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Self Employed Mortgage Advice in Leeds

Get in touch for your free Self Employed mortgage consultation

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Helping you secure a mortgage as a self employed applicant in Leeds

Here at Sheffieldmoneyman, 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

Speak to our Mortgage Advisors in Leeds

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 and providing you with advice as well as providing 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.

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Self Employed Scenarios

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.

Self Employed Customers & Bank Mortgage Advice

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 a 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 on getting a mortgage.

Self Employed Mortgage Advice in Sheffield 

 

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, we are not tied to any estate agents. 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. 

 

Having Mortgage Problems? 

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. 

What our customers say

Common mortgage
questions

Our free initial mortgage consultation can roughly last up to one hour. 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 one hour. 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.

We make it so easy!
Our 4 step process

Step 1

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.

Step 2

You can take some time out to browse potential properties in Leeds.

Step 3

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.

Step 4

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.

Handy quick links

Leedsmoneyman.com & Leedsmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Leedsmoneyman - Mortgage Broker

Leedsmoneyman, Wizu Workspace, 32 Park Cross Street, Leeds, LS1 2QH.

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