There are more self-employed people in the UK than ever before, and the number continues to grow. Despite this increase, however, finding a mortgage when self-employed can be very challenging because the income stream isn’t as straight forward to prove.
We understand how frustrating it is to be turned down by a lender or have limited access simply because you don’t pay yourself a large salary, or have only been trading a short time. Whatever your circumstances, Firco has a wealth of experience sourcing and structuring self-employed mortgages, and understand they come with their own unique circumstances and requirements.
It’s hard, but not impossible. If you work for yourself and are looking to remortgage or buy a new home, find out how you can get the right mortgage for your circumstances with Firco.
There’s no such thing as a ‘self-employed mortgage’. You are going to get a normal mortgage, you just have to jump through more hoops to prove your income than someone who is on a company payroll.
Every lender works differently and in the bank’s eyes, self-employed individuals are less likely to have a regular and stable monthly income compared to those who are employed. Some will look at salary plus dividends, others will look at net profit or net profit plus salary, and others will take one to three years’ worth of accounts or calculate an average instead. Either way, affordability now dominates mortgage applications, requiring both self-employed and employed customers to provide in-depth details of both their outgoings and expenses, as well as overall income.
The good news is, the assessment of mortgages for self-employed clients has improved greatly – especially when the case is presented correctly by a broker. Although being self-employed is no longer as prohibitive when getting finance as it once was, finding a lender willing to take a holistic view of self-employment all comes down to access.
At Firco, a large proportion of our clients are self-employed. Our knowledge in this market is incomparable and experience in handling such cases is unrivaled. Many of our brokers have accountancy backgrounds, making them extremely proficient in securing your property finance.
We don’t tend to publish mortgage rates on our website – ever more so for self-employed mortgages. In most cases rates are negotiable and based squarely on the individual circumstances of the borrower, their plans, assets and income.
Firco is an independent mortgage broker that has strong relationships with the key lenders in the UK mortgage market, including those private banks who do not have a high-street presence. We arrange bespoke mortgage solutions for our clients, providing a tailored one-to-one advisory service, delivered face-to-face or remotely, depending on what suits you.
Please click on ‘Become a Client, Enquire Now’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to firstname.lastname@example.org or call us on 0151 372 0388