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Self Employed Mortgage Advice in Birmingham

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Self Employed Mortgage Advice in Birmingham

Speak to a mortgage expert today for tailored self employed mortgage advice in Birmingham.

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Advice for Self Employed Mortgages in Birmingham

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.

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 mortgage appointment today.


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Self Employed Mortgage Advice in Birmingham

1000s of Self Employed Mortgage Products

Our fast & friendly mortgage advisors in Birmingham 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.

How will a Lender assess my income?

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.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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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.

I’m a Director of my own Limited Company

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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.

How much deposit do I need to put down?

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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.

Can a Self Employed Contractor get a Mortgage?

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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.

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

Discuss your situation and mortgage goals with a dedicated mortgage advisor in Birmingham.

During this appointment, your advisor will look at your tax year overview and tax calculations to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the best deal for your circumstances.

We will then find you a mortgage agreement in principle to help you back up any offers you want to make.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Birmingham will submit your full mortgage application and evidential documents to your lender.

Throughout the process, a dedicated case manager will keep you up to date until you receive your official mortgage offer and complete your purchase.

Protecting You and Your Mortgage

Step 4

Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.

We will also contact you about the date of renewal of your mortgage to make sure you are always on the best deal.

Reasons to Choose us

Free Mortgage Appointment

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Follow our ‘Book Online’ form and book yourself in for a free mortgage appointment; it's never been easier to get self employed mortgage advice in Birmingham.

Mortgage lending criteria can be varied depending on the mortgage lender in question, especially when you’re looking to be matched up as a self employed mortgage applicant.

1000s of Deals

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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.

Our Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Birmingham

We Search 1000s of Self Employed Mortgages in Birmingham

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Common Self Employed Mortgage Scenarios

Popular Self Employed Scenarios in Birmingham

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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:

  • You are an owner of a company, a director, a sole trader, or a business partner, requiring expert self-employed Mortgage Advice in Birmingham.
  • The bank will only offer you a small amount to borrow, and you want to see if you can borrow more.
  • As a self-employed business owner, you are paying yourself a combination of salary, dividends or a directors’ loan.
  • You leave most of your net profit sitting in your company instead of paying yourself a larger salary.
  • Despite having a great credit score, you don’t match the banks’ strict lending criteria for one reason or another.
  • You have an unbalanced net profit.
  • The business has only been trading for 1 year.
  • Your company is going through a busy period, and you need the assistance of a Mortgage Advisor in Birmingham.

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.

Self Employed Customers & Bank Mortgage Advice

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Most high street mortgage lenders will have their own in-house credit scoring policies when deciding on who can have a mortgage. These credit scoring policies tend to be based on the mortgage lenders own experience with mortgage applicants over their own tenure.

During their checks, they will have a look at previous mortgage repayment statistics, any historical data on repossession and other common patterns in order to determine the common denominators that are considered to be a high risk. This will save the lenders time and money, but leaves a lot of self-employed mortgage applicants without a leg to stand on.

Previously you could definitely have made a strong case for the argument that lenders were experiencing high numbers of self-employed mortgage applicants falling into arrears. On the other hand, their self-employed applicants probably also had (and still do) a trickier time applying for that mortgage than other customers.

If you’ve been doing some of your own research, you’ll probably be aware that high street lenders tend to have very strict lending criteria. Many of those mortgage lenders want to see your profits increasing over three years accounts minimum, with some basing their work off a three year average.

Whilst this doesn’t apply to every mortgage lender out there (with some only requiring one years of accounts), it is always recommended that you have more than just the one year to go off, as that will increase your mortgage options.

Self Employed Customers & Bank Mortgage Advice

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Follow our ‘Book Online’ form and book yourself in for a free mortgage appointment; Self Employed mortgage advice in Birmingham is around the corner!

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.

Free Mortgage Guides & Birminghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

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