Being self employed can sometimes make a mortgage a little more difficult to obtain. Often working for yourself means fluctuating pay with no 100% certainty you will earn the same as the month before. Lenders know this and want to see proof that there is stability with income over a certain period of time. And we all know accountants are paid to do a job and keep tax bills as low as possible often resulting in a lower net profit which most lenders refer to. A combination of both of these can make obtaining a mortgage a little more difficult, especially for the amount of money you may want to borrow.
However at Salcey Mortgages, we have the experience of dealing with such instances. We have dealt with small sole trader business’s to directors of large LTD companies and have the knowledge of which lenders can help based on how you take your income and show your profits. We are whole of market advisers meaning we have many lenders to source products from. The advantage of this is we work closely with lenders who may differ in their lending policies to many other lenders. For instance, we work with lenders who can consider applications with the need for 1 years worth of trading, not the usual 2 most lenders usually require or lenders who do not necessarily work off your net profit and can consider income which has been put back into the business to help you achieve a higher level of borrowing.
Like any applicant, obtaining a mortgage is unique to you and Salcey Mortgages can help you get the best deals to fit your needs