We will match you to a Mortgage Advisor who will understand your circumstances and help secure the best mortgage for you.
Our Mortgage Advisor introduction and mortgage hub service is 100% free. We don’t charge a fee, your broker may charge once successful.
When you work for yourself, it’s quite common for your income to be erratic. Whilst cash flow might be something that you learn to live with, it can be a problem when you come to buy a house, especially in the first few years of starting. Mainstream lenders typically offer mortgages on concrete figures, like a PAYE salary and if you’re self employed, at least 3 solid years of accounts.
If you don’t have that yet and aren’t employed by anyone but yourself, rightly or wrongly, high street mortgage companies will generally not be able to offer you anything. That’s where we come in. We can match you to a Mortgage Advisor who will have access to the whole market and lenders who only require a minimum of 1 year self assessment.
You’re going to be classed as self employed if:
Like we said earlier, if you’ve become self employed in the last 12-18 months, the traditional route of applying to a mainstream lender could prove tricky, as they work to a set of immutable criteria. The best route for someone in this position is to talk to one of the growing number of specialist mortgage brokers whose USP is that they have access to deals that you won’t find on the high street.
The deals we speak of are most certainly competitive in the marketplace, but the overriding benefit of these mortgages is that they have a broad criteria of acceptance and are suited to recently self employed people who can prove their income.
Unfortunately not. Since 2011, the Financial Conduct Authority have outlawed self cert mortgages, where the self employed were not required to prove their income.
In order to give yourself the best possible chance of success, you’re going to need to have the following as a minimum:
*Only applicable if your business operates as a limited company.
At Niche Mortgage Info, we work with a group of carefully selected niche mortgage brokers, who have access to lenders that are prepared to take your entire financial picture into account and not automatically dismiss your application simply because you don’t meet all of their rigid criteria.
These niche lenders are also able to take other factors like being a Company Shareholder or Company Director into account, giving them their full weight of importance to the affordability of your mortgage.
If you’re in this position and you’d like more information on the subject, why not try our 60 Second Qualify today and let us introduce you to a broker who will truly understand your circumstances and help find you the best mortgage deal possible.