Self Employed customers often get the short end of the stick when it comes to mortgage deals because of statistics. Without an experienced Mortgage Broker in Hull, like us on your side, it can sometimes prove tricky!
By using a Self Employed Broker like us with a minimum of one year’s accounts it may be possible to secure a mortgage deal! Remember, we consider all mortgage situations at Hullmoneyman, there is rarely a situation that we haven’t come across before!
Are you Self Employed and want to know more about your Mortgage Options? If so, please arrange a free Self Employed Mortgage Consultation with Hullmoneyman, you can apply here.
Traditionally, banks are not always very receptive when approached by their Self Employed customers for mortgages. No matter how many years you have been banking with them or how much money you pay into your account on a regular basis, if their computerized lending criteria do not like your financial information, they will just say no.
Almost all of the high street mortgage lenders use their in-house credit scoring policies when granting mortgages, these are based on that lenders own experience on previous mortgage repayment statistics and repossession information and individual cases that do not fit these tight criteria are not investigated further. This will save the bank or building society time and money.
In the past, it is possible that mortgage lenders have had more cases of arrears with Self Employed applicants than employed ones but it is fair to say that employed applicants have to jump through far fewer “hoops” to get approved for a mortgage.
Many high street banks have very strict criteria and must-see increasing net profit with a minimum of three years accounts or some take an average over three years.
Lending criteria can vary greatly between mortgage lender for Self Employed mortgages and it is our job to be able to place your mortgage application with the most suitable lender – We aim to be right the first time!
Unlike most Mortgage Advisors in Hull, we’re proud to work independently to estate agents. Therefore, we work solely for you, with your interests at heart.
We work closely with owners of limited companies, sole traders, partners that receive a salary, dividends or a mixture of the two. We’re usually able to help them with all of their mortgage needs.
We are able to use our in-depth experience and knowledge to place your application with the most suitable mortgage lender based on your personal situation.
Often, clients who call have had difficulty one way or another with their bank or other high street mortgage lender due to many reasons:
It is important that you don’t keep trying lots of other lenders without being 100% sure of their strict lending criteria because this will have a negative impact on your credit score. Also, it may well harm your chances of getting a mortgage altogether.
Your free mortgage consultation in Hull will last around one hour. We will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether or not you wish to proceed with the mortgage.
As your mortgage broker in Hull, we carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for you. A credit check is then required for an agreement in principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can be issued.
To avoid possible disappointment, we recommend you obtain an agreement in principle before you begin viewing properties in Hull. At the very latest you should obtain one prior to making an offer to assist your bargaining position.
An agreement in principle typically lasts for between 30 and 90 days depending on the lender used. If your agreement in principle expires it can always be refreshed.
There may be a chance to obtain a second mortgage on your home for things like debt consolidation or Home Improvements. There may also be a possibility for you to take out a mortgage on a second property if you’re wanting to use it for yourself, a family member, a holiday home or a Buy to Let.
The minimum deposit when purchasing a house in Hull with high street lenders is typically 5%. This can be higher if you have had previous credit problems.
If you have had credit problems you can still get a mortgage but you may possibly be required to put down a higher deposit than usual, perhaps 15% of the property purchase price.
Once you have submitted at least one year’s accounts, you are able to get a mortgage. Most lenders use your salary plus dividend to calculate the maximum mortgage, whereas others are known to go off your net profit.
It’s usually three payslips for an employee to prove income and the latest 2 years’ accounts for self employed applicants. You will also need to produce proof of ID, address and 3 months’ bank statements.
Our free consultation typically lasts up to an hour or so. We can turn round an agreement in principle within 24 hours. A formal mortgage offer takes about three weeks on average.
A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.
You can take some time out to browse potential properties in Hull.
Make an offer on the property in Hull that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.
Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
