It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
Our experience as a mortgage broker in Nottingham has exposed us to the challenges that many self employed applicants encounter when looking to be accepted for a mortgage. Being a self employed applicant can involve obstacles like meeting the lender’s criteria and proving your income a little more difficult compared to a mortgage application for an employed applicant. It would be great if everyone was treated the same when undertaking the mortgage process, however, this is required as lenders need to be confident in you, as a self employed applicant, being able to keep up with the payments. The following are some factors lenders will look out for:
Here at Nottinghammoneyman, our team of expert mortgage advisors in Nottingham are here to help you obtain a self-employed mortgage deal that is perfect for your circumstance. Throughout the full mortgage process, we will be here to provide a helping hand and give you advice on backing up your application by referencing your income and years of accounts’. The benefit of having a self employed Mortgage Broker in Nottingham is that we have access to a panel of lenders offering 1000s of self employed mortgage deals. This allows our team to find a product tailored to your needs. When we have found this and you agree with the recommendation, we will then move on to preparing your mortgage application. As part of our tailored service, we want to be available at your best convenience which is why our advisors are available 7 days a week for you to contact.
Lending criteria can vary from lender to lender, and that is no different when you’re looking for self employed mortgages in Nottingham. Our experienced mortgage advisors in Nottingham always work hard to make sure that you are matched up with the best mortgage deal for your personal circumstances. It’s our aim to get our recommendation right the first time! As Mortgage Advisors in Nottingham we offer a service that is tailored to our customers and their individual circumstances. We will always have your best interests at the heart of what we do.
The required number of years for a self employed mortgage can vary depending on the lender's criteria. However, most lenders typically seek a track record of at least two to three years of financial records, such as tax returns or company accounts. This documentation is used to evaluate your income stability and determine your eligibility for a mortgage. While some lenders may accept just one year of accounts, it's essential to note that this could limit your mortgage options and potentially impact the terms of the loan.
Lenders assess the income of self-employed individuals differently compared to salaried employees. They usually consider your average annual income over a specific period, often spanning the past two to three years.
When applying for a mortgage, even if you are a director of your own business, you are typically regarded as an employee. To undergo assessment, most lenders require that you own less than 25% of the shares in the company. Lenders combine the dividends you receive with your annual salary to calculate your overall yearly earnings, which, in turn, determines the maximum borrowing amount. There are lenders who base their income calculations on net profit rather than dividends or salary. This approach can be advantageous for directors who maintain relatively low drawings from their business. It's advisable to explore different lender options to find the one that aligns best with your financial situation as a self-employed individual
Our Customers Love Us
4.95 Rating298 Reviews
Charlie
Jason has been fantastic throughout, always available, clear with his communications and made the process completely pain free for me!!
2 weeks ago
Lloyd
Excellent service very open and honest like making new friends.
4 weeks ago
Bria
Fantastic customer service from start to finish. Called Nottinghammoneyman around 9pm one evening, and I was surprised at how quickly they returned my call. Matt was excellent throughout, arranged all contact at a time that suited us, which were...
1 month ago
Marie
Absolutely amazing from start to finish. So helpful, every step of the way we was informed of what was happening. Cannot thank them enough.
2 months ago
Anonymous
Very pleased with the service. Chris and the Team have helped me through the mortgage process, making it as easy as possible. They have also managed to find an excellent mortgage deal.
2 months ago
Clare
Nottingham moneyman helped me with my first mortgage 5 years ago and I had a great experience then and now my mortgage is up I have had another great experience with sorting out what to do next. Couldn't recommend the company enough
2 months ago
Kunal
Professional, polite & thorough. I’m genuinely glad I found these guys. Thank you so much.
3 months ago
Rosita
Excellent service the help and support provided throughout the process was second to none. I would highly recommend this company for any of the services they provide. Dan Osman in particular was so supportive and invested in my family he was such...
3 months ago
Leslie
Excellent service from Tom for our second mortgage, supported us through the process with very quick turnaround. Cannot recommend Nottinghammoneyman highly enough!
3 months ago
Craig
Quick at responding and delivered on everything they promised.
3 months ago
Lisa
The Nottingham Money Man group have been fantastic in helping me to navigate the complicated waters of house buying and obtaining a mortgage and the relevant other insurances etc you need with this. They have taken their time to explain things...
