As a mortgage broker in Hull, we understand that going through a mortgage application process as a self employed applicant can be challenging. You might be struggling to meet different lender’s criteria, or are having trouble evidencing your income. A self employed applicant have a different mortgage journey compared to an employed applicant when it comes to securing a mortgage offer.
Many applicants would love to be treated the same on their mortgage journey. The reality of it is that lenders need to be assured that you, as a self employed person, is able to afford a mortgage. The following factors lenders may look at include:
Our Mortgage Advisors in Hull take each applicants situation as an isolated case which is why they can help you secure a self-employed mortgage product always keeping in mind your personal and financial circumstances.
We know that some mortgage process can have its up and downs, nevertheless, we will always provude you with expert mortgage advice in Hull, be there to provide support and guidance throughout the full process like supporting you when you need to back up your application through evidencing your income and years of accounts’.
As your local Mortgage Broker in Hull, we can search through 1000s of competitive self employed mortgage products. As soon as you have agreed with the deal we have found for you and are wanting to proceed, it’s then time to begin your mortgage application.
We understand every applicant have different working environments which is why our hard working advisors are available 7 days a week if you need to get in touch at a time that suits you. Speak to mortgage advisor in Hull and book yourself in for a free self employed mortgage consultation today.
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Matthew
They were absolutely amazing in everything I can’t recommend them enough.
9 hours ago
Joan
Excellent service. Paula was extremely helpful and understanding throughout. Will certainly recommend your services
1 week ago
Robert
Personally very happy with the service and interactions with the staff. Thank you.
1 week ago
Anonymous
I’m a first time buyer and I would recommend using this business. Charlie & Debbie made myself and my partner feel completely at ease with the process. I found their customer service to go the extra mile and no question was a stupid question.
1 week ago
Anonymous
Simple and efficient process.
1 week ago
Edmund
Superb service, fast and very reliable. Good comunication all the way thru whole mortgage process. Would definately recomend.
2 weeks ago
Ebrahim
Yeh I tendtogive really good reviews. Hull money man hashelped us greatly. 99.9 of everything they asked from us was fine. It wasnt them but the advisor they qent to Newcastle seemed to want to know exactly what we where planning well into the...
3 weeks ago
Lynley
We have just used Hull Moneyman again for our remortgage! Very friendly and competent staff who go out of their way to make sure we understand the process and are happy with the product.
1 month ago
Gary
Held my hand through the process, telephone call where prompt and ontime. E-mail was streight forward and communicatrion in general was very good.
1 month ago
Amy
The service we have received from Hull Money man (mainly Charlie) has been outstanding. Charlie has been there for us through a few house fall throughs and each time pulled through for us! Even made contact during his annual leave! As a first time...
1 month ago
Mr David
Very helpful, always available and kept us informed at all times
1 month ago
Tim
Excellent seamless process with no nonsense but very supportive.
2 months ago
Scott
We have used Hullmoneyman services for all of our residential and buy-to-let mortgage and remortgage needs for more than ten years. Hullmoney man have always professional and courteous advice and timely service. We do not hesitate to recommend...
2 months ago
Katie
Leo was fantastic. Understood what we wanted and got it done in record time. Would highly recommend.
2 months ago
Kerry
Excellent service
2 months ago
Timothy
Amazing work and great help from Paula Milner and Charlie Bryson
2 months ago
Philip
Quick and easy from start to finish. Understood what i needed and sorted out seamlessly
2 months ago
Benjamin
Really good service, made things nice and easy.
2 months ago
Stuart
Good communication great company to deal with
2 months ago
Emily
Wouldn’t use anyone else for our mortgage needs this is the second time now and would always recommend to others.
2 months ago
The required number of years for a self employed mortgage can vary depending on the lender’s criteria. However, most lenders typically seek a track record of at least two to three years of financial records, such as tax returns or company accounts. This documentation is used to evaluate your income stability and determine your eligibility for a mortgage. While some lenders may accept just one year of accounts, it’s essential to note that this could limit your mortgage options and potentially impact the terms of the loan.
