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Self Employed Mortgage Advice in Lincoln

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Self Employed Mortgage Advice in Lincoln

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

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Mortgage Advice for Self Employed Mortgages in Lincoln

Our mortgage advisors in Lincoln are here to help you secure a self employed mortgage product that is best suited to your scenario.

We will provide our full support and guidance throughout the entire mortgage process, giving you advice and doing everything we can to increase the chances of obtaining you a mortgage.

Our Mortgage Advisors in Lincoln can search 1000’s of self employed mortgage products. Once we match you to the most suitable deal, we can start preparing your mortgage application if you want to continue with it.

Open 7 days a week to work around you, feel free to get in touch at a time that suits you best. Please take advantage of our free mortgage consultation today that we offer to all self employed applicants.

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Self Employed Mortgage Advice in Lincoln

1000s of Self Employed Mortgage Products

If you want to speak to a mortgage advisor in Lincoln regarding obtaining a mortgage or look at your potential options are in the future, book your free mortgage appointment online or give us a call.

It can be challenging for self employed applicants in Lincoln to secure a mortgage. Some of the many challenges can include not meeting a lender’s criteria or show enough income to prove you can keep up the monthly payments.

Not everyone can be assessed the same. Lenders need to be confident that self employed applicants can afford their mortgage. Some things they will take into consideration will include:

  • Your salary/income
  • Your previous years of accounts
  • Business operating costs and expenses
  • Bank statements

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 Lincoln. Our experienced mortgage advisors in Lincoln always work hard to make sure that you are matched up with the mosts uitable mortgage deal for your personal circumstances.

As mortgage advisors in Lincoln 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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Lenders typically require self employed applicants to have a minimum of two to three years of accounts or tax returns. This period allows lenders to assess your financial stability and the consistency of your income over time. Some lenders may consider applicants with less history, but having a longer track record can enhance your eligibility and potentially provide access to more favorable mortgage terms.

How will a Lender assess my income?

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Lenders assess the income of self employed individuals by reviewing their business accounts, tax returns, and financial statements. The lender may look at your net profit as the basis for income calculation. It’s essential to provide accurate and up-to-date financial records, including your business accounts, as this information forms the basis for the lender’s evaluation. Some lenders may also consider other sources of income, such as dividends or retained profits, when determining your overall financial position.

I’m a Director of my own Limited Company

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As a director of your own Limited Company, your income may come from a combination of salary and dividends. Lenders typically consider both when assessing your affordability for a mortgage. Ensure that your company accounts clearly reflect your income, and be prepared to provide evidence of your salary and dividends through official documentation.

Additionally, some lenders may assess your ability to repay based on your salary plus dividends, while others might focus on your net profit as reported in your accounts. It’s crucial to work closely with your accountant to ensure that your financial records are presented in a way that maximizes your mortgage eligibility.

Remember, each lender may have slightly different criteria, so it’s advisable to seek the guidance of a mortgage broker in Lincoln who understands self employed mortgages. They can help match you with a lender that best suits your individual circumstances and provide expert advice throughout the application process.

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor in Lincoln will look at your asessment to work out your maximum affordability and provide you with an agreement in Principle.

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 Lincoln 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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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.

1000s of Deals

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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.

Our Service

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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.

7 Days a Week

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We are proud to provide a tailor like service to the customer in question. We work with the customers interest at heart which is why we are here til late to answer any mortgage questions you may have. 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.  

Malcolm and Amy Davidson - Mortgage Advice Lincoln

We Search 1000s of Self Employed Mortgages in Lincoln

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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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.

Having Mortgage Problems?

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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.

Self Employed Applicant Scenarios

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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.

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Lincolnmoneyman.com & Lincolnmoneyman 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

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