4 months ago
Wayne
Well what can i say We dealt with Leo Shakespeare and Jo Parnell throughout all stages of Our Mortgage Application, they both discussed and went through every detail throughly and helped us immensely i couldn't of wished for anyone better to of...
4 months ago
Daniel
I couldn’t find a mortgage in principle anywhere that suited me because of Low credit scores and applying for mortgage alone, I honestly thought I was never going to able to buy a house but jason managed to work some magic and find me something...
4 months ago
Sindi
Very happy with the service, super friendly staff and extremely helpful.
5 months ago
Christopher
Charlie has been the ideal advisor in the months we've worked together. Knowledgeable, honest, personable and consistently happy to help. He and his team have made my experience as a first-time buyer a LOT less confusing!
6 months ago
Anna
Would and will be recommending this company. They (Conner) provided an extremely professional and efficient service in switching over our mortgage to a better interest rate. Always very contactable which quite frankly is something in this day and...
6 months ago
Alexander
Great service. Best value. We spoke to 3 brokers. Money man had the best deals so went with them. Service was fantastic. The mortgage we wanted was being pulled on the day so Paula went out of her way to ensure they had everything to send our...
6 months ago
Jan
first time I’ve used U.K. money man and I would like to say big thank you to Chris and Stacey who were helping us with our mortgage and made whole process smooth and easy for us from beginning to the end.Thank you 🙏
6 months ago
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
7 months ago
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
7 months ago
During this appointment, your mortgage advisor in Nottingham will look at your asessment to work out your maximum affordability.
Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.
Once your purchase offer has been accepted, your mortgage advisor in Nottingham will submit your full mortgage application and evidential documents to your lender.
Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.
There is a range of lending criteria out there that is in relation to self-employed mortgages. Therefore, our expert Mortgage Advisors in Nottingham always aim to match you up with the most suitable lender for your financial state. We aim to achieve this the first time around.
This is part of the tailor-like service we have that we are proud to provide to all our customers. Our team work with the customers interest at heart which is why they are here til late to provide any help and answer any mortgage questions you may have.
Our extensive experience and knowledge in the mortgage world have given us the opportunity to deal with many customers that are limited company owners, sole traders, partners that receive a salary, dividends to a mixture of both. Our aim is to work hard and find the best options for those who are looking for support with their mortgage.
Through dealing with a vast number of mortgage situations, we will be able to help you find the most suitable mortgage that is perfect for your personal and financial needs.
If you approach a high street lender to determine if you are allowed to take a mortgage out, it is very likely that they will use their own in house credit scoring policies. The policies in place for credit scoring are based on historical data from the mortgage lenders own experience and past during their time within the mortgage industry. Lenders will look into data like previous mortgage repayment statistics and any other information they will on repossession as well as other patterns. By doing this, the lender can see which factors would be seen as high risk when lending. Even though this policy can be a daunting hurdle to get over from a self-employed applicant’s point of view, it can save the lender time and money. Through their experience, mortgage lenders would likely agree that more self-employed applicants have fallen into arrears than anyone who is a regular employee. As well as this, it’s accurate to say that it’s very likely that those employed applicants had more of a straightforward experience in the mortgage process compared to self-employed applicants. If you have done some research into mortgages for the self-employed, you may know that a large amount of high street lenders out there have very strict lending criteria with some wanting you to provide evidence of your profits increasing over at least three years accounts, with a few taking a three-year average. You might find that some mortgage lenders only require one year of accounts, however, it can be helpful to have a few to show as a backup as this could increase your chances of obtaining a mortgage.
When customers get in touch with Nottinghammoneyman, we find many get in contact with us after approaching a bank for a mortgage and have left finding it a difficult experience. Some reasons for this include:
On a regular basis, we work with a wide range of different self-employed mortgage customers who are in need of open and honest Mortgage Advice in Nottingham. Below shows a small number of different scenarios that we have encountered as a Mortgage Broker in Nottingham when dealing with applicants who are self-employed.
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Nottinghammoneyman.com & Nottinghammoneyman 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, Nottingham, 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
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Nottinghammoneyman.com & Nottinghammoneyman 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, Nottingham, 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
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