Mortgages for self employed and contract workers should, in our opinion, be no different to arranging a mortgage for an employed individual. The fact is that banks find it difficult to dedicate the time to understand varying businesses and clever accounting which can make the role of a mortgage broker even more valuable.
We have a number of self employed clients and have built up a knowledge of criteria and banks niche areas allowing us to quickly source the right deal for you and your circumstances.
Many high street banks have a different way of calculating self employed income.
Many lenders need 2 or 3 years of accounts for your business, however it is possible to obtain a mortgage with just one year’s accounts.
Income is generally taken from your declared taxable income which is detailed on your annual tax return.
If you have a limited company we have access to lenders who can use the net profit of the business, some even before corporation tax has been deducted – this benefits you if you have not paid yourself the full profits from your business.
If you are a contractor we can help. The criteria varies from lender to lender. We can analyse your situation and quickly match you to the right lender.
We have encountered a variety of different scenarios and feel confident we can tailor a mortgage regardless of the complexity to meet your needs and requirements.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.