As a self employed applicant, you may find it challenging to get a mortgage because of the austere lending criteria and difficulty proving your reliable income.
When you go through the process, you will be required to provide a variety of evidential documents to prove your income. Mortgage lenders will request at least one years' accounts and bank statements of more than three months. Many will also look at your net profit to see whether you are a suitable applicant or not.
A major difference between a self employed mortgage applicant and an employed applicant is that you and your business will be assessed. As a mortgage broker in Sunderland, our role is to help you get ready for your self employed mortgage application so you are in the best place upon your submission.
For over 20 years, our team have helped self employed applicants secure a competitive mortgage. Utilising our rich knowledge, we work hard in finding the best deal for you.
We understand the difficulty that self employed mortgage applicants can come across in the process which is why our team are here to help. You may have gone through the process before or you may be experiencing in for the first time, either way, it will be helpful to seek help from a mortgage broker in Sunderland. Here at Sunderlandmoneyman, our aim is help you achieve your mortgage goals.
With the self employed process being different to your traditional mortgage process, a free mortgage appointment can be a huge benefit for you. As a self employed applicant, you can speak to an expert mortgage advisor in Sunderland who will be there to provide a helping hand and answer any of your mortgage questions.
Generally, you need to have been self-employed for at least two years with most mortgage lenders requesting to see evidence of this period.
Sometimes, mortgage lenders may only want to see one year from you.
As a self employed applicant in Sunderland, you will have access to the same mortgage rates as an applicant who is employed. One significant different is how a mortgage lender evaluates your income. Other than that, everyone has the same options.
If you own a minimum of 20-25% of a business, you are classed as self employed from a mortgage lenders view.
There is a general perception that self employed mortgage applicants aren't in the best position compared to an employed applicant. However, there are no particular requirements or additional drawbacks to applying for a self employed mortgage in Sunderland. One section of the process that this type of mortgage applicant is to accurately evidence your income and show that you have a pretty reliable and sturdy enough income. Mortgage lenders will look at any taxable income you have.
You may find the mortgage process to be complex, which is why seeking the support and expert mortgage advice in Sunderland to help. Through the years, we have helped a variety of customers with their self employed mortgage in Sunderland, even when they thought it wasn't possible. Our team are ready to help achieve your mortgage goals as a self employed applicant in Sunderland.
Our Customers Love Us
5.00 Rating13 Reviews
Our mortgage advisor Charlie Bryson has been amazing with me and Ethan. He has helped us with everything and made sure we are doing everything correctly as we are both first time buyers.
4 months ago
Helen was very helpful on the call to re arrange a call back to speak about our mortgage. Very pleasant phone call
1 year ago
This has been a fantastic service from the initial enquiry to getting the mortgage offer through, everything explained in detail and nothing was a problem, very helpful and professional staff. Would highly recommend using this company to anyone
1 year ago
Great team and great service. Always happy to help and they make the process easy to understand. They got me a deal I was happy with then got me a better one.
1 year ago
Spoke to Dale Hunter a few times today. Polite, professional and happy to answer any questions. Over the moon with the service received.
2 years ago
Our advisor was Jason Loft and all I can say is he was amazing and very polite and so was all of his team. Me and my partner are first time buyers so were quite apprehensive about the whole process. However Jason and his team gave us all the...
2 years ago
With the help from Jason and Laura, our mortgage process went very smoothly. As first time buyers we had many questions which they were on hand to answer promptly. Would highly recommend!!
2 years ago
Listened to my every need. Very polite and helpful. Spoke well and clearly understood what was being said and great advice. Thanks
2 years ago
From start to finish, the service was great. Everything was explained clearly, every little adjustment and query I asked for was expertly dealt with by Leo, who gave me new info and examples of our mortgage requests. Process was very easy to...
3 years ago
Very quick response from the first time I contacted them. Both Cathy and Leanne were great at keeping us informed throughout the process and always responded to our emails within a couple of hours, often less. They understood the stresses and...
