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Self Employed Mortgages in Manchester
Search Mortgage Solutions can help you get the right mortgage deal available and won’t charge you a fee for the services.
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At Search Mortgage Solutions, A Manchester specialist in self-employed mortgages has many years of experience of how different lenders assess the applications of self-employed applicants. Finding the right self-employed mortgage available to suit your specific needs and circumstances is our particular speciality.
For people employed on a PAYE basis the applicant’s income is clearly defined and there is very little risk to the lender. On the other hand, when assessing the income of self-employed or limited company directors, the lenders are very thorough to ensure that their exposure to risk is minimised. The intensity and method of the assessment varies enormously between lenders so the mortgage broker has to have an extensive knowledge of the most receptive lenders, particularly if the financial information is only marginally good enough.
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Getting a Self employed mortgage
Lenders will generally consider you as self-employed if you own more than 20% to 25% of a business which provides your main income. If this applies to you, regardless of what you are earning, and you are self-employed, a freelancer, a contractor, a sole trader, or a partner, we are ready to help you proceed to a mortgage to suit your particular circumstances.
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The interest rates applicable to self-employed mortgages are not necessarily any higher than standard mortgage rates. Generally the rates offered by the lenders are much more likely to depend on the size of your deposit and your credit rating. However, if your financial details have difficulty in meeting the preferred criteria of the mainstream lenders, we would make an application to specialised lenders that particularly service self-employed borrowers. In this case you may find that rates of interest are a little higher but unfortunately this is unavoidable.
There is absolutely no doubt that if you are self-employed and looking to get a mortgage, you need to engage with a Manchester based specialised self-employed mortgage broker that can guide you through the application process and advise which lenders would be most likely to favourably consider your specific business circumstances. We, at Search Mortgage Solutions, would be delighted to have the opportunity to work with you to meet your needs in the smoothest, most hassle free way possible. An informal discussion with our specialist adviser for the self-employed will cost you nothing and could prove to be the best move you could have ever made. Even if you have been turned down by other lenders we will still make every possible effort to find a suitable lender for your situation.
In reality there is no difference between mortgages offered to self-employed people or to those in regular work as an employee. Both have access to the same mortgages and the same interest rates. The big difference is the way that the lenders view income and assess affordability for the individual. Of course, accountants endeavour to present the most tax efficient view of their client’s accounts whereas the mortgage lenders are more interested in income. Our Manchester based, self-employed mortgage expert knows from long experience which lenders are more flexible and willing to take a wider view of the applicant’s earnings.
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FAQs
Lenders will generally class you as self-employed if you own around about 25 percent or more of a business. If you are in a partnership you are treated the same as those who are sole traders.
You will have to prove how much you earn when you apply for a mortgage because lenders will want to make sure you can afford the monthly payments.
Proving your income is sometimes more difficult if you are self-employed, but you should be able to do this if you can get the right paperwork together