Lenders assess the income of self-employed individuals differently compared to salaried employees. They usually consider your average annual income over a specific period, often spanning the past two to three years.
When applying for a mortgage, even if you are a director of your own business, you are typically regarded as an employee. To undergo assessment, most lenders require that you own less than 25% of the shares in the company. Lenders combine the dividends you receive with your annual salary to calculate your overall yearly earnings, which, in turn, determines the maximum borrowing amount.
There are lenders who base their income calculations on net profit rather than dividends or salary. This approach can be advantageous for directors who maintain relatively low drawings from their business. It’s advisable to explore different lender options to find the one that aligns best with your financial situation as a self-employed individual
During this appointment, your mortgage advisor in Hull will look at your asessment to work out your maximum affordability.
Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.
Once your purchase offer has been accepted, your mortgage advisor in Hull will submit your full mortgage application and evidential documents to your lender.
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.
There are a variety of lending criteria all depending on the lender, in relation to self-employed mortgages. With this in mind, our dedicated Mortgage Advisors in Hull strive to appropriately match you up with the most appropriate lender for your personal circumstances. This is something we intend to get right the very first time.
Through our rich knowledge and experience in the mortgage industry, we have helped a plethora of customers that are limited company owners, sole traders, partners that receive a salary, dividends or a mixture of both, Our expert team always works hard to try and find solutions for those who are looking for support with their mortgage.
With our mortgage market expertise, we are able to find you the most appropriate mortgage that benefits your personal and financial circumstances.
We are proud to provide a tailor like service to the customer in question. We work with the customers interest at heart which is why we are here til late to answer any mortgage questions you may have.
You will find that every high street mortgage lender will use their in-house credit scoring policies when deciding if a customer is allowed to take a mortgage out with them.
These credit scoring policies are usually based on historical data from the mortgage lenders own experience and past during their time within the mortgage industry.
Data will be collated through lenders looking at previous mortgage repayment statistics as well as any information they will have on repossession and other patterns.
This will determine what would be seen as a high-risk when lending. Having this policy in place can save the lender both time and money, however, can become a struggling aspect of the mortgage journey in the eyes of a self employed applicant.
As years have gone by, mortgage lenders would probably agree that a lot more self employed applicants have fallen into arrears than anyone who is a regular employee. Furthermore, it’s best to point out that it’s very likely that those employed applicants had a pretty smooth journey in the mortgage process in comparison to self employed applicants.
Something that you might be aware of through research is that a large number of high street lenders out there have very strict lending criteria, with some requesting to see your profits rising over at least three years accounts, with a few taking a three year average.
Even though these rules don’t always apply to all mortgage lenders (with some only requiring one years’), having a handful of years to go off as a backup can be better because it can likely increase your chance of getting a mortgage.
When dealing with customers on a regular basis, we find many come to Hullmoneyman because they have approached a bank prior for a mortgage and have found it a challenging experience.
Approaching various different lenders on your own is something you should avoid doing, in particular if you don’t have a lot of understanding with their lending criteria.
By doing this you are risking you getting a mortgage altogether as well as impacting your credit score negatively.
We have worked with many self employed applicants on a regular basis all with different situations, but are all in need of open & honest Mortgage Advice in Hull.
This section highlights some of the scenarios that we have faced with our experience as a Mortgage Broker in Hull, when dealing with self employed applicants.
You might find that some banks are not always the best place for self employed mortgage applicants who are seeking Mortgage Advice.
The reason is that these banks have automated systems that determines your mortgage route and even if you have been with the bank for a certain amount of time or how often you pay into your account, getting declined means there is nothing else you can do with them to help.
In these times, it’s that you look at having a Mortgage Broker in Hull by your side to see what they can do to help. From here, our hard working team are able to evaluate a customer’s personal and financial needs.
From this, they can match up your financial position to the most suitable lender mortgage criteria, which can hopefully progress you on the mortgage journey.
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