But, don’t worry! It doesn’t have to be! With more and more of the population deciding to become their own boss lately it is important to know how it affects your borrowing ability.
In short, it is no harder to get a mortgage if you work for yourself or, have own your own company, we just need different information for an application. You will generally need a couple of years trading history to get a mortgage. This is what tends to catch most people out. There are certain exceptions to that though, depending on what you do and even what you did before.
If you are a contractor, more and more lenders now are willing to look at the value of your contract rather than view things with traditional self-employed criteria. Again, it depends on what you do and how long you have been doing it.
You may be surprised at what is possible!
Generally 2 as a rule of thumb but there is the odd lender that might not need this depending on what you do.
No, not usually, although some lenders are more used to dealing with this type of income, there are some very familiar names that have specific criteria if you are a contractor. Some lenders will be able to use the value of your contract rather than the income from your tax returns.
No, not necessarily. Just like if you are employed, the more you earn, the more you are able to borrow. It is just important to remember that in most cases the lender will take your net profit or salary and dividends and not your turnover. There are a couple of lenders that may also take in to account the profit of the business.
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💷 Are you prepared for all the fees and costs of moving?
There are more as a second time buyer!
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Find out more about what to expect as a second time buyer in our blog this month, link in the bio 👆
(Picture of our dog just because! 😍🐶) #mortgagehelp #mortgagebroking #mortgagetip #mortgagehelpers #banbury #Oxfordshire #officedogsofinstagram
🔥🏡 Our latest blog is here! And written especially for
𝘀𝗲𝗰𝗼𝗻𝗱 𝘁𝗶𝗺𝗲 𝗯𝘂𝘆𝗲𝗿𝘀 – all about the process of moving on from your first home and buying your next one. How is this different to being a first time buyer? Find our more in this month's blog, link in the bio 👌
#mortgagehelp #mortgagetip #mortgagehelpers #secondtimebuyers #mortgagebroking #oxfordshirebusiness #oxfordhsire
Who else goes combine hunting in the summer? It’s all for the kiddies obviously 🙄😏
Happy #internationaldogday !! 🐶 Dotty our office just wouldn't be the same without you! 💕
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Whats your dog up to today?
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#officedogsofinstagram #officedoggies #banburybusiness #mortgagehelp #mortgagetip #bestmortgagebroker
#oxfordshire
#stalbans
Wonder what deposit we would need to secure a mortgage on this modest home then?!
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#warwickcastle #warwick #staycations #mortgagehelp #mortgageadvice #mortgagebroker #localmortgagebroker
#timeoffwork
Friday out with our @maxwellsestateagent team 👌🙌 Dare we say it, it feels like old time 🍻🥂🍤🍣🙌
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We're at the lovely @zushibanbury have you been here? We're loving it 👌
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#outout💃
#workdo #mortgagehelpers #mortgagebroking #localestateagent #banburybusiness #banbury
What a weekend for Matt to be at #silverstonef1 🏁🏎🍾🥵🏁🏎🏆
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What a race, what a result!? (If you're #hamilton fans like us!)🏁👌 LOTS to catch up on tomorrow!
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#f12021 #takingonefortheteam #localmortgagebroker #protectionadviser #silverstonegp
Blimey it must be serious if I'm in a football shirt 🏴⚽️🙌🤣🤣
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C'MON ENGLAND!!!⚽️🏴⚽️🏴⚽️
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#euros2021 #itsthefinal #england2021 #footballscominghome #localmortgagebroker
Are you self employed like us? Which best describes you?
✅ Company director?
✅ Sole trader?
✅ Contractor?
✋🏼 Don't make the mortgage mistakes that the self-employed can fall into so easily!!
See our dedicated webpage (link in the bio) on exactly how to avoid them.
#selfemployed #contrator #soletrader #mortgaged #mortgagebroker #mortagetip #selfemplyedtips
YAAAAAAS!!!🏴🏴🙏💗🎉🎉🎉⚽️⚽️⚽️⚽️⚽️⚽️⚽️⚽️⚽️⚽️⚽️⚽️
I don't know about yours but our house was complete madness 🤣
#comonengland #euros2021 #supportingengland #weneededthis
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© 2019 Vantage Mortgages Ltd is an Appointed Representative of PRIMIS Mortgage Network which is a trading name of Personal Touch Financial Services Limited. Personal Touch Financial Services Limited is authorised and regulated by the Financial Conduct Authority. Vantage Mortgages Ltd is registered in England & Wales.
Company Number: 11754334.
Our typical fee for our service is £500.
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