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.
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
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Ryan
My partner and I are extremely happy with our decision to use Hullmoneyman as our mortgage advisor. As FTB's we had a million questions which were always answered without any chasing. From our first meeting to the last Charlie was spot on and...
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For us who had a difficult situation, it was the best thing we could have done! Opened so many doors and allowed us to gain a mortgage at a great rate! Charlie was amazing and can’t recommend this company enough! Will be using again. Thank you
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Cristina
2nd time using Hull Moneyman mortgage brokers, this time for our remortgage. Always responsive, happy to help and keep us up to date with progress. 5*
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Samantha
This is our second time using Hullmoneyman, and again the service has been excellent. There is a good balance of updates, without feeling like you are being hounded. The advice we have been given has been honest and reliable given the current...
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Samantha
I cannot rate the UK Moneyman team high enough. Both my husband and I are self-employed which is somewhat less straightforward than it would be if we were in employment. However, Malcolm and his team guided us through all of the stages, from...
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Sam
I had a fantastic experience working with Malcolm and the team at Hullmoneyman. Their use of modern systems streamlined the application process, and communication was excellent, prompt and transparent. The staff, notably Jo, were not only...
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Everyone that has been involved in our case has been polite and very helpful and taken alot of the stress out of something I personally found quite daunting and overwhelming
3 months ago
Anonymous
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3 months ago
Ewelina
Outstanding service, Chris was amazing and very responsive, he answered all of my questions and helped me to get my mortgage offer so fast! He’s done an amazing job, I recommend Hullmoneyman for everyone, especially for the first time buyers like...
3 months ago
Steve
Very professional, friendly and exceptionally motivated, dynamic and driven in ensuring they deliver the best possible service to you. Dan and Jo who managed my mortgage allocation were outstanding, clear and extremely helpful.
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Amazing service. We received all the support that we needed in our journey to buy a house via mortgage and extra help with insurance, surveyor and conveyancer. As first buyers, we had no idea what was needed to be done and where to go or what to...
4 months ago
Benjamin
From the start of the process to the end I couldn’t sing Jason’s praises any higher, he went through it all in basic terms for me to understand and responded to any calls and emails very promptly.
4 months ago
Andrew
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4 months ago
Kerry
After getting turned down from my own bank for a ccj I turned to Hullmoneyman after hearing great things !!! And can honestly say there was right iv now got my mortgage that works for me , I couldn’t recommend him enough , thank you so much !!
4 months ago
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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