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? Need expert Mortgage Advice in Hull from a Self Employed Advisor? 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.
Our free initial mortgage consultation will last roughly one hour. Lucky for you, as an experienced Mortgage Broker in Hull, we can turn around an Agreement in Principle within 24 hours. All we need is a quick phone call to gather the necessary information. A formal mortgage offer takes about three to four weeks on average.
If you’re an employee, you will usually have to supply three payslips and the latest P60 to prove your income. If you are Self Employed in Leeds, it is typically the latest two years’ tax calculations and correspondings overviews. You will also need to provide proof of ID (Driving license or Passport). Proof of Address (Utility bills, tax bills or credit card statements) and three months’ bank statement. You are proving the deposit built up with an explanation for any significant credits.
The good news is it may be possible to get a mortgage if you are self-employed in Hull. To qualify, you need to submit at least one year’s of accounts, the likelihood may increase your chance of obtaining a mortgage. Most lenders take a look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit. It all depends on the lender.
The good news is that you may find it a bit more challenging to obtain a mortgage despite having previous credit issues on your record. But it doesn’t mean it’s impossible, and you may still be able to get one! It just means that some Lenders may ask for a slightly higher deposit of around 10-15%.
Most high street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on your previous circumstances, e.g. if you’ve had any past credit issues.
The good news is it is possible to have two mortgages in Hull running simultaneously, as long as you can afford to repay the monthly instalments on each of them. If you’re looking to accomplish something like debt consolidation or home improvements, you may be able to place a second mortgage on your home.
An Agreement in Principle typically lasts for 30-90 days. However, this timeframe is up to the Lender. If your Agreement in Principle expires, worry not; you can renew it by getting back in touch with your Mortgage Advisor in Hull.
As a Mortgage Broker in Hull, we recommend that you obtain an Agreement in Principle (AIP) as soon as you can, preferably before you start viewing properties. Having an Agreement in Principle in place when you are viewing houses could potentially allow you to negotiate prices.
Our mortgage process consists of multiple different steps. The first step is to get in touch, and one of our trusted mortgage advisors in Hull will carry out a Fact Find to get a bigger picture of your mortgage situation.
Secondly, you’ll undergo your free mortgage consultation, and your assigned dedicated Mortgage Advisor in Hull will begin searching for mortgage deals that match your circumstances. If they find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.
Next, they will perform a credit check on you to obtain an agreement in principle. Some evidential documents will be required from you to help back up your mortgage application.
Lastly, they will submit your mortgage application and wait for a formal mortgage offer to be issued.
Your free initial mortgage consultation with your dedicated Mortgage Advisor in Hull will last around an hour. During this consultation, we will get to learn a bit more about your mortgage needs and what you are looking for. Once we know more about your personal and financial situation, we will start looking for mortgage deals that will match you perfectly.
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.
