Self EMPLOYED Mortgages
WITH OUR EXTENSIVE EXPERIENCE WORKING WITH SOLE TRADERS, COMPANY DIRECTORS AND PARTNERSHIPS, WE ARE WELL PLACED TO SECURE YOU THE MORTGAGE YOU NEED
Self build mortgages allow you to borrow money to first buy the land you want to build on, then, money is released in stages so you can pay for the build as it progresses rather than as a single lump sum amount at the start.
With a standard mortgage you will receive the money to fully complete the transaction in one go. However, with a self build mortgage, you receive the loan in installments. This is to reduce the risk taken on by the lender, as many things can go wrong on a huge project like building your own home.
Most banks and building societies require two years full trading history. If you only have one year’s history it’s still possible to obtain a mortgage.
Simply Mortgages specialise in securing mortgages for clients with as little as 12 months trading history in a limited company or as a sole trader.
Being a company director has many benefits when it comes to affordability. Simply Mortgages can approach lenders to ensure you can borrow what you need. Different lenders assess self employed income in different ways. We have the expertise to know which lenders to approach based on your circumstances.
Sole traders and partnerships will need to provide their tax calculations, income is based on the net profit figure based on what has been declared to HMRC.
Lenders use affordability models to determine how much you can borrow. If we were to convert this into an income multiple, we could expect to achieve a range from 4.5x to over 5x your income.
Firstly, its important to understand that the mortgage deals available for self employed clients are exactly the same as those for employed clients.
Although arranging mortgages for self employed clients can be more complex, Simply Mortgages understands this market extensively. You can be assured that we will put you in the best possible position to ensure that the mortgage is approved with minimal fuss or complication.
Let Simply Mortgages help you by contacting us on the link below.