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Self Employed Mortgage Advice in Leicester

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7 days a week, 8am - 10pm

0116 296 2977 Speak to an Advisor - It's Free!
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Self Employed Mortgage Advice in Leicester

Speak to a mortgage expert today for tailored self employed mortgage advice in Leicester.

0116 296 2977

Advice for Self Employed Mortgages in Leicester

As an open & honest mortgage broker in Leicester, we understand that for a lot of self employed applicants who are looking to obtain a mortgage can have quite a tough time in actually doing so.

Whether it’s the difficulties involved in trying to meet different lender’s criteria, or complications in proving the income that you earn to the lender, we know that oftentimes it can be more challenging for a self-employed applicant than a regular applicant, usually requiring additional support from a mortgage broker.

The truth is that in these situations, everyone applying for a mortgage would love to be treated the same as any other customer, however, lenders need to have complete confidence that as a self employed mortgage applicant, you are absolutely able to afford your potential mortgage payments.

The mortgage lender will analyse various different factors when determining whether or not they will lend to you for. These include:

  • The amount of regular income/salary that you are earning.
  • Your previous years’ of accounts’.
  • The costs and expenses involved in operating your business.
  • Your bank statements.

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Self Employed Mortgage Advice in Leicester

1000s of Self Employed Mortgage Products

As a self-employed mortgage broker in Leicester, we have access to thousands of unique and tailored self-employed mortgage deals. Once your mortgage advisors in Leicester finds the perfect one for what you are looking to achieve, we can start taking a look at how to prepare for your mortgage application.

Always make sure that you remember that as a self-employed mortgage applicant, the key difference between you and a regular employed applicant, is how you evidence your income to the lender. So long as you are sufficiently able to evidence everything that they need to see and remain honest to both us and the mortgage lender, you will hopefully be in a much better place to run through the process smoothly and achieve mortgage success.

Our advisors work every day of the week from early until late, always on hand to speak to customers at a time that suits them and their personal life. Make use of our online appointment booking system and get yourself booked in for a free mortgage appointment with a dedicated and trusted mortgage advisor in Leicester, with various time slots to choose from, subject to availability.

How many years on the books do I need?

It’s common to require a minimum of two years of self-employment history, as most lenders prefer to see evidence of this timeframe. Some self employed lenders might consider just one year, but for the majority of high street lenders, a minimum of two years’ accounts is necessary.

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FAQ's From Self Employed Applicants

How will a Lender assess my income?

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When applying for a mortgage with high street lenders, you’ll typically need to provide at least 2 to 3 years’ worth of accounts. These records should detail your income, expenses, and operating costs, allowing the lender to assess your ability to make timely repayments. Additionally, some lenders may take into account the retained profits within your business as a factor in evaluating affordability.

I’m a Director of my own Limited Company

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In the eyes of lenders, even if you’re a director of your own business, you are still considered an employee. Generally, lenders won’t assess you unless you own less than 25% of the company’s shares. To calculate your yearly earnings, lenders combine the dividends you’ve drawn with your annual salary. The amount you can borrow will depend on this figure. However, some lenders may consider the net profit of your business instead of dividend/salary, which can be advantageous for directors who keep their drawings low.

Can a Self Employed Contractor get a Mortgage?

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Contractors face a more limited range of mortgage options due to the prevalence of short-term contracts in the current job market. If you can demonstrate a solid track record and provide your “daily rate,” lenders may consider this as a basis for assessment rather than your net profit. High street lenders often inquire about the duration remaining on your current contract to gauge your ability to make timely mortgage repayments. In some circumstances, it may still be possible to secure a mortgage, even if it’s your first contract, depending on your individual situation.

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

Feel free to discuss your unique situation and mortgage aspirations with our dedicated mortgage advisor in Leicester.

During this free appointment, our expert will carefully review your tax year overview and tax calculations to determine your maximum affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Rest assured that our team will meticulously scour through thousands of mortgage products to identify the best deal tailored to your specific circumstances.

Once we find the ideal fit, we'll provide you with a mortgage agreement in principle, bolstering your offers with solid backing.

Submit Your Mortgage Application

Step 3

After your purchase offer gets accepted, our mortgage advisor in Leicester will handle the submission of your full mortgage application along with all the necessary evidential documents to your chosen lender.

Throughout the entire process, a dedicated case manager will keep you informed and updated until you receive the official mortgage offer, finalising your purchase.

Protecting You and Your Mortgage

Step 4

But our services don't end there. Beyond securing you the best mortgage deal, we go the extra mile by recommending relevant insurance options to safeguard your interests.

Moreover, we'll stay in touch to remind you of your mortgage renewal date, ensuring you always remain on the most favorable deal available.

Your financial well-being is our top priority, and we're committed to supporting you every step of the way.

Reasons to Choose us

Free Mortgage Appointment

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If you are looking at your options for purchasing a new property as a self-employed applicant, or are an existing self-employed homeowner looking to remortgage a home, please book a free mortgage appointment to speak with one of our trusted member of our team today.

