Self Employed

Expert mortgage advice for sole traders, freelancers, company directors and contractors

 

Whilst there are undeniably benefits to being self-employed or owning your own business, when it comes to applying for a mortgage you may face additional challenges.

One reason for this is that it can be hard for self-employed people to meet the standard criteria set out by many lenders, who do not always take into account the bigger picture.

Common obstacles include how long you have been trading for, as most lenders will want to see 2-3 years worth of accounts. These figures are generally averaged by lenders when determining how much they are willing to lend, so those people with a fluctuating annual income may find it harder to achieve the income multiples required.

Similarly, many company directors - often in an attempt to be tax efficient or to keep the profit within their business - only pay themselves a modest salary and dividends. This can be problematic with some lenders, who only use salary and dividends to determine how much you can borrow.

This is where speaking to an independent adviser can be invaluable. We understand the nuances of being your own boss and can present your application to the lender in the best light possible. We also have access to a range of specialist lenders, who are more willing to think outside the box when it comes to sole traders, contractors, freelancers and company directors.

 

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