Self Employed Mortgage
Advice in Liverpool

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 most suitable situation as this will likely increase your success rate in your journey to obtain a mortgage with a lender.

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.

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 most suitable 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.