Popular Self Employed Scenarios
As a Mortgage Broker in Lincoln, we have work with many self employed mortgage customers, all in need of open and honest Mortgage Advice in Lincoln.
Our Mortgage Advisors in Lincoln have dealt with all kinds of different self employed applications. Here are just a few of the various scenarios that our advisors are used to dealing with:
- As a business owner, your income combines either salary, dividends or a directors’ loan.
- Your company is going through a rough business period and needs a Mortgage Advisor’s assistance in Lincoln to guide you throughout the mortgage process.
- You leave most of your net profit sitting in your company rather than paying yourself a larger salary.
- Your business hasn’t been trading for more than one year.
- Despite having a good credit score, you don’t seem to match the banks’ lending criteria for some reason.
- You are a company owner, a director, a sole trader, or a business partner who needs self employed Mortgage Advice in Lincoln.
- The bank is limiting the amount you can borrow, and you need to borrow more than that amount.
- Your net profit is not steady in position.
Not everyone gets accepted for a mortgage by their bank. Unfortunately, these banks have automated systems, and even if you have been with these banks for years may still decline you.
With the help of a trusted Mortgage broker in Lincoln, we can step in and take the stress away. Our team of Mortgage Advisors in Lincoln can search through 1000’s of deals to match your circumstances to a suitable lender.
Self Employed Customers & Bank Mortgage Advice in Lincoln
Most high street lenders use their own in-house credit scoring policies to allow customers to take out a mortgage with them. As well as, the majority of high street lenders out there have strict lending criteria, with many wanting to see your profits going up over a minimum of three years accounts, with some taking a three-year average.
A lender will analyse previous mortgage repayment statistics, repossession information and other common patterns to determine whom they believe would be risky to lend to. This saves the lender both time and money but can leave many self employed applicants without achieving their mortgage goals.
In previous years, mortgage lenders may have had far more self employed applicants fall into arrears than those who are employed. However, it’s also fair to point out that those employed applicants likely had a lot fewer hurdles to jump through just to meet the lender’s strict criteria.
You may find that the vast majority of high street lenders out there have stringent criteria, and many want to see your profits increasing over a minimum of three years accounts, with some taking an average over three years.
Why choose us as your Mortgage Broker in Lincoln?
Each lender has their own lending criteria for self employed applicants. With the help of an expert Mortgage broker in Lincoln by your side, our advisors will work hard to find you the most suitable lender for your circumstances.
Customers are the heart of this company. Throughout our many years within the industry, our Mortgage Advisors in Lincoln have experience helping limited company owners, sole traders, partners that receive a salary, dividends or a mixture of both.
They use their expert knowledge to try and find solutions for self employed applicants who need help with their mortgage. We are able to use our mortgage market expertise to find you the most suitable mortgage for your circumstances.
Having Mortgage Problems?
We have spoken to many self employed applicants who have being directly rejected by their bank for a mortgage, and it can be challenging to obtain a mortgage, but it shouldn’t have to be. Here are some of the reasons why the bank may have rejected other self employed applicants this include;
- Failed banks criteria
- Fluctuating net profit
- Personal situation
- Bank won’t lend enough
- Pay structure
- Credit score
Refrain from approaching various lenders by yourself, especially if you’re unfamiliar with their lending criteria. Doing so can harm your credit score, which won’t help your odds of getting a mortgage.
Speaking to a Mortgage Broker in Lincoln like ourselves with be very beneficial as we will be by your side during the entire process. We are used to dealing with complex mortgage situations. Get in touch today for your free mortgage consultation, and let’s book you in to speak to a Mortgage Advisors in Lincoln today.