4 years ago
As a first time buyer I was pretty clueless as to what was needed and when to buy a house. The brokers at Sunderland moneyman made it very easy for me and guided me through the whole process. I’d defiantly give them a recommendation. Thank you...
4 years ago
I am a First Time Buyer and before I contacted Sunderland Moneyman I didn’t have a clue about mortgages or whether I would even qualify for one. My Advisor (Wayne) came across like he really cared and he was always on the end of the phone to...
4 years ago
Jason and his team gave an outstanding service. They were reassuring, consistent and were always on hand to give advice and support when necessary. I will be using their service again when my fixed rate ends in 2 years time. Thank you again...
4 years ago
Speak to an expert mortgage advisor in Sunderland about your mortgage goals and situation.
Within this appointment, your mortgage advisor in Sunderland will look at your tax year overview and tax calculation to work out your maximum affordability.
In order to find you the most appropriate deal for your situation, we will search through 1000s of mortgage products.
Then, we will sort you out with a mortgage agreement in principle that us a brilliant tool to use when backing up any offers you want to make.
When the purchase offer has been accepted, your dedicated mortgage advisor in Sunderland will submit your full mortgage application and evidential documents to your lender.
At every step of the process, a dedicated cases manager will update you throughout up until you receive your mortgage offer and completion.
Not only will we find you the best mortgage deal for your circumstance, but we will also recommend the most appropriate insurance to protect you.
We will get in touch with you about the date of renewal of your mortgage so you are always on the best deal.
If you are finding the mortgage process difficult and need guidance from a mortgage advisor in Sunderland, please contact our team instead of applying to a lender and risk getting declined many times. The more that you are declined, the more harm you are doing to your credit score.
Each mortgage lender has varying criteria. As well as this, each person has a varying mortgage situation which is why you may find lenders offering products for particular buyers. Not all the products are for everyone which is why our team are here to find the perfect product for you.
Our experience has exposed us to a variety of applicants struggling with different mortgage problems. When we have an idea of your situation, we will work hard to fid the best solution and overcome any hurdles.
As soon as you contact our team, your designated mortgage advisor in Sunderland will be there every step of the way. We invest in you!
Throughout the years in the industry, we have worked with many self employed applicants. Our team have a fantastic reputation of finding the most suitable mortgage products self employed applicant's financial situations.
If you look further down the page, there are a short selection of common mortgage scenarios for the self employed. If you feel any of these situations and require further from an expert self employed mortgage advisors in Sunderland, please don't hesitate to get in touch with our team and we can answer any questions that you have:
A self employed business owner and your income sums up to a combination of either salary, dividends or directors' loan
Your business is currently dealing with a high volume of customers and you require help from a mortgage advisor in Sunderland to take off some of the pressure and stress of getting a mortgage.
You would like to leave most of your net profit within your company instead of paying yourself a lot larger salary.
The company has been trading for less than a year.
Unable to match the mortgage lender's strict lending criteria.
You have a question or get self employed mortgage advice in Sunderland.
You have approached a bank who are offering a limited amount you can borrow and you are looking for more.
You have an unsteady net profit.
If you are self employed, you may benefit from open and honest mortgage advice in Sunderland. Instead of approaching a bank and getting declined, it may be best to approach an expert who can help with your mortgage application towards getting accepted. Our team will put you forward for products that are ideal for your situation.
Our team are available to answer your questions. Simply get in touch and speak to us about your situation!
Many mortgage lenders will use their own in-house credit scoring methods to see whether or not you qualify for a mortgage. How mortgage lenders approach this varies which is why you need to be careful when you apply for lots of different lenders. With this in mind, you may be accepted by some but declined by others. The more you are declined, the more at risk your credit file is.
Mortgage lenders will factor in previous statistics for remortgage repayments (if any), repossession information, business and spending patterns to see whether your application if successful. From a mortgage lenders point of view, they want to see if you are an applicant they want to borrow to or if you will be at risk of failing to meet your repayments.