There are many more professionals choosing to be self-employed which can sometimes affect getting a mortgage. With a daily rate and various working hours you may struggle to get a good mortgage deal with a normal high street bank; that is where The Mortgage Hut comes in.
In previous years being self-employed meant you could get a self-certified mortgage, by simply telling the lender how much you earned, without providing any form of evidence. These are no longer available and all lenders now must see proof of your income and spendings.
Lenders like to see a steady income, that is why it can sometimes be difficult if you are self-employed as your monthly income can vary and not always be secured. Lenders asses self-employed income depending on whether you operate as a sole trader, partnership or as a limited company. Many things are taken into consideration when working out how much they will lend you including dividends, basic salary and net profit.
There are a few ways to improve your chances of getting a mortgage for example, having an excellent credit rating, a large deposit or a large equity stake in your home if remortgaging.
We are true specialists in our field, our expert advisers have access to thousands of mortgage deals across the market, so we can ensure you get the most suitable mortgage to meet your needs. We look at a variety of smaller building societies and expert loan providers, who have the ability to assess applications on a case-by-case basis.
If you are self-employed or a contractor looking for mortgage, you don’t need to have three years accounts.