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Self Employed Mortgage Advice in Beverley

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Self Employed Mortgage Advice in Beverley

Self employed in Beverley? Speak to a mortgage expert today and receive tailored guidance for your individual employment circumstances.

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Mortgage Advice for the Self Employed in Beverley

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.

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Self Employed Mortgage Advice in Beverley

The Self Employed Mortgage Application

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:

  • Your salary/income
  • Previous years of accounts
  • Business operating costs and expenses
  • Bank statements

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.

Are my Chances Reduced as a Self Employed applicant?

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.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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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.

How will the mortgage lender assess my income?

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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.

I’m a director of my own limited company, can I get a mortgage?

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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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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

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.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Beverley will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Free Mortgage Appointment

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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.

1000s of Deals

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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.

 

Our Service

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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.

7 Days a Week

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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!

Malcolm and Amy Davidson - Mortgage Advice in Beverley

We Search 1000s of Self Employed Mortgages in Beverley

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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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.

Having Mortgage Problems?

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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:

  • Non-compliance with the bank’s criteria
  • Fluctuations in net profit
  • Personal circumstances
  • Insufficient lending amount approved by the bank
  • Complex pay structures
  • Credit score issues

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!

Self Employed Applicant Scenarios

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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:

  • Business owners with income from salary, dividends, or a director’s loan.
  • Guidance during challenging business periods.
  • Assistance for those retaining the most net profit in the company.
  • Support for businesses trading for less than a year.
  • Help for individuals with good credit but not meeting bank criteria.
  • Advice for company owners, directors, sole traders, or business partners.
  • Solutions when banks restrict borrowing amounts.
  • Guidance for those experiencing fluctuations in net profit.
  • Bank rejections are common, even for longstanding customers relying on automated systems.

Mortgage Guides

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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