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Self Employed Mortgage
Advice in Liverpool

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Self Employed Mortgage
Advice in Liverpool

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

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Advice for Self Employed Mortgages in Liverpool

You may have heard that it’s harder to obtain a mortgage as a self employed applicant in Liverpool. Although it may seem more of a challenge than ‘regular applicants’, as long as you have the correct accounts, a good credit file, regular work lined up and the right deposit.

Not to mention the help of a good mortgage broker in Liverpool like ourselves, choosing us by your side we will put you and your application in the best possible position to be in with a chance of being accepted by certain lenders on our panel.

It would be nice if everyone applying for a mortgage be treated equally, however lenders need to have complete faith that any self employed applicants have the funds to pay back each mortgage payment on time.

Any mortgage lender will examine key factors when determining whether or not they will lend to you. These include:

  • The amount of regular income/salary that you are earning.
  • Your previous years of accounts.
  • The costs and expenses involved in operating your business.
  • Your bank statements.

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Self Employed Mortgage <br>Advice in Liverpool

1000s of Self Employed Mortgage Products

Self employed applicants who are wanting to know their options for purchasing a new property, or are already a homeowner who is looking to remortgage their property, will benefit from speaking with one of our entrusted members of our team.

Having worked in the mortgage industry for over 20 years, we have worked alongside many self employed customers each coming from a different background. Despite the different circumstrances, one thing was in common, they all got in touch with us in the hope of securing them the most suitable deal.

Our fast & friendly mortgage advisors in Liverpool understand the self employed mortgage lending criteria inside and out, we’ve developed a strong for being successful in this area.

How will a Lender assess my income?

In general, high street lenders will request at least 2 to 3 years’ worth of detailed accounts, including income, expenses, and operating costs. This thorough assessment helps them determine whether applicants can manage timely mortgage repayments. Some lenders also take into account retained profits within a business, which can influence affordability considerations.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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It is quite common to find that lenders typically require a minimum of two years’ self-employment history, as they prefer to see evidence of this duration. Certain self-employed specialist lenders might consider applications with just one year of accounts. Nonetheless, for most mainstream lenders, a minimum of two years’ accounts will be expected.

I’m a Director of my own Limited Company

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When applying for a mortgage, even as a director of your own business, you are considered an employee. To qualify for assessment, most lenders will require that you own less than 25% of the shares in the company. Lenders combine the dividends drawn with your annual salary to calculate your overall yearly earnings, which then determines the maximum borrowing amount.

However, there are other lenders who base their calculations on net profit rather than dividends or salary. This approach can be beneficial for directors who keep their drawings relatively low.

How can a mortgage broker in Liverpool help?

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Our team of knowledgeable and experienced Mortgage Advisors in Liverpool are armed and ready to assist you in you securing a self employed mortgage product that is most suitable to what you are hoping to achieve.

Everyone here will offer their full support and guidance across the entire of your mortgage process, providing you with expert mortgage advice in Liverpool and helping you to backup your mortgage application by referencing the income you earn and years of accounts’.

The perks of using a Mortgage Broker in Liverpool who understand the self employed lending criteria is we have access to 1000’s of unique and tailored mortgage deals to fit with many different self employed applicants in Liverpool. Once your advisor finds the most suitable deal for what you are hoping to achieve, we can start taking a look at how to prepare for your mortgage application.

The key difference between a self employed applicant to a regular applicant is how you evidence your income to the lender. Make sure to be open and honest to both us and your lender, it will hopefully put you in a much better position to run a smooth process to hopefully help you achieve your mortgage goals.

Our Mortgage Advisors in Liverpool work 7 days from early until late, always on hand to speak to customers at a time that suits them and their busy life. Make the most of our online appointment booking system and get yourself booked in for a free mortgage appointment with a dedicated and trusted Mortgage Advisor in Liverpool, with various time slots to choose from, subject to availability.

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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 Liverpool.

During this appointment, your mortgage advisor in Liverpool 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 Liverpool 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 Liverpool.

