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The whole home buying process can be unpredictable and daunting, especially when you are self employed. In Beverley, we are here to support you through your entire self employed mortgage process, taking all of the stress away.
When you are self employed, the mortgage application process is a little more complicated. For example, you will be required to provide additional pieces of evidence before you are accepted by the mortgage lender. This is the part where we come in! We can handle this side of the process for you, making sure that your application looks the best that it can do.
So, just how complicated can a self employed mortgage application get? The main difficulties lie within the evidence that you have to provide to prove your income and affordability. Key factors that lenders look at include:
If you have recently become self employed in Beverley, not meeting the criteria for these factors could have an income on the result of your application. Lenders typically require at least 2 years of accounts, therefore, so without this kind of history, having an application accepted could be a struggle.
As a mortgage broker in Beverley, we are often asked this question, and the answer is no!
Yes, the mortgage application process is slightly different and you require more pieces of evidence to support your income, however, the process of getting a mortgage is no different to a first time buyer or home mover.
Our job is to take care of the mortgage side of the process so that you can focus on moving into your new home. We want to take all of the stress away so that your self employed mortgage process in Beverley is simple and easy-going.
Lenders usually have varying criteria for the number of years of financial records required, aiming for a stable and consistent income history. While certain lenders may consider applicants with just one year of accounts, others may prefer a more extended period, ranging from two to three years.
It’s recommended to seek guidance from a self employed mortgage advisor in Beverley, they can assess your specific situation, offering valuable insights into the specific requirements of different lenders.
Lenders commonly assess income by scrutinising financial documents like tax returns and business accounts. In the case of self employed individuals, they often evaluate the average income over a specific period, typically the past two to three years.
The stability and reliability of your income also play crucial roles in this evaluation. Having a consistent income can significantly improve your eligibility for a mortgage. If you’re self employed and seeking clarity on these aspects, consulting with a mortgage advisor in Beverley can provide valuable insights tailored to your specific situation.
Holding the position of a director in a limited company doesn’t inherently hinder your chances of securing a mortgage. Numerous lenders provide mortgage options specifically tailored for self employed individuals, including company directors.
Nevertheless, the assessment process may entail more intricacies compared to traditional employment situations. Lenders delve into your company’s accounts, examining factors such as your salary, dividends, and overall financial stability.
Collaborating with an experienced mortgage advisor in Beverley who specialises in self employed mortgages can be instrumental in navigating this process effectively.
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5.00 Rating44 Reviews
Hannah
I can't thank everyone enough for their help. They went above and beyond to make sure everything went smoothly - it would have been far more stressful had I not had their support. I'd recommend the company to anyone.
3 months ago
Anonymous
Yery good and professional.
4 months ago
Samuel
Helpful, responsive and friendly.
7 months ago
Sophie
Highly recommend! Chris talked me through everything and made sure I understood it all, great communication and a pleasure to deal with!
8 months ago
Kerry
Absolutely fantastic from start to finish, would highly recommend 😀 5*
11 months ago
Anonymous
My advisor Leo provided the personal tour ch through the whole process and his communication was very good, even texting me at weekends with any updates on my mortgage progress.
1 year ago
Anete
During mortgage application process my mortgage advisor and case handler was communicating with me very often which for me as a first time buyer was very important. Always open for questions and super flexible with first initial mortgage...
1 year ago
Anonymous
From start to finish perfect, friendly, professional and everything made clear and easy, Matt and Lizzi have been absolutely superb and ALMOST got use to my 'colourful language' Many thanks for all your help. Cheers 🍻
1 year ago
David
We use Beverleymoneyman - Mortgage Brokers for all our mortgage and insurance needs. They never fail to deliver and apply professionalism combined with insightful advice to obtain the best possible deal. Thanks to Leo and Jo for their help and...
1 year ago
Neil
This is the second time we have used Beverleymoneyman and we are not disappointed. Daniel talked us through the options we had and was really good at answering our questions. Jo ensured our application progressed and kept us informed at each...
1 year ago
Barbara
These people saved my life during the most stressful house purchase ever. All sorts of things happened and when most of the professionals involved were impossible to get hold of, everyone at UK Moneyman was just amazing, kind, thoughtful and...
1 year ago
Nicole
Could not recommend Matt and Megan enough! Being a first time buyer, I did not know what the buying process would entail. Thankfully, Matt and Megan explained everything as we went along. Matt went above and beyond to answer my calls when we...
2 years ago
Liam
Really good service and friendly too
2 years ago
Angela
Very pleased with the the service. Dan was very helpful and explained everything as the process went along in a clear way. All options were looked to see which would be the best option for myself. This made doing the product transfer hassle free.
2 years ago
Darren
Anna was brilliant from first contact to the end of the process was just a few days and I didn’t have any stress at all Will definitely recommend
2 years ago
Chris
Brilliant service from start to finish, we had no idea on the process and every little question has been answered along the way no matter how trivial. We can’t thank Malcolm, Joe and Lyndsey enough for their help throughout this process and for...
2 years ago
Oliver
Wayne and Meghan were great and everything was sorted without issue or effort. Great advice and got the product I needed. Great service.
2 years ago
James
I first used UK Moneyman when buying my house in 2017. I returned in 2021 for my remortgage. In both instances I found Malcolm and his team to offer excellent service, making the process clear and simple. He talked me through every step, and...
2 years ago
Gemma
Very helpful and professional
2 years ago
Laura
Very helpful. Reply to emails quickly and clearly. Would definitely recommend
2 years ago
During this appointment, your mortgage advisor in Beverley will look at your assessment to work out your maximum affordability and provide you with an agreement in principle.
Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.
Once your purchase offer has been accepted, your mortgage advisor in Beverley will submit your full mortgage application and evidential documents to your lender.
Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.
We have made it easy for you to book your free mortgage appointment. Every customer can choose a date and time online or give our team a call to arrange a callback.
Head to our contact page or journey through our booking system to get your process started today.
We can search through 1000s of mortgage options for your unique self employed situation. On panel, we have access to both high street and specialist mortgage lenders, allowing us to find the perfect deal for you.
Speaking with a mortgage broker in Beverley can simplify your self employed mortgage journey. We aim to take all of the stress away from the process, allowing you to focus on the moving home part of the process.
The team at Beverleymoneyman are available 7 days a week to give you flexibility when booking your free mortgage appointment.
Our mortgage advisors in Beverley are here early in the morning, during the afternoon or later in the evening so that you can get in touch at a time that best suits you!
Mortgage lenders commonly adhere to strict credit scoring policies when approving mortgages, typically requiring a minimum of 3 consecutive years of profits. Some lenders calculate a 3 average to assess creditworthiness. This evaluation includes scrutinising factors such as past mortgage repayment records and repossession data to identify potential lending risks.
It is common for self employed applicants to face a hurdle during their mortgage application. If this seems like something that you are facing, don’t worry!
There are many reasons why you may be struggling, and those reasons may be able to be fixed. Here are reasons others may have been rejected:
We strongly advise that if you are facing any of these issues, do not keep applying to different lenders and products, something likely needs amending before you submit another mortgage application.
Seek mortgage advice in Beverley, and make sure that your mortgage application is the best that it can be!
As a mortgage broker in Beverley, we’ve had the pleasure of being able to help many different types of self employed applicants. Here are some of the situations that we have experience with:
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Beverleymoneyman.com & Beverleymoneyman 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
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Beverleymoneyman.com & Beverleymoneyman 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
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