Fee free mortgage advice means a whole lot more for a whole lot less
At Search Mortgage Solutions, A Manchester specialist in self-employed mortgages has many years of experience of how different lenders assess the applications of self-employed applicants. Finding the right self-employed mortgage available to suit your specific needs and circumstances is our particular speciality.
For people employed on a PAYE basis the applicant’s income is clearly defined and there is very little risk to the lender. On the other hand, when assessing the income of self-employed or limited company directors, the lenders are very thorough to ensure that their exposure to risk is minimised. The intensity and method of the assessment varies enormously between lenders so the mortgage broker has to have an extensive knowledge of the most receptive lenders, particularly if the financial information is only marginally good enough.
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Getting a Self employed mortgage
Lenders will generally consider you as self-employed if you own more than 20% to 25% of a business which provides your main income. If this applies to you, regardless of what you are earning, and you are self-employed, a freelancer, a contractor, a sole trader, or a partner, we are ready to help you proceed to a mortgage to suit your particular circumstances.
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The interest rates applicable to self-employed mortgages are not necessarily any higher than standard mortgage rates. Generally the rates offered by the lenders are much more likely to depend on the size of your deposit and your credit rating. However, if your financial details have difficulty in meeting the preferred criteria of the mainstream lenders, we would make an application to specialised lenders that particularly service self-employed borrowers. In this case you may find that rates of interest are a little higher but unfortunately this is unavoidable.
There is absolutely no doubt that if you are self-employed and looking to get a mortgage, you need to engage with a Manchester based specialised self-employed mortgage broker that can guide you through the application process and advise which lenders would be most likely to favourably consider your specific business circumstances. We, at Search Mortgage Solutions, would be delighted to have the opportunity to work with you to meet your needs in the smoothest, most hassle free way possible. An informal discussion with our specialist adviser for the self-employed will cost you nothing and could prove to be the best move you could have ever made. Even if you have been turned down by other lenders we will still make every possible effort to find a suitable lender for your situation.
In reality there is no difference between mortgages offered to self-employed people or to those in regular work as an employee. Both have access to the same mortgages and the same interest rates. The big difference is the way that the lenders view income and assess affordability for the individual. Of course, accountants endeavour to present the most tax efficient view of their client’s accounts whereas the mortgage lenders are more interested in income. Our Manchester based, self-employed mortgage expert knows from long experience which lenders are more flexible and willing to take a wider view of the applicant’s earnings.
Aaron was fantastic. We had a few highs and lows in our house buying process and he guided us through the issues expertly and was always on hand to answer our queries or calm our nerves! He went the extra mile for us and we really appreciate it. Thanks Aaron!.Liz Lawson
I found Aaron at Search Mortgage Solutions extremely helpful and a necessity in sourcing a remortgage and new mortgage. I find all of the legal vocabulary very confusing, so having Aaron break it all down for me and go through the different options made it manageable. Quick, efficient and easy. I would highly recommend this company..Cathy
I cannot recommend David and Search Mortgage Solutions highly enough, the service was exceptional throughout the whole mortgage process. I work away a lot and found it difficult to arrange an appointment with lenders, but David came to see us on a Sunday night to go through the initial application and always had time to answer any subsequent queries and keep us up to date. I felt confident that the whole team were giving us the very best service they could, and they could be relied upon to chase the application on our behalf and to deal with queries from the lender to take as much hassle away from us as possible. I would recommend to all of my friends and colleagues, and we’ll be back in 3 years for the renewal!.Adrian
I have been extremely happy with your assistance in helping us find and apply for our mortgage. You have always promptly responded to any questions I have had along the way and been clear and concise with all the information you have provided. You have made everything much smoother and easier to understand than I ever thought possible! Vicky Hayward you are a star – you go above and beyond I’m sure. You do a fabulous job and I will definitely be recommending you..Kay & Chris
Search Mortgage Solutions were recommended to me by a work colleague who had said they had been very helpful with the purchase of her first home and she wasn’t wrong! I didn’t really understand how the whole mortgage process worked as I was a first-time buyer, but David was excellent at explaining the process and he was very helpful and friendly. He was always prompt at replying and always kept us up to date with progress, he even sorted our life insurance too. The whole process was made simple and so stress-free and I would highly recommend David and the Search Mortgage Solutions team to friends and family. Thank you so much!!.Stephanie
This is the second time that I have used Search Mortgage Solutions and once again I’ve been very impressed. My advisor went out of his way to do additional research by talking directly to a series of underwriters and offered me a range of advice about how to increase my ability to borrow. The service has been friendly and efficient and, in terms of the product secured, got me exactly what I need. I’ll be recommending SMS to any friends who need a mortgage broker..Chris
I have used Search Mortgage Solutions twice now in the last 2 years, first when my wife and I purchased our first home, we had received so many knock backs from other brokers saying it wasn’t feasible yet David was excellent he searched the market effortlessly and worked hard to get us a deal which we could afford. Always kept us up to date with progress and even sorted our life insurance too. Therefore I had no hesitation returning when our fixed period was up to remortgage to a better deal which was taken care of swiftly. I have already recommended David and Search Mortgage Solutions to friends and family and will continue to do so..Neil
I just wanted to drop you a quick line to say thank you so much for all your help with the mortgage. As first time buyers you made the whole process extremely simple and stress free and we cannot thank you enough for all your assistance. Feel free to post this review on any websites you use. Thanks again for everything!! Thanks..Anne Marie
Search Mortgage Solutions where very courteous and prompt in all correspondence, further providing all necessary information in easy to access files that could be accessed via PC or mobile phone. When we agreed upon a new mortgage quote, Search Mortgage Solutions took care to arrange everything and have it all delivered to our home. Overall the service was prompt, friendly and thorough and we would highly recommend to anyone..Sarah
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Getting a mortgage if you are self employed is relatively straight forward.
Lenders will generally class you as self-employed if you own around about 25 percent or more of a business. If you are in a partnership you are treated the same as those who are sole traders.
You will have to prove how much you earn when you apply for a mortgage because lenders will want to make sure you can afford the monthly payments.
Proving your income is sometimes more difficult if you are self-employed, but you should be able to do this if you can get the right paperwork together. Detailed below is the paperwork needed by most lenders. Latest 2 years tax calculations and latest 2 years tax overviews. See below how to obtain from HMRC portal
Printing your Tax Year Overview
- Log in to your online account.
- Follow the link ‘view account’.
- Follow the link ‘tax years’ from the left hand navigation menu.
- Choose the year from the drop down menu and click the ‘Go’ button.
- Follow the link ‘print your Tax Year Overview’.
Printing your Tax Calculation (SA302)
- Log in to your online account.
- Follow the link ‘tax return options’.
- Choose the year from the drop down menu and click the ‘Go’ button.
- Select the ‘view return’ button.
- Follow the link ‘view calculation’ from the left hand navigation menu.
Most lenders offer a wide range of mortgage deals for self-employed people.
Most lenders are happy to give mortgages for self-employed people if:-
- You have been trading for at least 2 years, some lenders will consider you if you have been trading for 1 year plus a projection but these are limited.
- You have two years of accounts or self-assessment tax returns available
The amount you can borrow depends on the lender, which is why it is important to shop around for the best deal and use a mortgage broker.
Lenders will set the amount you can borrow based on your previous few years’ income; some may calculate it based on only your previous year of trading.
Lenders will also calculate your earnings differently, depending on trading status:-
- Sole traders and partnerships, lenders take net profits as income.
Limited companies, lenders look at salary and dividends. In some cases, they look at salary and net profit of the company.