Self Employed Mortgage Advice | Coventrymoneyman

Self Employed Mortgage Advice in Coventry

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Helping Self Employed Applicants to Secure Mortgage Deals

As an open & honest mortgage broker in Coventry, we know that self employed applicants can often have a hard time applying for a mortgage.

 

Whether it’s the task of matching up with a mortgage lender’s criteria, or struggling to prove your income, we know that self-employed applicants have a much tougher time of it than regular employed applicants.

 

Whilst in theory it would be nice for everyone to receive the same chance at a mortgage, there are understandable reasons as to why a mortgage lender will make them jump through so many hoops. The lender needs confidence that aa self-employed applicant can keep up their monthly mortgage payments. The factors they will look at include:

 

  • Your income/salary
  • Your previous years of accounts’
  • Bank statements
  • Business operating costs and expenses

 

Speak to Our Self Employed Mortgage Advisors in Coventry

Our  fast & friendly mortgage advisors in Coventry will always be ready and willing to go through your case, hoping to match you up with a mortgage product that is appropriate for you as a mortgage applicant who is Self-Employed in Coventry.

 

We will keep you informed and supported with clear and concise guidance throughout the entire mortgage process. You’ll benefit from open & honest mortgage advice in Coventry whilst we support your application by referencing your income and years of accounts’.

 

As a mortgage broker in Coventry who provides self employed mortgage advice, we can search through 1000s of competitive and niche mortgage products that are tailored to self-employed mortgage applicants. Once we have found the best deal for you and you are happy with it, we can prepare for your mortgage application.

 

Our mortgage advisors in Coventry work every day of the week, from early until late, so that our customers have the option of an appointment at suitable times to them. Get booked in for a free mortgage appointment and we will take a look at how we are able to help.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Common Self Employed Mortgage Scenarios

We regularly work with a wide variety of self-employed mortgage customers, all of whom are in need of some expert, fast & friendly mortgage advice in Coventry.

 

Below we have compiled a brief but helpful selection of scenarios that we have come across speaking to self employed mortgage applicants, throughout our time as a trusted mortgage broker in Coventry & surrounding areas:

 

  • As a self-employed business owner, you have an income that is a combination of either salary, dividends or a directors’ loan.
  • Your company is going through quite a busy period and you need the help of a trusted mortgage advisor in Coventry.
  • You allow a large portion of your net profit to sit within your company, rather than paying yourself a much larger income.
  • Your business has not been trading for the minimum of at least one year.
  • Despite having a pretty great credit score, for some reason you don’t match the banks’ strict lending criteria.
  • You are a the owner of the company, a director, a sole trader or you are the partner of a business, needing specialist self-employed mortgage advice in Coventry.
  • The bank is putting a limit on the amount you can borrow, which is not enough for what you are looking to do.
  • You do not have a steady net profit.

 

For the most part, banks are not always the best options to take if you are a self-employed mortgage applicant in Coventry. The system these banks use will all be automated. This means that regardless of how long you’ve been their customer or been paying into your account, there’s not a whole lot you can do if you’re declined.

 

This is where you’ll truly reap the reward of bringing a mortgage broker in Coventry on board, as we’ll be able to search thousands of deals and match you up with one that is suitable for what you are looking to achieve.

Self Employed Customers & Bank Mortgage Advice

Most high street mortgage lenders will have their own in-house credit scoring policies when deciding on who can have a mortgage. These credit scoring policies tend to be based on the mortgage lenders own experience with mortgage applicants over their own tenure.

 

During their checks, they will have a look at previous mortgage repayment statistics, any historical data on repossession and other common patterns in order to determine the common denominators that are considered to be a high risk. This will save the lenders time and money, but leaves a lot of self-employed mortgage applicants without a leg to stand on.

 

Previously you could definitely have made a strong case for the argument that lenders were experiencing high numbers of self-employed mortgage applicants falling into arrears. On the other hand, their self-employed applicants probably also had (and still do) a trickier time applying for that mortgage than other customers.

 

If you’ve been doing some of your own research, you’ll probably be aware that high street lenders tend to have very strict lending criteria. Many of those mortgage lenders want to see your profits increasing over three years accounts minimum, with some basing their work off a three year average.

 

Whilst this doesn’t apply to every mortgage lender out there (with some only requiring one years of accounts), it is always recommended that you have more than just the one year to go off, as that will increase your mortgage options.

