Self Employed Mortgage Advice | Bristolmoneyman

Self Employed Mortgage Advice in Bristol

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Helping Self Employed Applicants to Secure Mortgage Deals

As a well-experienced and reputable mortgage broker in Bristol, we know that it can be quite challenging for some self-employed mortgage applicants than it otherwise would be for regular employed applicants. Whether you’re struggling to match up with the correct lender criteria or prove your income, it certainly isn’t always as easy as it should be.

 

Whilst in an ideal world, everyone would be treated exactly the same on their mortgage journey, there are understandable and justifiable reasons as to why it can be so hard. The lender needs to be absolutely confident that as a self-employed applicant, you are able to afford your monthly mortgage payments. The factors they will take a look at include:

 

  • Your income/salary.
  • Your previous years of accounts’.
  • Bank statements.
  • Business operating costs and expenses.

 

Speak to Our Self Employed Mortgage Advisors in Bristol

Our fast & friendly team of mortgage advisors in Bristol will always be on hand to help you find the most suitable mortgage deals out there for you as a self-employed mortgage applicant in Bristol.

 

We are always on hand to provide you with clear & simple guidance across the duration of your mortgage process, always ensuring you receive fast & friendly mortgage advice, whilst supporting your application by referencing your income and your years of accounts’.

 

As a self employed mortgage broker in Bristol, we are able to peruse 1000s of competitive mortgage products that are specifically aimed more towards self-employed applicants. Once we have found a deal that is right for you and you are happy to proceed, we can get started in the preparation ahead of your application for a mortgage.

 

Our advisors work all throughout the week, from morning until night, so that our customers have the option to pick appointments at times convenient to them. Get booked in for a free mortgage appointment and a member of our mortgage advice team will see how we are able to help you on your mortgage journey.

 

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Self Employed Scenarios

We regularly work with self-employed mortgage customers, from a variety of different backgrounds and each with their own unique case and in need of fast & friendly mortgage advice in Bristol.

 

Below we have compiled a small selection of commonly occurring mortgage scenarios that we have seen during our time as a trusted mortgage broker in Bristol, when we have gotten in touch with self-employed mortgage applicants:

 

  • You leave a large portion of your net profit within your company, rather than paying yourself a salary that is larger.
  • Your business has not been trading for over one year.
  • You’re a company owner, a director, a sole trader or you are a business partner, requiring expert self-employed mortgage advice in Bristol.
  • The bank is limiting the amount you are able to borrow and you are looking to borrow more than what they can offer.
  • As a self-employed owner of a business, your income is a combination of either salary, dividends or a directors’ loan.
  • Your net profit is not steady.
  • Your company is quite busy at the moment and you need assistance from a trusted mortgage advisor in Bristol.
  • Despite your credit score being great, you just don’t seem to match the banks’ strict lending criteria.

 

As a general rule of thumb, you’ll find that banks aren’t always the best routes for you to take, especially if you are a hopeful self-employed mortgage applicant. The banks will have their own automated systems, and whilst you may have been banking with them for quite some time or you pay money into your account regularly, once you’ve been declined, that’s pretty much the end of the road with that option.

 

It’s at this point where a mortgage broker in Bristol will truly come in handy, as our team of experienced and affable mortgage advisors in Bristol will be able to match your needs as a home buyer and your current financial position up to the appropriate mortgage criteria. It’s our hope that this allows you to further yourself and continue on with the mortgage process.

Self Employed Customers & Bank Mortgage Advice

Many of the high street mortgage lenders that you may think of, will be using their own in-house credit scoring policies in order to decide who they will allow to take out a mortgage. These policies are typically inspired by that lenders own experience with mortgage applicants over a number of years.

 

During these checks, they will take a look at any previous mortgage repayment statistics, things such as historical repossession data and other frequently repeating patterns in order to determine common denominators that will be considered a higher risk. This will save their time and money, but can often leave many of their self-employed mortgage applicants struggling to get a mortgage.

 

In years gone by, it was probably likely that you could accurately estimate that many mortgage lenders would have more of their self-employed applicants falling into debt than regular employed applicants would have. Then again, you could also argue that those regular employed applicants wouldn’t need to clear nearly as many obstacles to get a mortgage.

