Mortgages for Self Employed Milton Keynes
How do Self Employed get Mortgages?
The majority of lenders will often see you as self-employed if you own more than 20-25% of a legitimate business. When you are self-employed it can be harder to get a mortgage as lenders have more requirements to try and prove if you are a reliable person.
Often, it is difficult for those self-employed to be able to show a certain amount of reliability. However, if your business is moderately profitable it is definitely not impossible to secure a self-employed mortgage. It will just require additional criteria such as accounts across a certain period, a substantial-high average of profits, and potentially proof of future commissions.
Are Self Employed Mortgages More Expensive?
Self-employed mortgages are not necessarily more expensive. In fact, with enough supporting information and related documents, you should be able to secure a mortgage at the same rate as someone who has the same income as you but is not self-employed. As long as you’re both putting down the same deposit, of course.
However, if you find yourself in a situation where you are being rejected by a lot of the major banks then you may have to apply through a more specialist lender, which may result in higher mortgage rates.
If you are self-employed and are unsure whether you would be able to get a mortgage that suits you, then do not hesitate to contact us. Our expert mortgage advisors are always on hand to take you through the mortgage process and provide you with professional advice that will help you get the best deal on your mortgage.
Best Mortgage Lender
We pride ourselves on being specialists in helping self employed clients obtain mortgages. Whether you are a contractor, a Limited company Director or a Sole Trader. As long as you have at least 1 years’ Accounts or submitted 1 years’ tax return, we may be able to help.
Lenders all vary with how they will assess your self employed income. We will find the lender who best suits your circumstances to obtain the mortgage you require. If we cannot help, we can guide on the best path to be able to obtain a mortgage in the future.