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Self Employed Mortgage Advice in Hull

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7 days a week, 8am - 10pm

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Self Employed Mortgage Advice in Hull

Speak to a mortgage expert today for tailored self employed mortgage advice in Hull.

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Advice for Self Employed Mortgages in Hull

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:

  • Your income / salary.
  • Your previous years of accounts’
  • Business operating costs and expenses.
  • Bank statements.

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Self Employed Mortgage Advice in Hull

1000s of Self Employed Mortgage Products

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’.

How is my income assessed as a Self Employed applicant?

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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FAQ's From Self Employed Applicants

How many years on the books do I need?

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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.

How will a Lender assess my income?

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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.

I’m a Director of my own Limited Company

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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

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor in Hull will look at your asessment to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Hull will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Free Mortgage Appointment

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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.

1000s of Deals

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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.

Our Service

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With our mortgage market expertise, we are able to find you the most appropriate mortgage that benefits your personal and financial circumstances.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Hull

We Search 1000s of Self Employed Mortgages in Hull

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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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.

Having Mortgage Problems?

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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.

  • Failed to meet the bank’s criteria.
  • Net profit has fluctuated.
  • Personal circumstance.
  • The amount the bank has offered you isn’t enough.
  • Salary structure.
  • Credit Score.

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.

Self Employed Applicant Scenarios

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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.

  • Being a self employed owner of a business, you are paid a combination of either salary, dividends or a directors’ loan.
  • You’re in need of a trusted Mortgage Advisor in Hull to take you through the full mortgage process while your company is in the midst of a busy business period.
  • Instead of paying yourself a salary that is larger, you leave most of your net profit sitting in your company.
  • Your business has been trading for less than a year.
  • You have a great credit score, however, you don’t seem to match the banks’ strict lending criteria.
  • You’re in need of self employed Mortgage Advice in Hull as a company owner, a director, a sole trader or a business partner.
  • You are looking to borrow an amount that is more than the amount the bank are allowing you to borrow.
  • You have an unsteady net profit.

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.

Mortgage Guides & Hullmoneyman 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

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