Self Employed and Company Directors
With the current state of the economy, there are more Self-Employed workers than ever before. Many either already have a mortgage or wish to get on the housing ladder and are looking to buy their first home.
Being Self-Employed throws up a raft of challenges that have to be overcome to have an application accepted by a lender. We are here to help you through this maze!
Self-employed mortgages are in essence no different to a normal mortgage, just that lenders require certain information that is unique to the Self Employed. It used to be acceptable to submit two years of accounts that the lender would wade through and hopefully advise of a positive decision to lend. This has changed somewhat and most lenders now expect to see two or three years of Tax Calculations and Tax Year Overviews as provided from HMRC. Occasionally, if you are looking at utilising retained profits in your own Limited Company to support your borrowing, then the lender may wish to have sight of audited accounts signed off by a Chartered Accountant.
If you have less than 2 years accounts, there are still lenders who will consider you, however you will need to evidence a previous track record and quite often will require a future projection from your accountant.
Having 25 years of experience in the Self-Employed Mortgage market we are ideally situated to advise on what can and cannot be done. Your initial consultation is free of charge and we will advise on the plausibility of your proposal. Should you wish to take an application forward we do charge a flat fee of £495 upon obtaining a successful Decision in Principle. This covers our advice and initial administration work. We will also be paid a commission by the lender for undertaking the application work and overseeing your application to completion.