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It can be more of a challenge to get a mortgage if you’re self-employed because you will need to prove you have a steady income. But if you are looking to get a mortgage when self-employed, it’s certainly not impossible with the help of a Mortgage Broker in Birmingham.
As we said, everyone would love to be treated the same when starting their mortgage journey. However, lenders need to be confident that self-employed applicants can meet the affordability to obtain a mortgage. They will look at factors such as:
– Your income/salary
– Your previous years of accounts’
– Business operating costs and expenses
– Bank statements
Having a trusted Mortgage Broker like Birminghammoneyman by your side means you can take on the mortgage world with less stress on your shoulders. We are here to support you throughout the entire mortgage process, talking you through every step and making sure we’re readily available to answer any of your mortgage questions.
Our Mortgage Advisors in Birmingham have a vast in-depth knowledge of lenders self-employed lending criteria. They have spent many years working with independent self-employed applicants from various backgrounds, all coming to us to utilise our parge panel of lenders to help find them secure the most suitable deal for their circumstances.
We can access 1000s of competitive self-employed mortgage products. Once we find the perfect deal for you, we can start preparing your mortgage application if you want to continue with it.
Our Mortgage Advisors in Birmingham work 7 days a week to ensure that you can get in touch at a time that suits you best. Please take advantage of our free self-employed mortgage consultation today.
We have worked with many self-employed applicants in the past, who required some expert, fast and friendly Mortgage Advice in Birmingham. Below we listed a selection of popular self-employed scenarios our advisors have faced over the years when speaking to self-employed applicants like yourself:
Banks are not always the most suitable options for self-employed applicants to speak to directly. Most banks have automated systems, and unfortunately, no matter how many years you have been banking with them or how much money you pay into your account regularly, you are out of luck if they say no.
Lucky for you, one of the many benefits of using a Mortgage Broker in Birmingham like Birminghammoneyman, we may be able to help. Our advisors can match your circumstances and current financial position to see if we can match you to the most suitable Lender, giving you a better chance of achieving your mortgage goals.
Most high street mortgage lenders you can speak to will use their in-house credit scoring policies when assessing their customer’s mortgage applications. These lending policies and scoring systems are based on the mortgage lenders’ own experience working in the industry.
Lenders will analyse previous mortgage repayment statistics, repossession information and other common patterns to determine whom they believe would be risky to lend to—saving them both time and money. However, it can leave a lot of self-employed applicants without a way to achieve their mortgage goals.
As we said, you will find that the vast majority of high street lenders out there have stringent criteria, and many want to see your profits increasing over a minimum of 2/3 years accounts, with some taking an average over three years.
Whilst this doesn’t apply to every Lender, we recommend it’s always better to make sure you have a good few years to help increase your chance of obtaining a mortgage.
You will commonly find that you need to have been self-employed for at least two years, as most lenders will want to see evidence of that time frame. Some self-employed specialist lenders will work off a single year. But as we said, most high street lenders will want a minimum of two years’ accounts.
Most high street lenders will ask for at least 2/3 years’ worth of accounts – detailing income, expenses and operating costs to determine if you are someone who can make timely repayments on your mortgage. Some lenders will also look at retained profits within a business and consider this when assessing affordability.
Even in their own business, a director is classed as an employee. Therefore, most lenders will not asses you unless you own less than 25% of the shares. Lenders add the dividend you have drawn to your annual salary to calculate your yearly earnings. Depending on this figure will determine the maximum amount you can borrow.
Other lenders will work from net profit rather than dividend/salary, which works well for Directors who keep their drawings low.
The minimum deposit for self-employed mortgage applicants need to put down for a mortgage is 5%. Depending on your accounts, you may find yourself having to put down more.
Contractors have a selective choice of mortgage options. The reasons being more people work from short term contacts these days. Lenders will consider taking your “daily rate” rather than your net profit if you can provide a good track record.
Most high street lenders will ask you how long is remaining on your current contract. Lenders need to have confidence and determine if you are someone who can make timely repayments on your mortgage. It may be possible to get a mortgage in some circumstances if this is the first contract you have had, depending on your circumstances.
The variations in lending criteria can entirely depend on the lender for self-employed mortgages, and our Mortgage Advisors in Birmingham will always be open and honest, recommending the best options for your circumstances. Birminghammoneyman is here to take the stress away and answer any mortgage questions you have, both before and during the process.
One of the many perks of using a Mortgage Broker in Birmingham is that we have no ties with any banks, building societies or state agents. The work we do at Birminghammoneyman and the service we provide is purely for the customer. They are the heart of this company, and we only have your best interests at heart.
We have much experience helping and guiding many limited company owners, sole traders, partners that receive a salary, dividends or a mixture of the two. Just by utilising over two decades of mortgage industry knowledge, we can often find solutions for those who need our help.
We can use the wealth of in-depth experience and knowledge we have at our disposal to find you the most suitable mortgage for your personal and financial situation.
