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Self employed mortgagesMore Financial Mortgage Brokers Peterborough

Hey there! Are you thinking about getting a self-employed mortgage? Well, let me tell you, it can be a bit of a tricky process. As a self-employed person, you'll need to prove to the mortgage lender that you have a reliable income. But fear not! It's not impossible to get a mortgage as a self-employed person. You just might have to jump through a few extra hoops to prove your income.

Now, let's talk about self-certification mortgages. They used to be a thing of the past, designed for self-employed folks to self-certify their earnings without providing evidence. But unfortunately, they were banned in 2014 due to concerns that people were getting accepted for mortgages they couldn't afford. So, self-employed people now have to apply for mortgages in the same way as everyone else.

But wait, what exactly counts as self-employed? If you own 20% to 25% of a business from which you earn your main income, then lenders will view you as self-employed. This includes being a sole trader, company director, or contractor.

When it comes to getting assessed as a self-employed mortgage applicant, there are different categories you might fall into, each with its own set of requests and expectations from lenders.

If you own a registered limited company, your lender will want to know how much your earnings amount to. If you have business partners, lenders will ask to see proof of your share of the profits. And if you're a contractor or freelancer, you'll likely be classed as a sole trader. You'll need to fill out a tax self-assessment and get it signed by an accountant to certify your income before providing your mortgage lender with an SA032 form.

Basically, the amount you can borrow depends on your income and the size of your deposit. Usually, lenders will pay out around 4.5 times your annual income. But remember, this varies based on your personal circumstances.

So, if you're self-employed, it's a good idea to save up as much as you can for a deposit. This way, you'll have more options when it comes to choosing a deal.

Now, you may be wondering if self-employed mortgages come with higher rates. The good news is, not necessarily! As long as you can provide enough info about your income, you should qualify for the same deal as someone with a similar salary in a full-time job.
In fact, your mortgage rate is more likely to be influenced by the size of your deposit and your credit rating. So, the bigger your deposit and the higher your credit score, the better the rate you're likely to get.

But, if you have trouble getting accepted by a regular bank, you may have to go to a specialist lender that deals with self-employed borrowers. Just be aware that rates might be higher with these lenders.

To boost your chances of getting accepted, you can save up for a deposit, check your credit rating, correct any mistakes on your credit report, and get on the electoral roll.

So, there you have it! Getting a self-employed mortgage might be a bit of a challenge, but with the right documentation and some extra effort, it's definitely doable! Let us at More Financial help get you there.

Speak with More Financial today. We specialise in mortgages for the self employed with a history of 1 full trading year and beyond. 01733 741 911

A deeper dive into

Common questions asked about

1. Are there different types of mortgages available?

Yes, we offer a variety of mortgage options to suit different needs. Whether you are a first-time buyer, looking to buy-to-let, or a home mover, we can help you find the right mortgage for your situation. We also offer specialized mortgages for specific professions, such as NHS workers and sports professionals.

2. How can I find the best mortgage rates?

Our Peterborough mortgage broker will provide expert advice and help you find the best mortgage rates available. We have access to a wide range of lenders and can compare rates to ensure you get the most competitive deal. By working with us, you can save time and effort in researching and comparing mortgage rates yourself.

3. Can you help me with life insurance?

Yes, we can help you secure the cheapest life insurance premiums. Our team will guide you through the process and find the most suitable life insurance policy for your needs. Having life insurance can provide financial protection for your loved ones in the event of your passing, giving you peace of mind.

4. How do I start the mortgage application process?

To start the mortgage application process, you can complete our short mortgage affordability form on our website, book a chat with our team, or give us a call. We will then guide you through the necessary steps and help you get approved for a mortgage. Our goal is to make the process as straightforward and stress-free as possible.

5. What sets you apart from other mortgage brokers?

We pride ourselves on providing clear, concise, and tailored mortgage advice. Our team is dedicated to supporting you throughout the entire process, from finding the right mortgage to completing the application. We strive to make your house move, remortgage, or investment journey as smooth as possible, ensuring you receive the best service and the most competitive rates.

Some reasons to choose

Discover the Best Mortgage Rates

Our Peterborough mortgage broker will find the best mortgage rates for you. They have access to a wide range of lenders and will compare different options to ensure you get the most competitive rates available.

Secure the Cheapest Life Insurance Premiums

In addition to mortgage services, our Peterborough mortgage broker can help you secure the cheapest life insurance premiums. They will assess your needs and recommend the most suitable life insurance policy that fits your budget.

Tailored Mortgage Advice

Our Peterborough mortgage broker provides clear and concise mortgage advice tailored to your specific needs. They will guide you through the mortgage process, explaining all the options available and helping you make informed decisions.

Support Throughout the Whole Process

Our Peterborough mortgage broker is dedicated to supporting you throughout the entire house move, remortgage, or investment journey. They will be there to answer your questions, address your concerns, and ensure a stress-free experience.

Mortgage Affordability Assessment

You can start by completing our short mortgage affordability form, booking a chat, or giving us a call. Our Peterborough mortgage broker will assess your affordability and provide you with an understanding of how much you can borrow.
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