Residential mortgages when you are self-employed
Posted on 3rd May 2023 at 09:56
What a nightmare!
If you are super busy from Jan to June and get most of your income then, you will only get a chance to go house hunting in your slower months.
What does this mean when the mortgage lenders assess your case?
Fail.
Not enough current income showing on your bank statements to support your tax calculation income.
Yes, that’s pretty much how it works!
However, we speak to lenders and work with them to create exceptions or variations in their criteria so that we can get more of our cases over the line.
One such lender will assess more than just the last 1-3 months. They will look at the whole year, so we can show income!
Another lender we have been working with will completely disregard bank statements for the right clients and just use the last 2 years tax calculations!
This has been ground-breaking for those on a self-employed or contractor income.
These changes mean that many more of our clients have not had declines and are now the proud owners of a mortgage offer!
Just to blow one’s own trumpet, our continuing high quality of work and compliance working with these lenders means we are able to talk with the decision makers and ensure we help as many people as possible. Working with the lenders will always be more successful than just chucking it in at a lender and hope.
Get in touch to assess your chances of a residential mortgage. We will always do everything we can to help you win.
Austyn Johnson
austyn@hdconsultants.net
07500 871 209
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