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Mortgage Advice Loughborough > Self Employed Mortgage Broker

Self Employed Mortgage Broker

Self Employed Mortgage Broker Experts

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Are you self-employed and looking to get yourself on the property ladder? It may seem daunting, as it’s true that there are a few more obstacles in your path than for those working as employees in full-time jobs.

But fear not: it is very much achievable. At Derngate Wealth Management, we know this to be the case as we have helped numerous self-employed individuals secure mortgages for their dream homes. As a specialist self-employed mortgage broker, we know what’s needed to meet the criteria lenders are looking for.

Am I self-employed?

First of all, are you classed as self-employed? If you work as a freelancer, contractor or operate as a sole trader then, typically, the answer is yes. As we’ll outline though, this doesn’t mean a mortgage is out of your reach.

How do I get a mortgage if I’m self-employed?

Yes, it’s the case that securing a mortgage will be a little tougher for you. But the key is to understand which criteria lenders are expecting you to meet in order to accept your application – and how to meet them.

If you’re self-employed and living in Loughborough, you’ve come to the right place. At Derngate Wealth Management, our team is here to help you make your dreams a reality; we can go through each of the requirements set out by lenders step-by-step, help you make any changes you need to make to meet them, and even assist you in preparing your paperwork to submit your application.

Mortgage lenders have to put in place strict guidelines to identify who is likely to be able to keep up their monthly payments and who isn’t.

Most lenders expect to see at least two years of certified accounts, but there are companies out there that will accept one year.

Typically, mortgage providers will calculate your average income based on previous years’ accounts, so the more evidence you have of your income, the more likely you are to be accepted. The average income determined by the lender will also determine how much you can borrow.

If you’re employed as a contractor, it’s worth preparing evidence of any upcoming contracts – some lenders will ask for this.

Improving your chances – mortgage tips for the self-employed

Besides providing strong annual accounts, there are a few other things you can do to increase the likelihood of securing a mortgage. While you have the same access to mortgages legally as anyone on a permanent, full-time contract, lenders will see you as more of a risk. With that in mind, anything you can do to demonstrate you’re low-risk will improve your odds.

Steps you can take include the following:

  • Credit score: The better your credit score, the more likely you are to be accepted for a mortgage. If it’s a little lower than you’d like, we can help; our team can provide straightforward advice to help you boost it.
  • Monthly spending: It’s not just your monthly income that matters, but how much of it you’re spending. If you can, cut down your monthly expenses to prove to lenders that you’re responsible enough to handle a mortgage.
  • Evidence: As touched on earlier, the more proof you can provide to the lender that you’re financially sound, the better. Submitting an organised collection of documents that portrays your finances in a positive light will go a long way towards securing you a mortgage.
  • Get advice: If you want to stand the greatest possible chance of succeeding in your mortgage application, it’s always worth getting advice from a company like Derngate Wealth Management. The tips detailed above should put you on the right track, but getting one-to-one, tailored guidance will dramatically improve your chances of being able to purchase your own home. Even when you’re ready to apply, our knowledgeable team can search the market to find a mortgage that’s perfect for you.

Why Choose Us

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Mortgage Advice

Your mortgage is probably the largest financial transaction you are likely to make. As mortgage brokers Loughborough, we will guide you and ensure you select the product suited perfectly to your circumstances.
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12 Years of

Gary Fowkes comes with over 12 years of mortgage advice and protection experience, meaning you will be in good hands throughout the entire process and get the tailored advice you need, when you need it, from an expert.

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We offer no obligation mortgage quotes. Give us a call or complete the call back form and one of our team will call back shortly. For the most suitable mortgage quote, we would need discuss your circumstances in more detail.

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Frequently Asked Questions

How much can I borrow if I’m self-employed?

The answer to this question is pretty simple: you can borrow the same as someone who is employed in a full-time job. Generally, most lenders set the upper limit at four-and-a-half times your income, but there’s scope for this limit to increase if you can prove you’re financially responsible and that your earnings are secure.

Can I get a mortgage if I’m self-employed and don’t have two years of accounts?

In a word, yes. Many lenders require a minimum of two years’ accounts for you to qualify, but our expert team at Derngate Wealth Management can put you in touch with a lender that will happily accept one year. As mentioned earlier, the more evidence you have of your income and proof of your watertight finances, the better.

Can I get a ‘Help to Buy’ mortgage if I’m self-employed?

You can, but it’s not quite as simple as it is for those on a full-time contract. There are fewer lenders out there who will offer you a Help to Buy mortgage if you’re self-employed, but you’ve come to the right place; at Derngate Wealth Management, we can connect you with lenders who will do just that – provided your application checks out.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for the initial consultation but there may be an administration fee payable when an application is submitted, this fee is usually £499 and we are also paid commission from the lender.