Self Employed Mortgage Advice in Nottingham

Get your free consultation 7 days a week

Reviews io White Logo

Read our 269 Reviews

Reviews IO Stars

Discover the possibilities of Self Employed Mortgages!

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

 

Speak to our Self Employed Mortgage Advisors in Nottingham

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 does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

Mortgage Lenders 001
Mortgage Lenders 002
Mortgage Lenders 003
Mortgage Lenders 004
Mortgage Lenders 005
Mortgage Lenders 006

Popular Self Employed Scenarios

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.

 

Self Employed Customers & Bank Mortgage Advice

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.

Self Employed Mortgage Advice in Nottingham

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.

 

Having Mortgage Problems?

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.

Reviews Stars4.94 Rating269 Reviews

Common mortgage
questions

Your free mortgage consultation with us will last around an hour. During this consultation, your dedicated Mortgage Advisor in Nottingham will get to learn a bit more about your personal and financial situation.


Once your consultation is finished, your Mortgage Advisor in Nottingham will go away and try and find you a perfect mortgage deal tailored to your circumstances. If you love the mortgage offer that they’ve picked out and want to continue, the next step is to submit your mortgage application!

Our mortgage process consists of multiple different steps:

1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation.

2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.

3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application.

4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.

As a Mortgage Broker in Nottingham, we always advise applicants to obtain an Agreement in Principle before viewing properties. Firstly, you’ll need an Agreement in Principle to make an offer on a property. Secondly, having one in place could put you in a position to negotiate prices.

An Agreement in Principle typically lasts for 30-90 days. This timeframe may change depending on the lender that you are using.


If your Agreement in Principle expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Nottingham or your lender.

It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:

– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.

High street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on if you’ve had previous bad credit issues.

If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!

Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.

If you are able to submit at least one year’s of accounts, the more likely you are of being able to obtain a mortgage. Most of the lenders that we use look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit, it all depends on the lender.

  • Photo ID (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement proving the deposit being built-up with an explanation for any large credits.

Your free mortgage consultation in Nottingham will usually last around an hour. Following the consultation, we can turn around an Agreement in Principle for you within 24-hours. Now it’s just the case of submitting your mortgage application. A formal offer can take around three weeks on average to come back.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Nottingham.

Step 3

Make an offer on the property in Nottingham that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

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, Hull, 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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Nottinghammoneyman

Nottinghammoneyman, Gothic House, Barker Gate, Lace Market, Nottingham, NG1 1JU.

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo