Self-employed Mortgage Broker in Essex

At Goldmanread, we are specialists in helping self-employed clients arrange mortgages. Our professional mortgage brokers have access to a wide range of self-employed mortgage lenders across the market. We’ll help you choose between the most competitive mortgages out there.

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Self-employed mortgages often come with more advanced eligibility criteria, and depending on your financial stability, it can be harder to source good deals. Working with a professional self-employed mortgage broker will help you make better financial savings, save valuable time and, ultimately, secure the best deal for your situation.

Goldmanread is well-versed in helping self-employed clients buy their dream homes. Our mortgage brokers, for self-employed people, have a wide connection with lenders and know each of their different eligibility criteria.

Some lenders may restrict affordability and income multiples for self-employed clients, while others will be more generous and offer a specialist mortgage. We understand this and will have a good idea of who to contact before you’ve even given us all the details. Working alongside you, we can provide expert mortgage advice and tailor our specialist service to your specific needs.

To start the process of finding the best mortgage deal as a self-employed professional, get in touch with us today!

Self-employed mortgage rates

Being self-employed can often come with slight financial instability – in some months, your paycheck may be significantly higher than others. Self-employed mortgage rates can differ from traditional mortgages because of this and how your income needs to be verified.

When looking for the best mortgage deals, you’ll want to find a lender who can provide the most competitive rates. At Goldmanread, we make this possible. Our services connect you with an experienced mortgage broker who understands this and will be able to help you find the best self-employed mortgages with the most attractive rates.

What is the application process for self-employed mortgages?

The application process for self-employed mortgages is similar in many ways to the process for employed people. However, lenders will need to take into account the status of the applicant.

Meeting the specific self-employed lender criteria can be challenging. Working with a specialist mortgage broker and mortgage advisor will help you prepare for starting the application process. We will be able to utilise our knowledge of different lender criteria and tools, such as a specialist self-employed mortgage calculator, to help determine your eligibility before you consider approaching a lender.

  1. Contact us to get started. We will have an initial discussion to understand your current circumstances and determine how much you could borrow. We will take into account your ideal budget, income and credit score to get a better understanding of who to approach.
  2. With a budget in mind, we will be able to work out your eligibility using our specialist mortgage calculator so that you know what you’ll be able to borrow before speaking to any potential lenders. We’ll also ask you to collect all the essential documents and information that different lenders require.
  3. Most lenders will require specific documentation, including:
    Proof of ID and address
    • Bank statements
    • Full credit report
    • Proof of deposit
    • Two years of account statements (proof of income)
  4. Once you have collected the information and provided it to your mortgage broker, we can then begin the process of applying for a mortgage on your behalf. Waiting to hear back from the lender can take time, as they will be doing a thorough review of your creditworthiness and working out a suitable mortgage deal. If the lender is happy with the information provided and wishes to proceed, they will then offer a full mortgage or an Agreement in Principle, depending on whether you have an ideal property in mind.
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The major difference when assessing a self-employed mortgage will be around proof of income. This proof of income will depend on whether the applicant is a sole trader, partner within a firm or a limited company director. Generally, lenders will want to see a 1-3 year trading history.

Contacting an experienced mortgage advisor before applying to a lender for a mortgage approval will help you secure the best possible mortgage deal and make the process of applying for a self-employed mortgage much easier.

Mortgages for self-employed working professionals

It is common for many working professionals to have income from both employed roles and additional freelance income. This is particularly common in the medical field, where consultants and GPs often generate extra income from locum work or an additional business working at a private hospital or private practice.

Generally, when assessing this income, the lender can take into account both the employed and freelance roles but may give a lower income multiple on the income generated on a freelance basis.

If you fall into the above category, get in touch with our team at Goldmanread and see what we can do to help you source the best mortgage with competitive repayments.

FAQs

How many years do you have to be self-employed to get a mortgage?

A specialist self-employed mortgage lender will want a 2-3 year trading history. Most lenders will want to see a proven track record of income from self-employment to make sure you can keep up with the repayments on your mortgage. There are some lenders, however, that will work on the basis of only 12 months’ worth of figures.

How is self-employment income calculated for a mortgage?

Calculating self-employment income for mortgages will vary depending on your specific self-employed status. Generally, income from net profit, in the case of sole traders and partners, or salary and dividend, in the case of limited company directors, is calculated in exactly the same way as a salary for employees. This may not be the case where the self-employed role is secondary to the applicant’s main job or income, i.e. in the case of a Medical Consultant who is employed by the NHS but may also have locum income. In this case, the lender may only take into account 50% of the freelance income.

Do mortgage lenders look at gross or net income for self-employed?

The lenders will take into account income which is gross, in terms of before tax, but not gross in the sense that it is before business operating expenses like car finance, legal fees, cost of materials etc.

It’s essential to have an idea of your approximate annual income when discussing mortgage requirements with a broker.

Why choose Goldmanread to source your self-employed mortgage?

At Goldmanread, we specialise in assisting self-employed clients in arranging their mortgage finance and securing the best rates possible. Our brokers understand the unique challenges you face and know exactly which lenders to approach.

We take the stress out of the mortgage process and provide you with the tailored support you need to save time and money. We can also assist clients who may have a lower credit score due to past credit issues.

Whether you are looking to buy your first home, move house or remortgage, we can arrange an Agreement in Principle with a lender who will be able to fully assist you with your mortgage requirements. Contact us today and start your application.

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We believe that professionals deserve an extremely high level of personal service when choosing their mortgage and we pride ourselves on treating each customer as an individual, not a number! Our clients couldn’t agree more and are happy to recommend us.

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Contact us to discuss your Self-employed Mortgage

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We’d be delighted to discuss your mortgage and insurance requirements and get an understanding of your individual goals. Feel free to phone or message to arrange a call back or appointment.

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