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Here at Leedsmoneyman, 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:
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’.
As a Mortgage Broker 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.
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.
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.
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!
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.
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.
With the tailored made service, we will work hard in finding you the mortgage deal that suits your personal and financial situations.
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:
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.
4.98 Rating213 Reviews
Melanie
Cannot recommend Daniel enough. He was efficient and professional while dealing with my change of mortgage.
Lisa
Very professional & friendly service, I had a very complex case & really didn't think I'd be able to secure a mortgage. Dinah went through every step in a way I could understand & was there anytime I needed to ask anything. I will definitely be...
Connor
Dan was a fantastic help, and gave some grand advice. Very glad I had the chance to contact him!
Michael
Charlie had excellent and prompt communication and was supportive especially when a problem came up (not UK Moneyman's fault). Would definitely recommend.
Anonymous
Great service. Very efficient and friendly.
Samantha
They have been incredibly helpful every step of the way and there has always been someone available to speak to us, both during the week and at weekends. I highly recommend them and cannot fault them at all.
Saffron
UK Money Man have been incredible throughout the entire process. We worked with Matt & Lyndsey who have been faultless. We are first time buyers so are very new to the process but they made it stress-free from beginning to end. I would 100%...
Sashiddharan
My advisor is very prompt in replying to messages and will reply as soon as he is available. He discussed the mortgage with me and provide decision, on how to proceed. In my last application he was working late night to submit the applicaiton. I...
Stephen
How can I say anything other than brilliant my best choice.
Anonymous
Excellent advice
Tara
My partner and I used UK Moneyman in order to secure our mortgage. Both Ryan Coulson and Meghan Robinson were extremely knowledgeable and provided exemplary advice/guidance throughout the application process. They always provided swift responses to...
Victoria
The service was absolutely wonderful, everyone I spoke to was lovely and very helpful. I was kept up to date throughout the process. Would recommend.
Philippa
Malcolm and his team were brilliant when helping us secure a mortgage. As first time buyers, we did not know much about the process, but Malcolm and his team put us at ease, answered all of our questions and supported us every step of the way....
Anonymous
Dinah Harros and Meghan Robinson were very helpful to find a competitive mortgage deal. They were able to provide good advice regarding the market and ensured we kept informed of the progress. When there was issues they were able to react quickly...
angeline
Very professional and always go the extra mile. Thank you Chris and Anna.
Anonymous
It was a great service and we're really happy with the offer they helped us secure. Daniel was very helpful and Louise sorted everything very quickly for us. This is the second time we've used Leedsmoneyman for mortgages and we've recommended them...
Lucy
Ryan and Meghan couldn’t have been more helpful they made the process clear and stress free from start to finish.
Emma
Our entire experience with Leeds Moneyman has been fantastic, as first-time buyers this was all new to us and Dinah and Louise were such a great help along the way explaining the process in detail. They went above and beyond to secure us a mortgage...
Victoria
First Class Service, Both Louise and Charlie were always available to assist us in our remortgage. The are both very professional and dealt with any queries we had. We would have no hesitation in recomending them. Thank you.
Charmaine
Overall an excellent service and an experienced team. They covered all the basics and answered all our questions in a friendly way for first-time buyers. We really can't thank Wayne and Meghan enough.
Our free initial mortgage consultation can roughly last up to 30 mins. As a skilled Mortgage Broker in Leeds, we can get you an Agreement in Principle within 24 hours after we have all the correct information. On average, a formal mortgage offer takes about three weeks.
If you’re an employee, you will usually have to supply three pay slips to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ accounts. You will also need to provide proof of ID, address and three months’ bank statements.
If you can show evidence of at least one year’s accounts, you may be able to get a mortgage. Most lenders in Leeds will use your salary plus dividend to work out your maximum mortgage. However, some can go off your net profit.
Despite having shown any credit problems in the past, the good news is you may be able to get a mortgage, but it means you may be required to put down a higher deposit, e.g. 10 – 15% of the property purchase price.
Suppose you are looking to put down a deposit for a property in Leeds. In that case, most High Street lenders will ask for a minimum deposit of 5%, and others might ask for a higher amount depending on your circumstances, e.g. If you have had any previous credit problems.
You can have two mortgages running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for between 30 and 90 days depending on the Lender used. If your Agreement in Principle expires, it can easily get renewed by speaking to a Mortgage Advisor in Leeds.
As a committed Mortgage Broker in Leeds, we will carry out a Fact Find to establish your personal needs before we go ahead with advising the most suitable mortgage for your circumstances. From there, you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.
Your free mortgage consultation with a Mortgage Advisor in Leeds will last around 30 mins. Once they have evaluated your circumstances, they will advise a mortgage with no obligation for you to proceed. Based on the deal, you can determine whether or not you want to continue the process.
To help demonstrate that you are creditworthy and assess your affordability for a mortgage, we recommend getting an Agreement in Principle ready before viewing properties in Leeds. At the very latest, you should obtain one before making an offer to assist your bargaining position and show any seller that you are ready to proceed should they accept your offer. We are typically able to obtain an agreement in principle within 24 hours.
A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.
You can take some time out to browse potential properties in Leeds.
Make an offer on the property in Leeds that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.
Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
