your accountant, HM Revenue and Customs or from the HMRC website. In short, this is a summary of your self-employed income, net profit or dividends and salary, if you are a limited company
    • Most lenders will then take an average of the last two years’ income. However, some lenders will take the most recent year’s income and others have individual ways of looking at your income
    • There are some lenders in the market that will accept you if you have only been self-employed for one year, instead of the usual two or three years

If you are self-employed, the most important thing to do is talk to a mortgage broker before you find a property. They will help you fully understand what paperwork is required and how different lenders will assess your income. That will give you an idea of what’s achievable.

So, the good news is that there are lots of mortgage options out there for home-movers, people looking to remortgage, first-time buyers and investors. It just requires good knowledge of each lender’s self-employed criteria and a little patience to negotiate the lender’s underwriting procedures.

I hope this helpful to anyone who is self-employed and looking for a mortgage.

James

BB Mortgages helps scores of self-employed people find a mortgage each year. For advice, call us on Newark 01636 674455

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We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

2016-03-22T17:24:36+00:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure... Read the full article

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

2016-09-13T12:38:09+00:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

2016-09-13T12:43:22+00:00
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2016-09-13T12:48:10+00:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

2016-09-13T12:49:06+00:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with... Read the full article

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