Fish4Mortgage is located in Weston-super-Mare, Somerset & is the area’s leading Mortgage Broker with over 25 years of knowledge in the field. We specialise in many areas including re-mortgages, first time buyers, commercial mortgages, general insurance & secured loans. Explore our website to find out more information & also go ahead & use our Mortgage Calculator to see what deals are available to you.
The process for getting a Self-Employed mortgage
If you are employed then in simple terms, a mortgage lender takes your basic salary, any over time & works out the maximum that they can lend you irrespective as to how long you have been employed however when you are self-employed lenders are more cautious & have different rules.
What lenders will require
Most lenders will require three years tax calculations & tax overview returns from HMRC & will look at your net profit I.E. the net amount used to calculate your tax liability; they will then times this amount & come up with a lending figure.
The lender will also look at your income over the last two to three years & take an average which can have the effect of reducing down the amount of lending available.
All this said some lenders are beginning to show some signs of flexibility with some lenders taking the last two years income figures to work out a lending amount & one particular lender will take one year self-employed if the client has a good credit score.
As we access the whole of the market we can help find you a lender & a scheme that suit your circumstances.
We provide you with a friendly, professional & personal service all face-to-face, we assist you throughout the whole process from the initial consultation all the way through to completion.
*Sometimes clients mistake their gross income into their business as the income that a lender would use, however accountants work hard to minimise the amount of tax that their clients pay. As a result when the accountant takes off car, tools & other expenses this reduces down the net profit & it is this figure that a lender uses to assess the clients affordability.