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 in 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 years 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.