It’s true that for many years when it came to mortgages it was ‘one size fits all’. But as the way we work and live has changed so mortgages have become more flexible.
Many new clients still come to us believing that it’s difficult, if not impossible, for self-employed people to get a mortgage. Thankfully this isn’t always the case and in fact there has been a real shift in the mortgage marketplace to support mortgage applicants just like you.
Independent James has been helping self-employed clients with their mortgages for over a decade.
Lenders are waking up to the needs of the self employed. More people are choosing self employment as a way of achieving a work-life balance and the chance to realise their entrepreneurial dreams.
Many of our clients are creatives in the entertainment and IT industries and are often contracting via a limited company.
What type of mortgage will depend on whether you are a sole trader, in a partnership, a LLP, or limited company.
With a limited company, there will be a difference in the way the mortgage lender underwrites your mortgage.
For example some lenders only accept your salary and dividends, some your share of operating profit and some may accept a combination of the above.
We work alongside a number of accountants who are very supportive of our hands-on approach and of offset mortgages as a tax-planning tool.
For savings set aside for a tax bill, offsets can fulfil your requirements perfectly.
Some lenders will look at your latest year, or an average of 2 years or 3 years. We have obtained mortgages for a number of individuals with only 1 year’s full accounts.
When we source the best mortgage possible for you, we will also make sure that you are covered if the worst happens. We will take you through the need for the right type of mortgage insurance when you apply for your home loan.
Independent James offers impartial advice and access to the whole of the mortgage market as well as many exclusive products. This means you can be sure your mortgage is the right mortgage for you.
We also work alongside your accountant to make sure you can obtain a competitive mortgage. We work with many lenders who have extensive experience of underwriting self-employed individuals.
Mrs R Denton, Kent
We realise the varied nature of your work, and more importantly working hours, can make the simplest of tasks difficult to...
In recent years there has been a shift towards people contracting, with the format allowing flexible working arrangements and often...
Established by ij’s Principal, James Carter, Company Wills protects your company’s viability and maintains your future aspirations...