Self Employed Mortgage Advice in Coventry

Mortgage lending criteria can be varied depending on the mortgage lender in question, especially when you’re looking to be matched up as a self employed mortgage applicant.

 

Our team of open & honest mortgage advisors in Coventry will always work hard and with confidence, to make sure that you are matched up with the most suitable mortgage product that matches your needs. We aim to get our recommendation right the very first time.

 

Unlike many other mortgage advisors in Coventry you might find when looking for mortgage advice, our customers are always put first. Your best interests will always be at the heart of what we do, personalising our service to our customers needs.

 

Throughout our long served tenure as an expert mortgage broker in Coventry, we have developed a great deal of knowledge in being able to help self employed mortgage applicants from all walks of life, to achieve mortgage success.

Having Mortgage Problems?

We speak to plenty of customers on a regular basis, who have perhaps found it quite challenging to approach their bank directly for a mortgage in Coventry. Some of the reasons we hear for this include, but are not limited to;

 

  1. Failed the Banks Criteria.
  2. Bank Won’t Lend You Enough.
  3. Fluctuating Net Profit.
  4. Personal Circumstances.
  5. Credit Score Problems.
  6. Pay Structure.

 

It’s always worth remembering not to approach too many lenders by yourself, as being declined multiple times can harm your credit score and even stop you getting a mortgage altogether. Book a free mortgage appointment and we will make sure you are matched up to the most suitable mortgage lenders criteria.

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Common mortgage
questions

Once your free mortgage consultation is complete, we can arrange an Agreement in Principle for you. We can usually get you one within 24-hours of your application.

We will then try and find you a perfect deal for your individual situation. If you want to proceed, we can get your mortgage application ready for submission. Once submitted, a formal offer usually takes more than three weeks.

To back up your mortgage application, you’ll have to provide some evidential documents. This will include things like ID, bank statements, your latest P60 and payslips.

Your dedicated Mortgage Broker in Coventry will go through every step with you to make sure that you get it right!

Yes, you can get a mortgage as a Self Employed applicant, however, you must be able to submit at least one years’ accounts. Not all, but most lenders will use your salary plus dividend to work out the maximum mortgage amount that you can borrow. Sometimes, lenders will also go off your net profit.

It may require you to try and obtain a specialist product, however, yes, it can be possible to get a mortgage despite having bad credit. As a Mortgage Broker in Coventry, in the past, we’ve seen lenders request 10%-15% deposits.

This all depends on the property price and your credit rating. However, in most cases and if you have good credit, most high street lenders will require a minimum of a 5% deposit.

Yes, you can get a second mortgage in Coventry. Here are the most common reasons why people want a second mortgage:

– Debt consolidation
– Home improvements
– Buy to Let
– For a better deal
– Divorce/Separation

Even if your situation isn’t on this list, still feel free to get in touch and we will if we can help.

Usually, depending on the lender that you’ve used, your Agreement in Principle will last anywhere between 30-90 days. If your Agreement in Principle expires, you can easily renew it. If you get in touch with your Mortgage Broker in Coventry, they can arrange this.

Obtaining an Agreement in Principle (AIP) is a crucial part of the mortgage process. As a Mortgage Broker in Coventry, we advise that you get one prior to viewing properties.

Having an AIP in place nice and early could allow you to negotiate prices when making an offer. Of course, you will need to back up your affordability for a mortgage. You are only agreed in principle of providing evidential documents to support your application. Our team can help you with this.

The mortgage process can be made simple by using a Mortgage Broker in Coventry like us. Our mortgage process includes a simple fact find, a free mortgage consultation, then application submission. We can arrange an Agreement in Principle within 24-hours of all of this. We just need some evidential documents from you then we can get the ball rolling!

Your free initial mortgage consultation in Coventry will last around an hour. Firstly, your Mortgage Advisor in Coventry will get some information from you to find out about your mortgage needs and situation. Once we have some details from you, we can begin looking for mortgage deals.

Your dedicated Mortgage Advisor in Coventry will search through 1000’s mortgage deals, trying to find one that matches your personal and financial mortgage situation. If we find a deal, we’ll recommend you with the product. If you are happy to continue, we can get the ball rolling with your mortgage application.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Coventry.

Step 3

Make an offer on the property in Coventry that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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Coventrymoneyman.com & Coventrymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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Coventrymoneyman – Sherbourne House, Humber Avenue, Coventry, CV1 2AQ

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