SELF EMPLOYED MORTGAGE ADVICE NEWCASTLE
Self Employed Mortgage Advice for Newcastle - Penda Financial
Penda provide specialist Self-Employed Advice on Mortgages seven days a week
Contact us for a free consultation on 07789 900359.
Mortgage Advisors for Contractors, Freelancers & Sole Traders you can Trust
Buying a new house should be an exciting and moving time in your life.
However, it can become very frustrating if you are self employed and struggling to get a home mover or
first time mortgage in newcastle or the surrounding area.
Self employed mortgage applications
In 2020 there are nearly five million self-employed workers in Britain, and they represent around 15% of the working population.
Around two-thirds of these self-employed workers find it difficult to get a mortgage, and around one fifth think they will never be able to own their home.
Around two-thirds of these self-employed workers find it difficult to get a mortgage, and around one fifth think they will never be able to own their home.
Applying for a mortgage can be tricky, but if you’re self-employed, a freelancer or contractor, you are likely to face a few extra challenges.
Self-employed mortgage applications are not as straightforward as those for employees, nor are they readily accepted by the mortgage lenders.
Self-employed individuals, whether they work as sole traders, within partnerships or limited companies, have their finances scrutinised a lot more than employees.
Self-employed individuals, whether they work as sole traders, within partnerships or limited companies, have their finances scrutinised a lot more than employees.
Mortgage Broker advice on Self Employed Mortgage Lenders
That’s why it’s essential to get self-employed mortgage advice from an experienced mortgage adviser.
Our team of mortgage brokers and mortgage advisors at Penda Financial specialise in mortgages for the self-employed.
We’ve successfully dealt with numerous self-employed clients from a variety of industries and financial situations.
The mortgage lenders have recently tightened to the lending criteria for the self-employed.
Here at Penda, we understand what the lenders require.
So if you need mortgage advice, get in touch today.
Our team of mortgage brokers and mortgage advisors at Penda Financial specialise in mortgages for the self-employed.
We’ve successfully dealt with numerous self-employed clients from a variety of industries and financial situations.
The mortgage lenders have recently tightened to the lending criteria for the self-employed.
Here at Penda, we understand what the lenders require.
So if you need mortgage advice, get in touch today.
How to get a mortgage if you’re self-employed in Tyne & Wear
Previously self-employed workers could obtain a self-certified mortgage by simply informing the mortgage lender how much they earned without providing any proof.
Unfortunately, these types of mortgages are no longer available.
Now you need to provide proof of income.
Unfortunately, these types of mortgages are no longer available.
Now you need to provide proof of income.
What being self-employed means for your mortgage application
Lenders see self-employed applications as higher risk because there is no regular weekly or monthly income going into the customer’s bank account.
Mortgage providers want to see proof of income over time.
Self-employed assessments vary depending on how you operate and receive your income.
Lenders look at the net profit for sole traders or the share of the benefits in a partnership.
If you are a director of a limited company, you would be assessed on your salary and any dividends you take from the company.
Mortgage providers want to see proof of income over time.
Self-employed assessments vary depending on how you operate and receive your income.
Lenders look at the net profit for sole traders or the share of the benefits in a partnership.
If you are a director of a limited company, you would be assessed on your salary and any dividends you take from the company.
Documentation you might need for your application
Lenders see self-employed applications as higher risk because there is no regular weekly or monthly income going into the customer’s bank account.
Mortgage providers want to see proof of income over time.
Self-employed assessments vary depending on how you operate and receive your income.
Lenders look at the net profit for sole traders or the share of the benefits in a partnership.
If you are a director of a limited company, you would be assessed on your salary and any dividends you take from the company.
Mortgage providers want to see proof of income over time.
Self-employed assessments vary depending on how you operate and receive your income.
Lenders look at the net profit for sole traders or the share of the benefits in a partnership.
If you are a director of a limited company, you would be assessed on your salary and any dividends you take from the company.
What if you don't have enough accounts to satisfy the lenders
Some mortgage lenders may still offer a mortgage deal if you have less than two years of accounts and can prove that the business is cash-generating.
A proportion of the self-employed may have been working for over three years, but their income is erratic. Fluctuating income levels can be problematic when trying to secure a mortgage from your bank.
Have you just left full-time employment to continue as a freelance contractor in the same job role?
A mortgage broker in our Newcastle team who specialises in self-employed mortgages will be able to provide expert advice for such situations.
A proportion of the self-employed may have been working for over three years, but their income is erratic. Fluctuating income levels can be problematic when trying to secure a mortgage from your bank.
Have you just left full-time employment to continue as a freelance contractor in the same job role?
A mortgage broker in our Newcastle team who specialises in self-employed mortgages will be able to provide expert advice for such situations.
Options to improve your chances of being accepted for a mortgage
Having an excellent credit rating will make the applications more likely.
Try and increase the size of your deposit, the more substantial the deposit, the less the risk for the lender.
Try and increase the size of your deposit, the more substantial the deposit, the less the risk for the lender.
Contact us today if you are a freelancer, contractor, sole trader or in a partnership looking for a self-employed mortgage deal
Penda Financial Management is authorised and regulated by the Financial Conduct Authority FCA No.504162. Registered Office:
Penda Financial Management
136 - 138 Station Road, Wallsend
, Newcastle upon Tyne
, Tyne and Wear
, NE28 8QT. Phone: 07789 900359
Registered in England. Company Registration no: 5407010.