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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:
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 initial mortgage appointment with a dedicated and trusted mortgage advisor in Leicester, with various time slots to choose from, subject to availability.
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.
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.
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.
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.
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.
Our Customers Love Us
5.00 Rating32 Reviews
Anonymous
Very professional. Kept me informed every step of the way. Explained the mortgage application process fully. Found me another lender immediately, after my first application got rejected.
2 months ago
Anonymous
I found Moneyman to be very professional and easy to work with. They explained everything clearly, kept me informed throughout the process, and were always easy to contact. I especially appreciated the personal touch of having a video call, which...
6 months ago
Anonymous
Great and knowledgeable advisor, Leo has been helping every step of the way and was able to answer lots of questions and provide lots of advise. Highly recommend using Leicestermoneyman
6 months ago
Emma
Beyond happy with our experience with moneyman. Quick responses, helpful and friendly. Definitely went above and beyond our expectations. Wouldn’t trust anyone else. Thank-you!
7 months ago
Neil
Highly recommend Leo Shakespeare! Leo has been very helpful, approachable and informative - we will be recommending him to others who are buying a home.
7 months ago
Elizabeth
I approached moneyman with an urgent problem of remortgaging my property within a deadline of 2 months or I loose my property .I was professionally welcomed by Paula and her 2 other colleagues who gave me advice and options of what I can do ....
10 months ago
Simon
Brilliant service thank you for all your help
1 year ago
Dawid
Excellent
1 year ago
Grant
Very fast friendy service, any questions were answered throughly and quickly and the whole service from start to finish was smooth and stress free.
1 year ago
Lucy
Excellent service from start to finish! Chris kept us fully informed and answered all of our questions throughout. He took the pressure off us and was professional throughout! Highly recommend!!
1 year ago
Rebekah
Jo and Chris were extremely helpful. Got everything done so quickly!
1 year ago
Joanne
It was smooth, took all the stress of reseaching the best mortgage. Easy access to appointments. TOM was great and understanding
2 years ago
Bhaven
Very very good thank you
2 years ago
Zubair
Charlie was very easy to talk too and made things easy and simple to understand and explained our options in detail which really helped us through the process as first time buyers.
2 years ago
James
Jason and his colleagues at UK Moneyman have been amazing from the start. When we began the process of house buying and finding a mortgage we knew very little, but Jason explained much to us in a telephone consultation and outlined all our options....
2 weeks ago
Samantha
Very impressed, service was really good and efficient and anything g that needed explaining was done very clear. Would definitely recommend
2 weeks ago
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
3 months ago
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
5 months ago
Anonymous
Incredibly helpful, supported throughout whole process
5 months ago
Nazeef
Fantastic experience. Charlie helped me race through to secure the most suitable mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
6 months ago
Feel free to discuss your unique situation and mortgage aspirations with our dedicated mortgage advisor in Leicester.
During this free initial appointment, our expert will carefully review your tax year overview and tax calculations to determine your maximum affordability.
Rest assured that our team will meticulously scour through thousands of mortgage products to identify the most suitable 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.
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.
But our services don’t end there. Beyond securing you the most suitable 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.
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 initial mortgage appointment to speak with one of our trusted member of our team today.
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.
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 most suitable 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 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.
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’.
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:
Generally speaking when it comes to the mortgage world, banks are not most suitable 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.
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.
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);
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.
Read our 32 Reviews
Leicestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Leicestermoneyman 2025.
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Leicestermoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.
UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.
© Leicestermoneyman 2025.
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