A lot of self-employed people don’t think they can get a mortgage just because they own a business or they are working for themselves. The truth is lenders who about your position and have a particular way of deciding how much they would be prepared to lend you. Whether you are a sole trader, a partner or a company director, there is a process by which you can obtain a mortgage. This may be looking at individuals net profits or they may look at your salary and paid dividends. Some lenders are aware that many business owners won’t draw out 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. Lenders will also vary with the amount of evidence of income for your mortgage, they may ask for your income received over the last two or three years and either average it out of taking the most recent year as a basis for their calculations.
We can also help you if you are buying a home for the first time. We know that when you first buy a mortgage it is a daunting thought. We know that there is a lot of advice out there that contradicts itself, so why don’t you let our advisors walk you through the whole process we can tell you how much you can burrow, get you a breakdown of all the costs involved, obtaining an agreement and making you a qualified purchaser that is desirable for many estate agents. Find out more on our first-time buyer page!