Are you Self Employed but also have a less than perfect Credit History?
The sad fact is that most people who are self employed and also have a less than perfect credit history often dismiss the idea of getting a mortgage, deeming it to be an impossible dream. Far from being out of the question, mortgage deals are available to people in this situation, so long as the right preparations are made before applying.
A specialist broker can help to guide you through the application process and ensure that you provide the necessary information that can really make the difference between success and failure.
To be as prepared as you can be, you should make sure you have the following.
- Tax Overview (minimum 1 year)
- Tax Calculation (most recent year)
- Company Accounts* (minimum 1 year full accounts)
- Projected Accounts for the current tax year* (these may be requested to be supplied by your accountant if you have less than 3 years history)
- Current Tax year Salary/Dividend projection* (these may be requested to be supplied by your accountant if you have less than 3 years history)
- Current Tax year projected accounts (these may be requested to be supplied by your accountant if you have less than 3 years history)
- 3 Months Personal Bank Statements
- 3 Months Business Bank Statements
- 3 Months Wage Slips (if applicable)
- Credit Reports from the 3 main agencies – More info
- IVA completion certificate (if previously in an IVA)
- Bankruptcy discharge (if previously bankrupt)
*Only applicable if your business operates as a limited company
Since the laws in the UK regarding responsible lending came in to force, all mortgage lenders want to see is that any mortgage they offer is affordable to you. With a specialist brokers help and the right kind of proof, there’s no reason why you shouldn’t be successful in your application.
To see if you qualify, talk to a specialist mortgage broker who will understand your unique situation.