Self Employed Mortgage

Self Employed Mortgages

Being self-employed is a great achievement and way of life. Due to this covid pandemic, there has been more opportunity to become self-employed and start an exciting business venture. Although obtaining a mortgage can be a difficult task if you are self-employed as you are viewed as a bigger risk for lenders as you don’t have a track record and a company to vouch for your income. Although there are certain ways, we can help you get your mortgage.

What you will need to get a mortgage

Through our company, we can assure you reach the criteria they are looking for. Most lenders look for up to 2-3 years of proof that you are self-employed and have this regular income, so if you reach this requirement, it is very possible for you to still get a good mortgage.

Lenders would require the following documents

• SA302/ Tax calculator for the last 2 years
• Tax year overview for the last 2 years
• Business accounts
• 3 months’ worth of Business and personal bank statements
• Proof of deposit
• Accountant’s certificate (in some cases)

How much you can borrow is determined by business setup. So if you are a limited company director then most lenders would use your salary and dividends or salary and net profit for affordability purposes.

If you are self employed then your most lenders would take the net profit on the SA302/Tax calculation.

Important factors

You must be mindful of your monthly outgoings such as subscriptions and bills as this is the extra mile, they will go down to ensure your spending habits are appropriate. This will therefore be something we will have to look at and advise you on. Another great way to go about this for certain entrepreneurs is proof of future work you have ahead as you can show you can obtain this income you currently have. Once you can show all of this and have the proof of deposit you are well underway for us to help you obtain a suitable mortgage.

How can we help?

With our years of experience with this type of challenge we will look into the right lenders to look at your unique situation as they understand the difficulties of being self employed and we can find a way for your mortgage goals to come true.

Your home may be repossessed if you do not keep up repayments on your mortgage.