Self Employed Mortgage Advice in Leicester

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Helping you secure a mortgage as a self employed applicant

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.

 

Get in Touch With A Dedicated Mortgage Advisor in Leicester

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 do get in touch with a trusted member of our team today.

 

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’.

 

Self Employed Mortgage Advice in Leicester

As a self-employed mortgage broker in Leicester, we have access to thousands of unique and tailored self-employed mortgage deals. Once your advisor 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 does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Self Employed Scenarios

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.

 

  • 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

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.

Self Employed Mortgage Advice in Leicester

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!

 

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

 

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.

Having Mortgage Problems?

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);

 

  1. Credit score
  2. Failed banks criteria
  3. Personal situation
  4. Bank won’t lend enough
  5. Fluctuating net profit
  6. 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.

Reviews Stars5.00 Rating15 Reviews

Common mortgage
questions

Your free mortgage consultation in Leicester will last for about one hour. Your advisor will then recommend a mortgage for you and you can decide whether or not you wish to go ahead with it.

As your Mortgage Broker in Leicester, we will carry out a Fact Find to determine your needs prior to recommending a mortgage that is the most appropriate. A credit check is then required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.

We recommend that you obtain an Agreement in Principle ahead of viewing properties in Leicester, to avoid any potential disappointment. At the very latest we believe you should obtain one prior to making an offer to help with your bargaining position

An Agreement in Principle will usually last for between 30 and 90 days depending on the Lender. If your Agreement in Principle expires it can always be refreshed with the assistance of your mortgage advisor.

You may possibly be able to get a second mortgage on your home for debt consolidation or Home Improvements. The usage of a second mortgages extends to using it for yourself, a family member, a holiday home or a Buy to Let in Leicester.

To purchase a house in Leicester, the minimum required deposit with High Street Lenders is usually around 5%, but this can be higher if you have had credit problems in the past.

If you have had problems with your credit, you can still get a mortgage, however, you may need to put down a higher deposit than usual, often 15% of the purchase price.

You are able to get a mortgage once you have submitted at least one year’s accounts. Most Lenders use your salary plus dividend to calculate the maximum mortgage amount you can borrow, whereas others go off your net profit.

To prove your income amount, it’s usually the latest three payslips for an employee and the latest 2 years’ accounts for self-employed. On top of this, you will need to produce proof of ID, address and 3 months’ bank statements.

Our free consultation will usually lasts up to an hour or so. Your mortgage advisor can turn around an agreement in principle within 24 hours of this consultation and a formal mortgage offer takes about three weeks on average in Leicester.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Leicester.

Step 3

Make an offer on the property in Leicester that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Leicestermoneyman.com & 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.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Leicestermoneyman

Leicestermoneyman – 3 Oswin Road, Leicester, LE3 1HR

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