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Self Employed Mortgage Advice in Leeds

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Self Employed Mortgage Advice in Leeds

Self employed in Leeds? Speak to a mortgage expert today and receive tailored guidance for your individual employment circumstances.

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Advice for Self Employed Mortgages in Leeds

As a mortgage broker in Leeds, we understand going through a mortgage process as a self employed applicant can be challenging. From the hurdle of meeting lender’s criteria or having trouble proving your income, it can take a while to secure that mortgage offer compared to an employed applicant.

It would be ideal if everyone went through the mortgage journey with the same treatment. This isn’t possible because lenders need have to the confidence to lend to you as a self employed applicant. The following are some factors lenders will look at:

  • The applicant’s income/salary
  • Previous years of accounts’
  • Costs and expenses that are operated within your business
  • Bank statements

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Self Employed Mortgage Advice in Leeds

1000s of Self Employed Mortgage Products

Our mortgage advisors in Leeds will provide you with a tailor-made service to help you obtain a self-employed mortgage with a deep consideration for your circumstance.

We will be here with a helping hand throughout your full mortgage journey, providing you with advice as well as support with backing up your application through evidencing your income and years of accounts’.

How our team have helped Self Employed applicants!

As providers of expert mortgage advice in Leeds who specialises in working with self-employed customers, we can search 1000s of mortgage products. When we find you the perfect deal and you are wanting to proceed, we can begin preparing your mortgage application.

Our expert mortgage advisors are here 7 days a week so you can get in contact with them whenever is best for you. Therefore, get in touch to book yourself in for a free mortgage appointment.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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The required number of years for a self employed mortgage can vary depending on the lender’s criteria. However, most lenders typically seek a track record of at least two to three years of financial records, such as tax returns or company accounts.

This documentation is used to evaluate your income stability and determine your eligibility for a mortgage. While some lenders may accept just one year of accounts, it’s essential to note that this could limit your mortgage options and potentially impact the terms of the loan.

How will a Lender assess my income?

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Lenders assess the income of self-employed individuals differently compared to salaried employees. They usually consider your average annual income over a specific period, often spanning the past two to three years.

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor in Leeds will look at your asessment to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Leeds will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Step 4

Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.

Reasons to Choose us

Free Mortgage Appointment

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A benefit when you do go with Leedsmoneyman and have a mortgage advisor in Leeds work for you. Our service is tailored to the customer and we work for you with your best interests at heart.

1000s of Deals

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Like with a lot of mortgages and especially self-employed ones, the criteria can differ depending on the lender. Our expert mortgage advisors in Leeds aim to match you with the most appropriate lender that works well with your personal circumstances. Our aim is to get this right the first time!

Our Service

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With the tailored made service, we will work hard in finding you the mortgage deal that suits your personal and financial situations.

7 Days a Week

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We have a rich experience in dealing with a lot of limited company owners, sole trader, partners that have a salary, dividends or both. Our team try and help those who are really in need of support getting a mortgage through providing open and honest mortgage advice.

Malcolm and Amy Davidson - Mortgage Advice in Leeds

We Search 1000s of Self Employed Mortgages in Leeds

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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It’s common that every high street mortgage lender will use their in-house credit scoring system when deciding if customers are eligible to take out a mortgage with them. The credit scoring system is usually based on the mortgage lender’s history and experience as a mortgage lender within the industry.

Lenders will look at historical data of mortgage repayment statistics as well as any information on repossession and other common patterns so they can determine what would be high-risk when lending. By doing this, the lender can save time and money, however, can become a setback within a self employed applicants journey to their dream home.

Over time, it might have been common for lenders to find self employed applicants fall into arrears compared to anyone who is a regular employee. A factor to highlight is that employed applicants would usually not have a hard time obtaining a mortgage as self employed applicants would.

You may be aware that most high street lenders in the industry will have very strict lending criteria with a number of them wanting to see your profits increasing over at least 3 years worth of accounts and some wanting a three year average.

It’s always best to be prepared with a good few of years of this evidence even if some lenders don’t require three years. Furthermore, this may increase your chances of getting a mortgage.

Having Mortgage Problems?

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Some of our customer get in touch with us after approaching their bank directly looking to obtain a mortgage but unfortunately have found it a challenging experience. This could be due to the following reasons:

  • They have failed the bank criteria
  • Net profit has fluctuated
  • Personal circumstance
  • You find the bank isn’t lending you enough
  • Pay structure
  • You credit score

Approaching different lenders is something we wouldn’t recommend, especially if you don’t have a lot of knowledge of their lending criteria. By doing this, you could have a detrimental on your credit which could become a risk in you not being able to obtain a mortgage at all.

Self Employed Applicant Scenarios

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We have dealt with a number of self employed customers with a variety of different situations and have provided them with open and honest Mortgage Advice in Leeds.

Through our experience working with these types of customers, we have been faced with a range of different scenarios such as:

  • You are being paid a mixture of either salary, dividends or a directors’ loan as a self employed owner of a business.
  • You are in need of a Mortgage Advisor in Leeds to help you through the mortgage process in a time when your company is in a very busy period.
  • Instead of paying yourself a salary that is larger, you leave most of your net profit in your company.
  • Your business hasn’t been trading for one year plus.
  • You haven’t been able to match the banks’ strict lending criteria even though you have a good credit score.
  • You’re in need of self-employed mortgage advice in Leeds as a company owner, a director, a sole trader or business partner.
  • You need to borrow more than the amount you bank is offering.
  • You have an unsteady net profit.

Mortgage Guides

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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