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Self Employed Mortgages

Self-employed or a contractor, but still desire a mortgage? My Mortgage & Protection Experts are expert self-employed mortgage brokers, based in the UK

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Self Employed Mortgages

self employed mortgage broker

Many clients will ask if it is feasible to get a mortgage if you are self-employed or a contractor. The good news is that Self-employed & contractor mortgages are available, and lenders do accept applications. The key to gaining a mortgage is proof of income with regular amounts declared through your tax calculations. The size of your deposit will assist, as will having a good or excellent credit score.

You can increase your chances of getting a mortgage by making yourself as attractive as possible to a lender. The larger your deposit as a percentage of the loan you are borrowing, the better. Also the higher your credit score is the more likely you are to be accepted. We recommend reviewing your credit profile regularly and ensuring that it is accurate.

Ideally with no late payments, defaults or CCJ’s, as blemishes on your profile will detract significantly from a lender’s willingness to lend.

Lenders will only use income that has been declared and verified through the inland revenue. So, make sure that you have ideally 2 years of provable, taxable income. However, some lenders will allow one year’s trading plus projections, so if in doubt please speak to the professionals.

Using a professional mortgage broker such as MMPE will very often help to improve the chances of getting a mortgage application agreed and offered.

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Mortgage Amount (The amount you wish to borrow):
Annual Interest (Between 0% - 15%):
Repayment Period (Between 25 - 30 Years):
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Monthly Payments: £
Total Payment: £
Total Interest: £
Mortgage Amount (The amount you wish to borrow):
Annual Interest (Between 2% - 5%):
Repayment Period (Between 25 - 30 Years):
Monthly Payments: £
Total Payment: £

mortgage affordability calculator

This calculator allows you to see how your mortgage payments change at different interest rates. You can also see what affect the length of the mortgage and the size of deposit has on your repayments.

Self Employed Mortgages

contractor mortgages

MMPE can assist with mortgage advice if you are a contractor. Getting the right advice will improve your chances of getting a mortgage.

Lenders have very differing views on what they will accept from proof of income and a day rate perspective. It is also important to consider whether there is an IR35 classification implication? So, having a knowledgeable adviser alongside to assist will help.

Lenders generally want to see the continuity of contracts and income in your chosen field. Your MMPE broker will work with you to establish which are the best lenders to approach for your personal situation and calculate maximum borrowing ability.

Typically, lenders want proof of income and will require confirmation of your contract and day rate, and / or tax calculations. The longer you can prove consistent income and contract terms, generally the more likely you are to be accepted.

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3 simple steps

1. Personal Details

Our standard fee for arranging a mortgage is £395. The fee is due upon application of a mortgage loan to the lender.

'A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.'

My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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      Automatic Property Value Updates

      Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.

      Product Expiry Date

      Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).

      The app will alert you when it’s the right time to discuss your options with your mortgage broker.

      Sussed can help you plan.

      Rate Riser

      This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.

      Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.

      Equity Available

      With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.

      Within sussed, you will also be able to see each of your properties with a roadside picture, a confirmed property value, monthly rental, current mortgage balance, payments, interest rate and the Loan to value/Gross rental yield.

      Sussed can help you manage your portfolio.

      Early Review

      This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.

      Should the interest rates decrease, sussed will compare deals available on the day with your existing deal and flag if there is an opportunity for you to save money by switching.

      Regional Price Limits

      There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.

      • East - £407,400
      • East Midlands - £261,900
      • London - £600,000
      • North East - £186,100
      • North West - £224,400
      • South East - £437,000
      • South West - £349,000
      • West Midlands - £255,600
      • Yorkshire and the Humber - £228,100

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