When we speak to self-employed people it is surprising how many of them don’t think they can get a mortgage. The truth is that lenders are all too aware of the particular situation for self-employed people; They have a pretty straightforward process in place to work out how much they would be prepared to lend. At Barrett mortgages, we are here to help you and that means helping you every step of the way to getting mortgages for self-employed people in Dorset.
Whether you are a sole trader, a partner or a company director, there is a process by which you can obtain a mortgage. In this case of sole traders and partners, the main criteria considered is the individual’s net profits while for company directors it’s their salary and paid dividends that are looked at. Some lenders are aware that many business owners will not be drawing all of the money they are entitled to from the business; So will also accept the applicant’s share of net profits and salary. Lenders may vary the amount of time you have to provide evidence of income for. Most will look at income received over the last two or three tax years and either average it out or take the most recent year as a basis for calculation. With a good profile, some lenders may make it possible to get a loan with just one year’s set of accounts (completed tax return).
May self-employed people who work freelance often have income from various sources. Freelance musicians, for instance, will be paid on a self-employed basis for much of their work but some of their teaching work will be on a PAYE basis with their income being taxed at source. This latter income will show differently on your SA302 form but with a good justification and clear presentation; It will be treated no differently and should still contribute to your income for the year.
Are you fed up with the high pressured sales tactics of the large corporates? Barrett Mortgage was set up by Darren Barrett in 2009, during some of the hardest market conditions the industry has seen. The unparalleled, clear, trustworthy, honest and upfront service offered by Barrett Mortgages has meant our business has thrived during these times when clients have needed more individual and specialist help. All of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our customers. We promise no pushy hard sales tactics and have built a strong reputation which is important as we rely heavily on referrals from clients.
If you are not self-employed and looking to purchase your first home we have a service which you can take advantage of. Our advisors can assist you through the whole process from the initial contact; Finding out how much you can borrow, getting a breakdown of the costs involved and obtaining an agreement in principle; Making you a qualified purchaser and a desirable buyer for many estate agents and sellers alike. We can get you exclusive first-time buyer mortgages that offer better products than the high street. We will work with several lenders from across the market to find the best mortgage deals available to you, and compare them to get you the best deal.
Our advisors will make the process hassle-free, let our advisor deal with the paperwork from start to finish. Get in contact with us if you need mortgages for self-employed people in Dorset