 

If you’ve been doing your own mortgage research, you’ll likely be aware that there are lots of high street lenders with incredibly strict lending criteria. Many of these mortgage lenders, if you’re a self-employed mortgage applicant, will want to see your profits increasing on three years accounts minimum, though some will work off a three year average.

 

Whilst these rules won’t apply to every mortgage lender out there (some may only require one years of accounts), it’s always handy to have a couple to hand, to make sure that you have the advantage when it comes to finding the best deal for you.

Self Employed Mortgage Advice in Bristol

Depending on the mortgage lender that you are being matched up with, lender criteria can greatly vary. This is especially the case when regarding self-employed mortgages.

 

Our team of team of open and honest mortgage advice experts in Bristol will always work hard in order to make sure that you are matched up with the most appropriate mortgage lender for your case, aiming to get this recommendation right the very first time around!

 

Unlike many of the different mortgage advisors in Bristol that you may come across when researching different mortgage choices online, we’re proud to say that we offer a personalised service, always ensuring that we have our customers best interests at the heart of everything we do.

 

Across our experience as a dedicated and hard working mortgage broker in Bristol, we have gained an in-depth knowledge of mortgage criteria and how to help with people who are limited company owners, sole traders, partners that are receiving a salary, dividends or a mixture of both.

Having Mortgage Problems?

We regularly speak with self-employed customers who perhaps have come across a particularly challenging experience when they have gotten in touch with their bank directly. The most frequent topics that come up when we speak to these customers are;

 

  1. Failed banks criteria
  2. Personal situation
  3. Credit score
  4. Bank won’t lend enough
  5. Fluctuating net profit
  6. Pay structure

 

You should always make sure that you don’t approach too many different lenders by yourself, especially if you are particularly unfamiliar with their lending criteria. Doing this could cause a lot more harm than you would actually intend to, lowering your credit score and potentially stopping you from getting a mortgage altogether.

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Common mortgage
questions

Typically, our free consultation will last up to an hour or so. Our team can turn around an agreement in principle within 24 hours of speaking to an advisor. A formal mortgage offer can take around three weeks on average.

It’s typically three payslips for an employee to prove their income and the latest 2 years’ accounts for a Self Employed applicant. You will also need to provide the lender with proof of ID, address, and 3 months’ bank statements.

Once you have submitted a minimum one year’s accounts, you can get a mortgage. Most Lenders use your salary plus dividend to calculate the maximum mortgage, whereas some other lenders are known to go off your net profit.

Even if you have had credit problems, you may still be able to get a mortgage, though you may be required to put down a higher deposit than you otherwise would’ve, often 15% of the property purchase price.

The minimum deposit for buying a house in Bristol with High Street Lenders is around 5%. This can be higher if you have had previous credit problems.

You may find that it is possible to get a second mortgage on your home for things like debt consolidation or Home Improvements. If you are looking to take out a mortgage on a second property, either to use it for yourself, a family member, a holiday home, or a Buy to Let, this may also be possible.

An Agreement in Principle will usually last between 30 and 90 days, depending on the lender you go with. If your Agreement in Principle expires, you can always have it refreshed.

To avoid being disappointed if an offer falls through, we recommend that home buyers obtain an Agreement in Principle before you begin viewing properties in Bristol. At the very latest you should obtain an AIP prior to making an offer to assist your bargaining position with a seller.

As a trusted and hard-working mortgage broker in Bristol, we will carry out a Fact Find to establish your personal needs before we recommend the most suitable mortgage for your situation. A credit check will be required for an Agreement in Principle. Once you have given the lender all the relevant documentation and a valuation of the property has been completed, a formal mortgage offer can be issued.

Your free mortgage consultation with a trusted member of our mortgage advice team in Bristol will last around one hour. From there, your advisor will then recommend a mortgage for you with no obligation for you to proceed and you can decide whether you wish to take it or step back.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Bristol.

Step 3

Make an offer on the property in Bristol that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Bristolmoneyman.com & Bristolmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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