Best Mortgages / Lenders for the Self-Employed?

hopeofahome

I'm Self-Employed and looking for a Lender who is competent and understands the Self-Employment sector. Any Recommendations?

K_S

hopeofahome said:

I'm Self-Employed and looking for a Lender who is competent and understands the Self-Employment sector. Any Recommendations?

@hopeofahome Self employment is no longer that much of a specialist area as it used to be a few years ago. There are plenty of lenders who are good in the space. Which lender will depend on what kind of self employment and how you are paid - sole trader, contractor, day rate, ltd co director with sal and divs, ltd co director who wants to use net profit, retained earnings, etc. There are as many permutations and combinations as there are self employment profiles.

Very generally speaking, if you have 2 years of trading and stable/increasing profits to show, you should be good to go.

ACG

Lenders are doing a lot more underwriting at the minute in terms of income - usually asking for 3-6 months business bank statements, that is to see how you are trading in the current climate.

Some lenders are far easier than others, unfortunately we (brokers) are not allowed to name lenders specifically on the forum, but any experienced broker should be able to help as KS says. 

hopeofahome

ACG said:

Lenders are doing a lot more underwriting at the minute in terms of income - usually asking for 3-6 months business bank statements, that is to see how you are trading in the current climate.

Some lenders are far easier than others, unfortunately we (brokers) are not allowed to name lenders specifically on the forum, but any experienced broker should be able to help as KS says. 

Thanks, Ive heard Halifax are good for the Self-Employed.

mowgliisaG

Definitely use one of the experienced guys on here...self employed with a broker is way easier than going it alone. 

te7037n08

I only started contracting in Aug 2019. However, in my recent contract from 1 Apr 2020 to 8 Jan 2021, I was earning £400 per day but had decided to max up my personal SIPP so I have so far contributed £30Kvia salary sacrifice scheme.  I wish to move home and borrow for the additional amount in order to secure a property worth £450K.  I have a deposit of £200K from my current flat (still mortgaged with an outstanding loan of £95K).  I am aged 44 and am currently on another 3-month contract with a daily rate of £425 per day.  Please advise if I am able to get a mortgage to buy a property worth £450K.