As a mortgage broker in Sheffield, we know the struggle that most self employed applicants go through in order to get accepted for a mortgage. Whether it’s a challenge to meet different lender’s criteria, or hard to prove your income, we know that it can often take more than an employed applicant to secure that mortgage offer
In reality, everyone would love to be treated the same going into the mortgage journey, however, lenders need to be certain that you, as a self employed person, can afford a mortgage. They will look at factors such as:
Our mortgage advisors in Sheffield are here to help you secure you a self employed mortgage product that is best suited to your scenario.
We will provide our full support and guidance throughout the whole mortgage process, giving you advice and helping you back up your application by referencing your income and years of accounts’.
Providing expert mortgage advice in Sheffield, we can access 1000s of competitive self employed mortgage products. Once we find the perfect deal for you, if you want to continue with it, we can start preparing your mortgage application.
Our advisors work 7 days a week to make sure that you can get in touch at a time that suits you best. Take advantage of our free self employed mortgage consultation today.
The number of years you need on the books for a self employed mortgage can vary depending on the lender's requirements. However, most lenders typically look for at least two to three years of financial records, such as tax returns or company accounts, to assess your income stability and eligibility for a mortgage. Some may accept just one year of accounts, but this could limit your options and affect the terms of the mortgage.
Lenders assess the income of self-employed individuals differently compared to salaried employees. They typically consider your average annual income over a specific period, often the past two to three years.
When applying for a mortgage, even as a director of your own business, you are considered an employee. To qualify for assessment, most lenders will require that you own less than 25% of the shares in the company. Lenders combine the dividends drawn with your annual salary to calculate your overall yearly earnings, which then determines the maximum borrowing amount.
However, there are other lenders who base their calculations on net profit rather than dividends or salary. This approach can be beneficial for directors who keep their drawings relatively low.
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I went to Malcolm for advice as my mortgage was up for renewal and I wanted to discuss other options. Both Malcolm and Lyndsey have been extremely helpful and informative throughout. I will definitely be using them again in the future.
6 months ago
Keeley
Massive thank you to Charlie and the rest of the team at UK Moneyman for helping us get our first mortgage. They went through everything in detail and explained things further when we needed them to. Couldn’t have done it without them
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These are a fantastic mortgage brokers, they are very knowledgeable and break it down so you understand everything. They keep you up-to-date all the time with anything that happens. They have saved us quite abit of money too. They been...
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Tom, Chloe and the team have all been very helpful in securing us a mortgage! They explained the process extremely well as we are first time buyers and so didn't know what to expect. They were always prompt with their responses and were happy to...
1 year ago
During this appointment, your mortgage advisor in Sheffield will look at your asessment to work out your maximum affordability.
Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.
Once your purchase offer has been accepted, your mortgage advisor in Sheffield will submit your full mortgage application and evidential documents to your lender.
Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.
Pretty much every high street mortgage lender that comes to mind will use their in-house credit scoring policies when looking to allow customers to take out a mortgage with them. These credit scoring policies tend to be based on the mortgage lenders own experience and history during their tenure within the mortgage industry.
In doing this, they will take a look at previous mortgage repayment statistics, any information they have on repossession and other common patterns in order to determine what would be considered a high-risk when lending. This saves the lender both time and money, but unfortunately leaves many self-employed applicants 10 steps back when looking to purchase their dream home.
In years gone by, it would likely be safe to estimate that mortgage lenders have had a lot more self employed applicants fall into arrears than anyone who is a regular employee. On the flip side, it is also fair to point out that those employed applicants likely probably didn’t have as hard of a time trying to get a mortgage in the first place as self-employed applicants do.
If you’ve been doing some research, you’ll likely be aware that the vast majority of high street lenders out there have incredibly strict lending criteria, with many wanting to see your profits going up over a minimum of three years accounts, with some taking a three year average.
Whilst these rules don’t apply to all mortgage lenders (with some only requiring one years’), it’s always better to make sure you have a handful of years to go off just in case, as this will likely increase your chance of obtaining a mortgage.
We regularly speak with customers who for some reason have found approaching their bank directly for a mortgage to be quite challenging. Some of the reasons that we have heard for this include:
As a general rule of thumb, banks are not always the best place for self-employed mortgage applicants to go to seeking mortgage advice. These banks have automated systems and unfortunately, regardless of the length of time that you have been banking with them or the amount of money you often pay into your account, if you get declined, there’s not much more you can do with them.
We regularly work with a large variety of different self-employed mortgage customers, all of whom are in need of fast & friendly mortgage advice in Sheffield.
Below we have compiled a small selection of a handful of different scenarios that we have faced throughout our time as a mortgage broker in Sheffield, when speaking to applicants who are self-employed.
We tend to find, banks are not best suited for self employed mortgage applicants when they are looking for Mortgage Advice in Sheffield. Because banks have automated systems and though it is unfortunate, no matter how long you have been banking with them or the amount of money that goes into your account regularly, if you get declined, that’s more or less the end of the line with that particular lender.
Situations like these are where the benefit of using a Mortgage Broker in Sheffield will be great to help and solve your mortgage queries. Our dedicated team can take the information they have accumulated on your financial position and goals, and try to find you a suitable lender whose criteria you fit.