Self-Employed Mortgages Made Simple with The Mortgage Store Cheltenham & Gloucestershire
Being self-employed or running your own business does not necessarily make obtaining a mortgage difficult. With the right guidance and preparation, the keys to your dream home can still be within reach. At The Mortgage Store Cheltenham & Gloucestershire, the mortgage process is made clearer, simpler, and more stress-free.
What Are Self-Employed Mortgages?
Self-employed mortgages are not a distinct product; rather, they are standard mortgages with a greater focus on verifying income. Lenders require proof that repayments can be made both now and in the future. For self-employed individuals, providing evidence of income is typically necessary. While this may seem overwhelming, it is entirely manageable with the support of a trusted mortgage broker.
Is It Really That Hard to Get a Mortgage When You’re Self-Employed?
It is not difficult at all. Although self-employed applicants may face more thorough affordability checks, securing a mortgage is far from impossible. With over 5 million self-employed individuals in the UK, lenders are well-practiced in reviewing these applications. The key lies in providing proof of income.
While fluctuating earnings or a limited account history may seem like challenges, proper preparation—such as gathering two to three years of accounts and tax records—can make a significant difference. At The Mortgage Store Cheltenham & Gloucestershire, assistance is provided every step of the way to ensure a smooth process.
What Lenders Look For
When assessing an applicant’s ability to repay a mortgage, lenders typically consider:
- Income and outgoings
- Tax returns and accounts
- The consistency and reliability of income
If you’re concerned about the paperwork, help is available. Our professional mortgage brokers will guide you through these requirements, ensuring that lenders who best match your circumstances are identified.
Income Proof for Self-Employed Mortgages
Generally, the longer you have been self-employed, the easier it will be to prove your income. Lenders typically request the following:
- Limited Company: 1-3 years of accounts (certified by a qualified accountant)
- Sole Trader: 1-3 years of tax calculations (SA302 forms) and corresponding tax year overviews from HMRC
- Contractor: Evidence of current and future contracts
How Your Business Structure Affects Your Mortgage
Your business type can have an impact on how lenders assess your income:
- Sole traders: Typically, lenders use your net profit as income.
- Contractors: Daily rates are multiplied by the working days in a year, and a contract history may also be required.
- Limited company directors: Lenders may assess income from salary and dividends or salary plus retained profits.
At The Mortgage Store Cheltenham & Gloucestershire, these complexities are understood, and your borrowing potential will be maximised.
What You’ll Need for a Self-Employed Mortgage
Before starting, ensure that you have:
- Up-to-date records and accounts
- A clear understanding of your income
- Professional tax returns prepared by an accountant
It is important to note that while minimising declared income for tax purposes may be tempting, it could reduce your borrowing capacity.
Why Choose The Mortgage Store Cheltenham & Gloucestershire?
Navigating the world of self-employed mortgages need not be stressful. With expert advice from The Mortgage Store Cheltenham & Gloucestershire, tailored support will be provided, along with access to a variety of mortgage products that suit your needs.
Let us take the complexity out of your mortgage search. Contact us today, and you’ll be one step closer to owning your dream home!
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