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It's Free to Speak to an Advisor, 7 days, 8am - 10pm
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:
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.
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.
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.
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.
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.
Our Customers Love Us
4.98 Rating228 Reviews
Anonymous
really helpful team
4 days ago
Daniel
First Time Buyers - We had Charlie helping us through the process, He made us feel at ease from the very first conversation. He basically held our hand all the way through until we got offered a mortgage! Couldn’t recommend Charlie & This Mortgage...
1 week ago
Mark
Matt, Stacey and the team have been excellent with all their assistance and advice in getting our mortgage sorted. I could not recommend them enough. A 5-star service.
3 weeks ago
Amanda
Approaching Moneyman was the best thing we did! We had a poor experience with our first advisor as she clearly didn't understand the nature of self-employed income. Following this, we looked for an advisor specifically with knowledge of assisting...
3 weeks ago
Daniel
We would definitely recommend UKMoneyMan. As first time buyers, Malcolm and Charlie took the time to clearly explain the whole process to us, answer any questions we had, and to help us find the best rate to suit our financial needs!
3 weeks ago
Calum
Very good service very helpful
2 months ago
Mike
Dan and the team were expert and efficient, providing sound advice in difficult circumstances - our property falling outside the norm that mortgage providers usually encounter.
3 months ago
Phillip
Dealt with Liverpool Money Man for initial mortgage, and re-mortgage. Fantastic service, everything explained thoroughly. Thanks.
3 months ago
Amy
Charlie has been fantastic, we got in contact with him as we started house searching over a year ago and he was always available and willing to answer any of our questions no matter how stupid they were!
3 months ago
Janine
Great service received from Tom. He made the first time buyer process run as smooth as possible and explained every step. Would recommend and will use again when I come to renew my mortgage.
3 months ago
Elizabeth
Cannot recommend these guys enough - in particular Charlie and Paula. As first-time buyers, it felt like obtaining a mortgage would be stressful and overwhelming, but Charlie and his team went above and beyond to make sure we understood everything...
4 months ago
Richard
Both Jason and Meghan have been fantastic. They sorted my mortgage application with a high Street lender with no problem. They also arranged some competitive quotes for my life and home insurances. This had the added bonus of reducing there fees as...
4 months ago
Adam
Chris Thompson was an absolute gent and pleasure to deal with. He made the whole process of buying a home calm, reassuring and with a personal touch that made it feel as though he was equally as happy for me as I was myself. Along with Lyndsey,...
5 months ago
Gemma
Lyndsey worked incredibly hard to make our new home possible, without this support and in-depth knowledge of the mortgage market we wouldn’t be completing our home purchase on Friday. Thanks for everything you have done over the last 3 months....
5 months ago
Sarah
Highly Recommend! Such a good service Jason and Jo made the whole process stress free from start to end.
7 months ago
Dylan
Great to work with, fast and reliable and very good communication
7 months ago
Paula
Brilliant service they get back to you when they say they will. So Patient and helpful.Special thanks to Jo
7 months ago
Stephen
10/10 above and beyond from Dan and Louise couldn’t recommend these guys enough top class service
7 months ago
Daniel
We're really happy to have chosen UKMoneyMan to be our mortgage advisor. As first-time buyers, we were originally daunted by the process, but Malcolm, Charlie, Jo and the team stepped in to make the process a lot easier to understand! We really...
7 months ago
Stacey
Great help in the process in securing my offer and would recommend to a friend Helpful with communication
7 months ago
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.
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.
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.
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.
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.
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!
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.
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.
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.
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);
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.
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.
Read our 228 Reviews
Liverpoolmoneyman.com & 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.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Liverpoolmoneyman.com & 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.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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