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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
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.
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.
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.
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.
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.
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:
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.
4.95 Rating284 Reviews
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!
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...
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...
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 🙏
Jonathan
Very helpful and informative. Kept us in the loop and followed up with emails. Thank you!
Baljinder
Conor was excellent and efficient through the process and always helpful. Would highly recommend Moneyman.
Rosalind
Paula and Dan worked on our remortgage and we cannot recommend them highly enough. Dan initially handled the case and was very thorough, efficient and found us a great deal. We needed to remortgage around the time of Kwarteng’s mini budget so it...
Amy
Daniel was my mortgage advisor and he was excellent, friendly, efficient and honest in what was available to me in the current climate. Will continue to use Nottingham Moneyman for my remortgages.
Molly
Really happy with the care and support we received throughout our mortgage application! Communication was easy & response time was fast - thank you!
Emily
Leo and Jo were really great in getting us a mortgage. We’re both first time buyers and really didn’t understand the process, Leo made it very easy. He answered my calls every time without fail and held my hand through the process. Jo was...
Saira
Matt Collinson and Lyndsey Smith have been exemplary. The entire service has been exceptional. Matt is unbelievably helpful and knowledgeable. The team communicate efficiently and regularly. They are patient with queries and concerns. Hugely...
Anne
We are really pleased with the advice and support we received from Matt Collinson at UK moneyman. From start to finish he was very friendly, honest, knowledgeable and very contactable throughout. When faced with a bit of a turbulent market he...
Shaun
Understood the issues, and explained the various options making it easy to decide. All done promptly too. Perfect.
Akbar
Excellent, helpful and friendly service. I have recommended to various others already.
Shawn
Excellent service helped me from start to finish with buying my property with great advice and communication throughout thanks Malcom and the team
Anonymous
Very helpful throughout the process of securing a mortgage. Happy to talk through different options and offered explanations when requested
Jacqueline
Matt Collinson and Chloe dealt with our mortgage application. Excellent service. Working late and weekends when time is of the essence.
Andrew
Fantastic service by Charlie and Lyndsey, very knowledgable and professional and helped my wife and I secure a great mortgage deal. We will definitely be using their services again in the future and I would highly recommend!
Grace
Dinah Harros and Anna Braithwaite were outstanding! No question was too silly, really informative and easy to get a hold of - thank you both so much for helping us get life insurance and a mortage for our first home.
Sean
Brilliant service, Ryan and Lyndsey have been fantastic and couldn’t do enough for us and always in touch. Finally we have our dream home! Thank you so much Lauren & Sean x
Our dedicated mortgage advisors in Nottingham will provide you with a free mortgage appointment that typically lasts around 30 mins.
During this appointment, we will gather information about your financial and personal situation.
Based on the information obtained during the consultation, your mortgage advisor in Nottingham will then search for the ideal mortgage deal tailored to your specific needs.
If you are satisfied with the mortgage offer presented by your mortgage advisor in Nottingham, the next step is to proceed with your mortgage application.
Our mortgage process is composed of several stages. Firstly, we will ask you to complete our Fact Find to provide us with a clear understanding of your mortgage needs and goals.
Next, you will have a free appointment with a mortgage advisor in Nottingham, who will begin searching for mortgage options that are tailored to your individual circumstances. If we find a suitable offer that meets your requirements, we can proceed with your mortgage application.
To obtain an agreement in principle, we will conduct a credit check on you and gather supporting documents to validate your mortgage application.
Once we have submitted your mortgage application, we will wait for a formal mortgage offer to be issued.
We highly recommend obtaining an agreement in principle before you start viewing properties if you’re planning to apply for a mortgage.
This is because an agreement in principle is usually required to make an offer on a property, and it can also help you negotiate prices.
As a mortgage broker in Nottingham, we can help you to obtain an agreement in principle from a mortgage lender, which demonstrates their willingness to grant you a mortgage based on your financial circumstances.
With an agreement in principle in place, you can have a better idea of what properties you can afford and approach the buying process with more confidence.
The validity period of an agreement in principle (AIP) typically ranges from 30 to 90 days, but this may vary depending on the specific mortgage lender.
In case your AIP expires before you find a suitable property, you can easily renew it by contacting your mortgage advisor in Nottingham or the mortgage lender.
As a mortgage broker in Nottingham, we often see customers seeking a second mortgage for various reasons. Some of the most common reasons include:
– Consolidating debt.
– Making home improvements.
– Investing in a buy to let property.
– Other reasons, such as purchasing a holiday home or helping a family member with a mortgage.
When applying for a mortgage in Nottingham with a high street lender, a minimum deposit of 5% is typically required. If you have a history of bad credit, this percentage may increase.
Obtaining a mortgage may be a bit more challenging if you have a history of bad credit, but it’s not impossible!
In such cases, some mortgage lenders may require a slightly larger deposit from you, typically around 10-15%.
Whilst this is the case, there may still be many options available to you, and as an experienced mortgage broker in Nottingham, we can help you find a mortgage lender that is willing to work with your situation.
Submitting at least one year’s worth of accounts increases your chances of getting approved for a mortgage.
The mortgage lenders we work with typically consider your salary plus dividend to determine the maximum mortgage amount.
Some lenders may base their calculations on your net profit. The criteria varies from lender to 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.
Typically, your free mortgage appointment in Nottingham will take approximately 30 mins.
After the appointment, we can provide you with an agreement in principle, usually within 24 hours. Once you have decided to proceed, the next step is to submit your mortgage application.
On average, it takes about three weeks to receive a formal offer from the mortgage lender.
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.
You can take some time out to browse potential properties in Nottingham.
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.
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.
