At Barrett Mortgages we speak with self-employed people all the time and a lot of them don’t think they can get a mortgage because they own a business or are working for themselves means they are unable or unlikely to obtain a mortgage. The truth is that lenders are all too aware of the particular situation for self-employed people and have a pretty straightforward process in place to work out how much they would be prepared to lend. Whether you are a sole trader, a partner or a company director, there is a process by which you can obtain a mortgage. In the 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 and so will also accept the applicant’s share of net profits and salary.
When you have to provide evidence of income lenders will vary in the amount of time that is expected to provide evidence for. Most will look at the income received over the last two or three years and either average it out or take the most recent year as a basis for calculation. However, if you have a good profile, some lenders will make it possible to get a loan with just one year’s accounts. We will be able to help you through this whole process and give you the best advice possible to make your dream become a reality.
Barrett Mortgages is a professional finance broker with offices in Poole, Dorset. Providing mortgages for everyone. Are you fed up with the high-pressure sales tactics of the large corporations, we are here to give you individual and specialist help with no pushy sales tactics. Barrett Mortgages was set up by founder Darren Barett in 2009, during some of the hardest market conditions. the industry has seen. our business has thrived because of our clear, trustworthy, honest and upfront service we offer. All of our staff are fully qualified, experienced and chosen based on their keenness to provide the best possible experience for our clients. We promise no wrongful sales tactics and we have built a strong reputation which is important as we rely on referrals from our clients.
We also have services available for other types of mortgages like a first-time buyer mortgage, remortgages, buy to let mortgages and moving home mortgages. If you are interested in any of our mortgage advice please make sure you get in contact with us. Our first-time mortgage advice can help anyone get onto the property ladder, we can give you the best tips before you even start looking for a property and what to do once you have found one. We also encourage you to look up any government schemes that are currently running to help you cover the cost of the property.