Regularly, we contact customers who have faced a measure of difficulty when going direct to their high street mortgage lender for one reason or another. Some of these reasons can include;
We recommend not to keep trying lots of other lenders without being completely clued into their strict lending criteria, as this can harm your credit score. As this could hurt your chances of getting a mortgage.
4.99 Rating67 Reviews
Shelline
Leo Shakespeare and Stacey Jopling has work long side each other to made this entire journey extremely smooth and informative as a first time buyer. His service has been phenomenal. I had been rejected from many other brokers and banks and he...
Nafesa
I have been dealing with Wendy and Malcolm in regards to my house purchase and I could not recommend these enough. A true credit to the company. Very efficient with communication and solving any issues that needed to be addressed. Would highly...
Anonymous
Incredibly helpful, supported throughout whole process
Nazeef
Fantastic experience. Charlie helped me race through to secure the best mortgage offer, best plan for life and critical illness insurance. Very approachable and responsive even with any queries I had after everything was completed.
Tyler
Had great help from both Joe and Chris and Chloe who were all friendly and always happy to help
Rosie
Made everything very easy, we are first time buyers and they couldn't have been more helpful or informative. They didn't make us feel like we were stupid for not know anything about buying a house and talked us through the entire process....
Sophie
Tom and Meghan were brilliant throughout the entire process! Both were friendly and knowledgeable and explained everything to us clearly and answered our countless questions and gave us clarification where we needed it. Both were easy to contact and...
Esme
Super helpful, made the whole process really easy and explained everything as we went along. Pretty good at keeping in contact, keeping us up to date and explaining the choices we had and then giving us the time to discuss and make those decisions.
Sheikh
I must say I am very pleased with the service I recieved from Moneyman, they set up regular calls and kept us updated throughout the checking progress. Fairly priced fees and very knowledgeable! I would highly recommend their services
Abdassami
Second time with this broker and it's been an amazing experience. Would definitely recommend. Anna and Matt were brilliant.
Nicholas
We couldn't be happier with the service provided. Matt has been professional, helpful and extremely supportive throughout our process. We will certainly be recommending you to friends. Communication was 5* and Matt was available at any point...
Asia
Great team - very good communication and very nice, helpful team that made it possible for me! Thank you for the great service.
Andrew
To say we have had a nightmare of a process of trying to buy a house would be an understatement, however Wayne and team were the bright light that helped us get through it. Can't thank them enough for their help.
Kazim
That nice 😊
Kristina
Brilliant service! Would highly recommend! Tom at the Birmingham branch was amazing. We're first time buyers so we were very unsure of the whole process and had lots of questions. Tom gave us all the support and guidance we needed and was there...
Anonymous
Moneyman were really supportive during this process. After our first house fell through following downvaluation, they were really helpful in outlining the process moving forward and supporting us through the next house sale. Couldn't be happier...
Eleanor
Thank you so much for your support Even when I Couldn't get hold of anyone else During the pandemic Your staff were there to encourage me to press on with the mortgage after Thanks for your help and the guidance Thanks for giving me a chance...
Anonymous
Very good service, unbelievable fast to apply my mortgage. Thank you all of you.
Tyler
Aaron was both very friendly and helpful over the phone.
Samina
Dale was a Very lovely person to speak to. Gave all the best advise he can and was very polite. Made me reassured with a few problems I may have but gave me a few options around getting a mortgage
Your free mortgage consultation in Birmingham will last approximately one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to go ahead.
As your Mortgage Broker in Birmingham, we carry out a Fact Find to establish your needs prior to recommending the most suitable mortgage for you. A credit check is then required for an Agreement in Principle and then once you have provided all the relevant documentation and a valuation of the property has been carried out a formal mortgage offer can be issued
Our Mortgage Advisors in Birmingham recommend that you try and get your Agreement in Principle before you take up the decision of starting to view properties in Birmingham, to avoid disappointment. At the very latest you should obtain one prior to making an offer to assist your bargaining position with the seller.
An Agreement in Principle typically lasts for between 30 and 90 days depending on the lender. If your Agreement in Principle expires it can always be refreshed. If you need help obtaining one, our Mortgage Advisors in Birmingham can usually get one sorted for you within 24 hours of your application.
It can be possible to get a second mortgage on your home in Birmingham for debt consolidation or home improvements. It may also be possible to take out a mortgage on a second property if it is for your own use, the use of a family member, a holiday home or a Buy to Let.
To purchase a house in Birmingham, the minimum deposit with High Street Lenders is typically 5% but this can be higher if you have had previous credit problems.
If you have had credit problems you may still be able to get a mortgage but you will likely need to put down a higher deposit than usual, perhaps 15% of the purchase price.
You can get a mortgage in Birmingham once you have submitted at least one year’s accounts. Most lenders use your salary + dividend to calculate the maximum mortgage whereas others go off your net profit.
To prove income it’s usually three payslips for an employee and the latest 2 years’ accounts for Self Employed. In addition, you will need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation in Birmingham typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours and a formal mortgage offer takes about three weeks on average. Before you know it, you will be moving into your new property in Birmingham!
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 Birmingham.
Make an offer on the property in Birmingham 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.
