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 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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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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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.