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Self Employed Mortgage Advice in Nottingham

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Self Employed Mortgage Advice in Nottingham

Self employed in Nottingham? Speak to a mortgage expert today and receive tailored guidance for your individual employment circumstances.

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Advice for Self Employed Mortgages in Nottingham

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:

  • Applicant’s income and salary
  • Applicant’s previous years of accounts’
  • Bank Statements

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Self Employed Mortgage Advice in Nottingham

1000s of Self Employed Mortgage Products

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.

How is my income assessed as a Self Employed applicant?

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.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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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.

How will a Lender assess my income?

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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.

I’m a Director of my own Limited Company

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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

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Our Simple Remortgage Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor in Nottingham will look at your asessment to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Nottingham will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Step 4

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.

Reasons to Choose us

Free Mortgage Appointment

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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.

1000s of Deals

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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 Service

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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.

7 Days a Week

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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.

Malcolm and Amy Davidson - Mortgage Advice in Nottingham

We Search 1000s of Self Employed Mortgages in Nottingham

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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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.

Having Mortgage Problems?

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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:

  • Failed to meet the bank’s criteria
  • Net profit has fluctuated
  • Personal situation
  • The bank has offered you an amount that is below what you wanted
  • Salary Structure
  • Credit Score

We do recommend that you refrain from approaching different lenders on your own, especially if you have little understanding of their lending criteria.

This can result in you not getting a mortgage altogether as well as having a negative impact on your credit score.

Self Employed Applicant Scenarios

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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.

  • Being a self-employed owner of a business, you are being paid an amalgamation of either salary, dividends or a directors’ loan.
  • You’re looking for an expert Mortgage Advisor in Nottingham to help you through the full mortgage process while your company is going through a busy business period.
  • You leave a lot of your net profit sitting in your company rather than paying yourself a salary.
  • Your business has been trading for less than a year.
  • You don’t seem to match the banks’ lending criteria even though you have a great credit score.
  • You are either a company owner, a director, a sole trader or a business partner who is looking to obtain self-employed Mortgage Advice in Nottingham.
  • The amount you are looking to borrow is more than what the bank wants you to borrow.
    You have an unsteady net profit.
  • Banks can sometimes not be the best place for self-employed mortgage applicants who are seeking Mortgage Advice.

This can be due to the automated systems banks utilise in order to see the best mortgage route for you. Furthermore, if you do get declined by the bank there is nothing else you do with them to help regardless of your loyalty to the bank or how often you pay into your account.

At this point, it’s best that you look down the route of approaching a Mortgage Broker in Nottingham to give you insight into how they can help you. Our diligent team can look into your personal and financial circumstances.

By doing this, we can match up your financial situation to the most appropriate lender mortgage criteria which can help you proceed on the mortgage journey.

Mortgage Guides & 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

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