| If you are self-employed, searching for a mortgage can be tricky in the current market, particularly if your income figures were affected during the Pandemic. Don’t despair! There are still plenty of options available.
At Ingard, we will do the hard work of searching the whole of the market, to find the most suitable deal for you. Some of the main issues self-employed applicants face, is understanding how a lender will assess their income and which figures they will use, as well as the minimum trading time required. Each lender has their own criteria and income requirements, which can differ for Limited Companies, Partnerships and Sole Traders, so this can be confusing. We have access to lenders who assess in a number of ways, such as averaging the last 2 years, taking the latest years’ figures, or accepting just 1 year of trading. The actual figures taken also differ lender by lender e.g., salary and dividend, or salary and net-profit, allowing us to find the most favourable lender to achieve the loan amount you need. There are also lenders who will manually underwrite each application and take a common-sense approach, rather than “computer says no”. This can mean they will accept unusual trading years or a loss in the latest year, if a valid explanation is provided, such as closure during Covid then returning to normal. We also have contacts at each lender, known as BDMs, who we can discuss the application with prior to submission, to avoid wasting any time. If you are self-employed or a contractor, and would like to discuss a new mortgage or raising funds on your existing home or BTL property, please get in touch and we’ll be happy to help. Call us on 01702 538800 or email enquiries@ingard.co.uk |
