How many years on the books do I need?

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.

I’m a Director of my own Limited Company

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.

Self Employed Mortgage Advice Sheffield

Mortgage advice for the self employed in Sheffield

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:

Your income/salary.
Your previous years of accounts.
Business operating costs and expenses.
Bank statements.

Self Employed Mortgage Advice in Sheffield

1000s of self employed mortgage products

Our mortgage advisors in Sheffield are here to help you secure you a self employed mortgage product that is most suitable 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.

How is my income assessed as a Self Employed applicant?

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.

To get a complete affordability assessment, reach out to our expert mortgage advisors in Sheffield. During your free initial mortgage appointment, they will be able to carry out this assessment and determine how much you could borrow for a mortgage in Sheffield based on your earnings.

Speak to an Advisor

Important information

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

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

FAQ's From Self Employed Applicants

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David

This was a fantastic service that helped with what ended up being quite a complicated mortgage. The communication and support provided throughout was first class, I’ll use them again without question. Thank you.

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Rafa

My journey getting a mortgage with Moneyman was amazing. Starting with Dinah how she was listening to me and understanding im new to everything ending to advice me what to use to request mortgage. Then reaching to the best ever Stacey Moss and how...

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Malcolm and his team have been great from start to finish. We’ve had weekend appointments and updates after the usual working hours which has been really appreciated and helped make the process of finding and securing a mortgage offer a lot less...

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Needed mortgage advise as a 50+ and thought it might be more difficult than it turned out thanks to Charlie. Questions answered in a timely fashion. Explanations easy to understood and with time to think.

2 months ago

Anonymous

Very helpful and they are with you every step of the way. Always there to answer any questions, which I had a few due to being a first time buyer. Amazing!

2 months ago

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such a good complanythay is next to none. Staff are good as gold with a high level of professionalism. It will be worth mentioning that Jason Loft and LIzzi Roscoe worked so hard to help me achieve my dream of getting on to the property ladder....

3 months ago

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Efficient and helpful.

5 months ago

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The service we received from both Jason and Stacey has been excellent. We had quite long and stressful process from when we applied for our mortgage to getting our offer. In that time, both worked hard to get the application progressing as it should...

5 months ago

Fantastic service and clear explanations of all our options. Wayne has been a huge help in the process.

6 months ago

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I had the pleasure of working with Jason from Sheffield Money Man, and I couldn't be more impressed with the experience. From the very beginning, Jason was incredibly professional, knowledgeable, and patient. They took the time to explain every step...

7 months ago

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7 months ago

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Great service from start to finish always at hand if needed and quick response Thanks guys

7 months ago

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This company has been absolutely fantastic to work with. I was let down by my own bank when needing a mortgage. Sheffieldmoneyman helped me get a an excellent mortgage deal with cash back! My fixed rate mortgage is due to finish and they have been...

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Fantastic team, we have brokered our original mortgage through them and our remortgage. Both times the team were eager to help and ensure we got the best deal for us. Special shout out to Daniel who just did out remortgage and was very...

9 months ago

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Massive help. Charlie went above and beyond. Would highly recommend

9 months ago

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Would definitely recommend Sheffield Moneyman. Took all the stress out of getting the right mortgage. Will use again when my fixed rate ends.

10 months ago

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11 months ago

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I have been with them for almost 10 years now, with both my residential property and a buy-to-let, and they are really great. I have mortgaged and remortgaged many times to reflect changes in the properties, their value or to take advantage of...

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11 months ago

Our Simple 4-Step Process

Free Initial Mortgage Appointment

During this appointment, your mortgage advisor in Sheffield will look at your asessment to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Once your purchase offer has been accepted, your mortgage advisor in Sheffield will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Our service won’t just stop here. We will not only secure you the most suitable mortgage deal, we will also recommend relevant insurance to protect you.

Reasons to Choose us

Free Initial Mortgage Appointment

Throughout our many years within the industry, we have gained a lot of experience with helping lots of limited company owners, sole traders, partners that receive a salary, dividends or a mixture of both. We use our expert knowledge to try and find solutions for those who really need help with their mortgage.

1000s of Deals

As mortgage advisors in Sheffield we tailor our service to the customer in question. We will always have our customers best interests at heart.

Our Service

Lending criteria can be completely different depending on the lender, regarding self employed mortgages. Our dedicated mortgage advisors in Sheffield will always work hard to ensure that you are appropriately matched up with the most suitable lender for your personal circumstances. We always aim to get this right the very first time!