1000s of Deals

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Across our duration as a mortgage broker within the industry, we have gained a lot of experience in helping various limited company owners, sole traders, business partners that receive a salary, dividends or a mixture of both, in their quest to obtain a mortgage on a property. We use our in-depth mortgage knowledge to find solutions for those who are truly in need of a mortgage advisors’ assistance.

We are able to use our expertise of the mortgage industry to find the most suitable mortgage for your circumstances.

Our Service

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Lending criteria will be greatly different depending on which lender you are matched up against, especially when it comes to self employed mortgages. Our mortgage advisors in Leicester always strive to make sure that with their hard work and dedication, you are appropriately matched up with the best mortgage lender for your situation. It’s our goal to always get our decision right first time!

7 Days a Week

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We work only for our customer, providing them with a tailored mortgage advice in Leicester seven days a week to provide a service that is in line with what they’re looking to achieve. We will always have your best interests in mind.

Malcolm and Amy Davidson - Mortgage Advice in Leicester

We Search 1000s of Self Employed Mortgages in Leicester

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Common Self Employed Mortgage Scenarios

Get in Touch With A Dedicated Mortgage Advisor in Leicester

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Over our many years of mortgage industry work, we have worked with many self-employed customers who come from different backgrounds. Each one has gotten in touch with the hope of securing the perfect mortgage deal.

Utilising our expert knowledge of self-employed mortgage lending criteria, we’ve grown quite the reputation for being successful in this regard.

Our trusted team of mortgage advisors in Leicester are readily available to assist you in you securing a self employed mortgage product that best applies to what you are looking to achieve.

We are always on hand to offer full support and guidance across the duration of your mortgage process, providing you with expert mortgage advice and helping you to backup your mortgage application by referencing the income you earn and years of accounts’.

Working with Self Employed Applicants

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We frequently work alongside a lot of different self-employed mortgage customers, many of whom require taking out fast & friendly mortgage advice in Leicester.

Below is a section we have collated of different scenarios that we have found we have come across throughout our time as an experienced and knowledgeable mortgage broker in Leicester, when speaking to various self-employed mortgage applicants.

The mortgage lender will analyse various different factors when determining whether or not they will lend to you for. These include:

  • As a self-employed business owner, you are getting paid some form of either a salary, dividends or a directors’ loan.
  • Your company is currently in quite a busy time of the year and you require the help of a mortgage advisor in Leicester to guide you through your mortgage.
  • You prefer to leave most of your net profit sitting in your company, rather than opting to pay yourself a larger salary.
  • Your business has been trading for less than one year.
  • Despite your credit score being great, for one reason or another you just don’t seem to match the banks’ very strict criteria for lending.
  • You’re a company owner, a sole trader, a business partner or a company director, that is in need of expert self-employed mortgage advice in Leicester.
  • You are limited by the bank as to how much you are able to borrow and you are in need of an amount that is greater than what they could offer.
  • You have an unsteady net profit.

Generally speaking when it comes to the mortgage world, banks are not best suited for self-employed mortgage applicants when they are looking for mortgage advice. These 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 on a regular basis, if you get declined, that’s more or less the end of the line with that particular lender.

It’s in situations like these where a mortgage broker in Leicester can be a great choice to try and solve your mortgage woes. Our dedicated team are able to take the information they have gathered on your needs and current financial position, and match you up to a lenders mortgage criteria, hopefully allowing for you to continue on your mortgage journey.

Self Employed Customers & Bank Mortgage Advice

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More or less every high street mortgage lender that can be thought of will use their own in-house credit scoring policies when they are evaluating whether or not a customer can take out a mortgage with them. These credit scoring policies are often based on the mortgage lenders own history of working within the mortgage industry.

In doing this, they will take the time to review mortgage repayment statistics of the past, any information they have gathered on repossession and other common patterns in order to determine what sort of case, to them, would be perceived as a high-risk when lending. This saves both the lenders time and money and also yours, though it can unfortunately leave a lot of self-employed applicants back at square one during their mortgage process.

In the past, you could probably safely say that mortgage lenders have experienced many more self employed applicants fall into debt than others who are a regular employee. On the other hand, it is also quite fair to say that those employed applicants probably didn’t struggle nearly as much in obtaining a mortgage as a self-employed applicant would have.

If you’ve been doing any research on mortgage, then you will probably know that a lot of the main high street lenders out there have locked down, tight lending criteria, with many wanting to see your profits increasing over three years accounts (minimum), with a selection of them taking a three year average.

Whilst these rules don’t apply to every mortgage lender out there (with a portion only needing one years’), it’s always recommend that you make sure that you have a handful of years to hand, just in case you need them at all, as this will likely increase your success rate in your journey to obtain a mortgage with a lender.

Having Mortgage Problems?

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We regularly converse with self-employed customers who for one reason or another have found approaching their bank directly for a mortgage to be rather difficult. Some of the reasons that we have heard for this include (but are not limited to);

  • Credit score.
  • Failed bank criteria.
  • Personal situation.
  • Bank won’t lend enough.
  • Fluctuating net profit.
  • Pay structure.

Definitely hold off from going to speak with lots of different lenders by yourself, especially if you are not well versed in understanding their lending criteria. Doing so can negatively affect your credit score and perhaps even prevent you from obtaining a mortgage full stop.

Mortgage Guides & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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