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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Self employed lending criteria always depends on the lender you are matched up against. Let our Mortgage Advisors in Liverpool take control to make sure you are suitably matched up with the most suitable mortgage lender for your situation. We aim to always get our decision right first time!

Our Service

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We love providing customers with a tailored service that is in line with what they’re looking to achieve. We will always have your best interests in mind.

We use our in-depth mortgage knowledge to find solutions for those who are truly in need of the assistance of Mortgage Advisors in Liverpool.

7 Days a Week

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Working in the industry for over 20 years, as a Mortgage Broker in Liverpool, we have gained a lot of experience in helping various limited company owners, sole traders, and business partners that receive a salary, dividends or a mixture of both, in their quest to acquire them a mortgage on a property.

Malcolm and Amy Davidson - Mortgage Advice in Liverpool

We Search 1000s of Self Employed Mortgages in Liverpool

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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Most high street mortgage lender that can be thought of will use their own in-house credit scoring policies when they are determining whether or not a self employed applicant like yourself can take out a mortgage with them. These credit scoring policies are often based on the mortgage lenders’ history of working within the mortgage industry.

They will take the time to review mortgage repayment statistics of the past, any information they have gathered on repossession and other common patterns to determine what sort of case, to them, would be perceived as a high-risk when lending. Saving the lender both time and money and also yours.

In the past, lenders may have experienced more self employed applicants fall into debt than others who are employed. A lot of the main high street lenders out there may have tight lending criteria, with many wanting to see your profits increasing over three years accounts (minimum), with a selection of them taking a three-year average.

Whilst some lenders out there maybe only request one year’s worth of accounts, we recommend that you make sure that you are in the best possible situation as this will likely increase your success rate in your journey to obtain a mortgage with a lender.

Having Mortgage Problems?

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We regularly converse with self-employed customers who for one reason or another have found approaching their bank directly for a mortgage to be rather difficult. Some of the reasons that we have heard for this include (but are not limited to);

  • Credit Score
  • Failed Banks Criteria
  • Personal Situation
  • Bank Won’t Lend Enough
  • Fluctuating Net Profit
  • Pay Structure

Definitely hold off from going to speak with lots of different lenders by yourself, especially if you are not well versed in understanding their lending criteria. Doing so can negatively affect your credit score and perhaps even prevent you from obtaining a mortgage full stop.

Self Employed Applicant Scenarios

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We have worked alongside many self employed applicants in the past, each in need of fast & friendly Mortgage Advice in Liverpool.

Throughout our time as a skilled and acquainted Mortgage Broker in Liverpool, when speaking to various self employed mortgage applicants.

There are so many different scenarios that we came across below we listed some of the more popular scenarios.

  • Self employed business owners like yourself, are getting paid from either a salary, dividends or a directors’ loan.
  • At the current time, your company is currently busy and you need the assistance of a Mortgage Advisor in Liverpool to guide you through the mortgage process.
  • You would rather leave most of your net profit sitting in your company, rather than choosing to pay yourself a larger salary.
  • Your company has been trading for less than one year.
  • Despite your credit score is great, you don’t seem to match the banks’ lending criteria.
  • You’re a company owner, a sole trader, a business partner or a company director, that requires expert Self Employed Mortgage Advice in Liverpool.
  • You are limited by the bank as to how much you can borrow and you need an amount that is greater than what they could offer.
  • You have an unsteady net profit.

We tend to find, banks are not best suited for self employed mortgage applicants when they are looking for Mortgage Advice in Liverpool. Because banks have automated systems and though it is unfortunate, no matter how long you have been banking with them or the amount of money that goes into your account regularly, if you get declined, that’s more or less the end of the line with that particular lender.

Situations like these are where the benefit of using a Mortgage Broker in Liverpool will be great to help and solve your mortgage queries. Our dedicated team can take the information they have accumulated on your financial position and goals, and try to find you a suitable lender whose criteria you fit.

Mortgage Guides & Liverpoolmoneyman 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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