We know that finding a mortgage can be frustrating for freelancers and self-employed professionals, but we have built our reputation on helping property buyers to find finance when their circumstances are too complex for many mortgage providers.
Why are mortgages for self-employed people more complicated?
Mortgages for freelancers, contractors or anyone self-employed can be difficult to secure because they rely on the financial picture presented by your business. The problem is that your accountant will be trying to present a tax-efficient view, while a mortgage lender is only looking at income.
Response is an expert in helping clients to secure freelance or self-employed mortgages. We typically approach lenders whom we know are willing to look beyond the accountant’s assessment and take a broader view.
How can you prove your income?
If you are self-employed, a freelancer, contractor or consultant of some kind, getting a mortgage can be difficult because you need to be able to prove your income.
If you are running a relatively new business without an established track record or you have tax-efficient books prepared by your accountant, or you take part of your earnings in dividends, high street lenders may not be prepared to extend a loan, even if you are confident that you can afford the repayments.
Self-employed mortgage advice:
Over the years we have advised countless self-employed professionals to find the right mortgage for them.
Our approach is to spend time understanding your situation and then to present a personal case to self-employed mortgage lenders we know are best placed to support your application.
This might include approaching lenders who:
- Consider the net profits of the business, adding back in your drawings so that they have a better view of your potential annual income
- Understand business finance and can look behind the accountants’ tax-efficient statement to assess real income
- Will allow us to talk directly with underwriters and make a personal case based on a wider view of your potential earnings
- Understand the pressures of self-employed business people and can work quickly to get a mortgage offer in place
To find out how we can help with your self-employed or freelance mortgage, call us on 0113 265 3759