Self-Employed Mortgage Broker Serving Essex, Surrey, and Greater London
So you're self-employed and need mortgage advice? Well, you've come to just the right place.
Mortgages for self-employed individuals are readily available with the majority of lenders, but the requirements can vary from lender to lender. That’s where we come in, we take the time to understand more about your business and your experience in the industry so that we can get a clearer idea of which lenders would be best suited to your individual case. Whether you’re looking for tailored advice on your self-employed mortgage in Surrey, Essex, or the surrounding area, don’t hesitate to connect with the team in Greater London to discuss your specific goals, needs, and financial circumstances – we are here to help!
Who might be treated as self-employed?
As a general rule of thumb, you’d be treated as self-employed by a lender if you are a sole trader, a partner in an LLP or a director in a LTD company with more than 20% shareholding.
Contractors can sometimes be treated as employed or self-employed by a lender depending on the set up. The way in which income is determined can be slightly different in comparison to a usual ’employed’ individual, so we’d always recommend speaking to an adviser to understand your position.
Sole Traders
Ltd Company Directors
Limited Liability Partnerships
Day Rate Contractors
Umbrella Contractors
Construction Industry Contractors
We're here to help you find the right self-employed mortgage lender
Finding a mortgage as a self-employed individual can be difficult, there’s a lot of information out there. Each lender has their own approach when it comes to assessing self-employed or contractor mortgage applications, so there’s certainly no ‘one-size-fits-all’.
Whilst being self-employed gives you that freedom and flexibility, it can also be time-consuming and stressful. So, if you’re self-employed or a contractor and are wondering what your options might be, then don’t hang around, get in touch with the dedicated brokers at The Mortgage Story so that we can help – your time is better spent elsewhere, let us worry about the mortgage, ok?
Ways to prove your income
Before you can apply for a self-employed mortgage, you need to make sure you have all of the correct documents lined up. For self-employed individuals and contractors, the following documents are typically required, but other documents may also be requested depending on the circumstances and the lender:
Sole Traders
SA302s Tax Calculation and Tax Year Overviews
- SA302s are official tax calculations from HMRC that are produced once you file your tax returns for the relevant year. They can be used to evidence your income from self-employment.
- Tax year overviews provide the breakdown of the taxes due to HMRC for the respective year.
Ltd Company Directors
Company Accounts, SA302s and Tax year Overviews
- Company accounts can be used to determine the net profit of the company before/after tax, depending on the number of shares you own in the company, lenders can take your share of profits, plus your salary to establish how much you can borrow. Therefore, lenders would need to see all three of these documents.
- The majority of lenders only work on salary and dividends, therefore, SA302s and tax year overviews are required for this.
Contractors
Payslips (umbrella contractors), copy of the agreement with the umbrella, copy of current contract and bank statements
- If you are set up as an umbrella contractor, lenders will often request copies of your payslips which are issued by the umbrella company. They may also look at a copy of your contract.
- If you’re a standard contractor, some lenders will go off the value of your contract, but they may also require copies of bank statements to confirm your earnings.
Why Choose The Mortgage Story for Your Self-Employed Mortgage Solution?
With a wealth of experience working with sole traders in Essex, limited company directors in Surrey, and contractors across Greater London, our team of brokers understands the nuances of self-employed finances and can unlock doors that might appear closed to conventional lenders.
Here’s what sets us apart:
- Deep understanding of self-employed income: We know how to interpret tax returns, accounts, and business performance to accurately assess your borrowing capacity.
- Access to a wide range of lenders: Not all lenders cater to self-employed borrowers. As specialist mortgage advisors, we have connections with those who do, and can offer more self-employed mortgage options and better rates.
- Tailored advice and support: We’ll walk you through the entire process, from gathering documentation to choosing the right product, ensuring a smooth and stress-free experience.
What We Do For You
Source The Best Deals
Our role is to find you the best deal based on your circumstances and with access to the whole market, you can trust that we will find the best deal for you.
We’ll take into consideration how you operate as a self-employed individual and we’ll find the best lender to suit your circumstances.
Provide Additional Services
There’s a lot to think about when it comes to buying a property, but there are other aspects, aside from mortgages that we can help with.
We can help with finding the right solicitor to deal with your case or even local firms to carry out your surveys if you like. It’s one less thing that you need to worry about.
Work Quickly and Efficiently
There’s nothing more frustrating than having a mortgage adviser who takes days to respond to your last email. So, we’ve made it our mission to always be as responsive as possible so that you can get the answers that you need in as little time as possible.
Self-Employed and Contractor Mortgages
If you’re self-employed or working as a contractor of any kind and you’re looking for a mortgage then get in touch with us using the form below. We will help to navigate you through the entire process, helping put the keys to your new home in your hands.
For a free & personalised quote, get started by entering your details below.