Self-Employed & Contractors
Let us guide you through the mortgage maze…
Whether you’re a Sole Trader, Director of a Limited Company, Partner of an LLP or have a mixture of income sources, let Coast & Capital do the leg-work & help assess the options available to your circumstances.
Self-Employed Mortgages
If you’re self-employed, finding the right mortgage can be more of a challenge since every lender has different criteria when assessing your application. Lenders can take different views on net profits, dividends, salary and the length of time that you have been trading meaning that seeking professional advice is essential – this is where Coast & Capital Mortgages can help!
Contractor Mortgages
Whether you’re new to contracting or have been a contractor for many years, there are many ‘contractor friendly’ lenders in the market that can offer loan amounts far in excess of what’s achievable via lenders that adopt a more conservative approach when assessing income for someone on a fixed term contract. If you’re on a fixed term contract and want to discuss your options then contact one of our mortgage specialists for a no obligation consultation.
4 Common Myths
Getting a mortgage can be challenging, particularly for the self-employed who may have to satisfy additional lending criteria. But don’t let any of these 4 myths stop you…
It’s harder to get a mortgage if you are self-employed
False. While it may be trickier to secure a mortgage with some high street lenders when you’re self-employed, there are a number of providers out there who actually specialise in lending to self-employed applicants – it’s simply a case of approaching the right lender for your circumstances. This is where guidance from your Coast & Capital mortgage adviser becomes invaluable – we know the lenders that will be able to accommodate your situation, saving you time & removing stress from the process!
Lenders always average your income
False. Many lenders will average your income, but other lenders allow you to use your latest year’s figures. If you have a new or growing business this can be key as it can increase the amount you can borrow.
Lenders only look at dividends for Directors of a business
Some lenders allow you to use your salary plus share of profits instead of dividends. This may mean you don’t have to take money out of your business to increase your personal income, or can be beneficial if you’ve retained profits in the business.
You need two to three years of accounts
False. Whilst it’s true that most lenders will want a minimum of two years of accounts from self-employed applicants, there are some lenders that will accept just one year’s worth.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
An experienced team of mortgage experts
At Coast & Capital Mortgages, we pride ourselves on being a small, dedicated team with a wealth of experience in the mortgage industry. With expert knowledge of the market, alongside our close relationships with lenders, you’re in good hands!
