It’s not a myth that if you are a company owner, it’s harder to get a mortgage. The good news though, is that it’s not an impossibility. Mortgages for company owners, or the self-employed, have more of a long-winded process behind them but, with 1st Mortgage Services, you can get the right deals for your needs and resources for your mortgage. As a company owner, there are plenty of ways that you can prove to a lender that your income is reliable enough when you are self-employed. You have some extra hoops to jump through, but self-employed mortgages are still a possibility for you.
How Do You Get A Self-Employed Mortgage?
Being self-employed is a difficult process as you rely on yourself for your income, your sick days, and your holidays – you don’t work, you don’t earn, and that’s the long and short of it. So, for a lender, you are seen as an immediate risk. You could have a thriving business, or be a fantastic and grounded freelancer with a contract to your name that will last you for years, but you need to be able to prove it. There are affordability tests that you still need to pass in the same way as any other borrower out there. The difference is that there isn’t an employer to back you up and confirm your wages, which is where the extra hoops come in.
As someone who is a company owner, you will need to provide more evidence for your income in the form of sets of Accounts, HMRC Tax Calculations, HMRC Tax Overviews and in some cases your business bank statements. It helps to have these to hand. We can obtain mortgages for people who have only 1 yrs set of figures but the interest rates are higher and the deposit needed is generally higher too.
Will I Have To Pay A Higher Rate?
Mortgages for company owners aren’t necessarily more expensive than the usual ones. As long as you are able to give your lender enough information about yourself, you could qualify for the same mortgage as someone who has a confirmed salary and a full time position. The rate? Well that will depend on factors such as the deposit and the LTV on offer, and you may have to see a specialist lender who can deal with mortgages for company owners.
Finding those mortgage deals may not be easy and the market is so big that you may not know where to start. Instead, use 1st Mortgage Services. Our Advisers can find you the most suitable mortgages for company owners and help you get the right mortgage for your needs. Contact us today on 01845 501830 and let’s get started on your mortgage application now.
What our clients say
Customer service is everything for 1st Mortgage Services – selecting a mortgage lender and knowing which is the right product for you can be a complex and time-consuming exercise. Julie and her team make this easy – they offer sound, reliable and friendly advice, taking the headache out of this important life decision. The team carry out their work over the phone, via email and by post – plus home visits, at times to suit the client, are also on offer. They offer a wealth of experience in the mortgage industry – their knowledge and expertise plus their openness and ability to convey understanding of the product, is very reassuring
Purchaser 2018, Northallerton
Given my experience, I feel that the company/individual operate in such a way that treating customers fairly is central to their culture. Julie was always on hand to answer my queries and advise me of the best way forward and sorting everything out for me, as I needed it, to a tight timescale. I could not have asked for a better service.
Purchaser 2018, Whitby
Ready to talk through your mortgage?
We charge a combination of an initial fee of £250 on application and retain the commission received from the lender. Think carefully before securing other debts against your home. Your property may be repossessed if you do not keep up repayments on your mortgage.