Self-employed individuals often face unique challenges when applying for a mortgage due to the nature of their income and DNS FINANCIAL SERVICES LTD makes your mortgage applying process equally simple. Like any client, we’ll take you through a comprehensive fact finding session to establish the type of mortgage we should be looking for. With many self-employed clients already on our books, we also know exactly which of our lenders work best with self employed applicants like you.
If you work for yourself and are looking to either buy a new home or remortgage, we are here to help. The process of getting a mortgage when self-employed may seem complicated but our expert mortgage advisers are highly experienced in helping find specialist mortgage options to suit every individual situation.
Arranging mortgages for directors running businesses can be far more difficult to secure than mortgages for salaried individuals because actual income and ability to make repayments can be less obvious to lenders.
Traditional payslips may not be available for self-employed individuals, making it harder to provide proof of consistent income. You might be asked to provide at least two years of accounts, tax returns, and certified financial statements to demonstrate income stability. Working with an accountant can help ensure accurate and organized financial documentation.
Self-employed individuals often experience fluctuations in income, which can make lenders cautious.You might need to provide evidence of a steady income stream over time, such as contracts or retainer agreements with clients. It can also be helpful to maintain separate business and personal bank accounts to showcase income patterns.
Lenders may require a minimum trading history before considering a mortgage application. Ensure a solid trading history before applying for a mortgage. If the trading history is less than two years, it may be necessary to wait until a longer track record is established or explore specialist lenders who cater specifically to self-employed individuals.
Remember, each individual's circumstances are unique, and it is advisable to seek professional advice from a mortgage adviser who specialised in self- employed applications. They can assess your specific situation, guide you through the process, and help identify suitable lenders who understand the needs of self-employed individuals.
