Self Employed – If you are self employed, whether as a sole trader or via a limited company, it can seem a struggle to obtain a mortgage. The majority of lenders have brought in additional criteria around how business has been supported over the past 18 months due to Covid-19. For example, the majority of lenders will not allow any covid business grants to be included as income and most will have issues if a business has taken a bounce back loan.
If your business has been impacted by Covid but is now teasing back to it normal levels, there will be lenders who we can proceed with but they are likely to will want information on your business to support the application. With our help we can advise you on the most appropriate lenders and deal directly with the lenders on your behalf with an aim to get the application to proceed to offer.
For limited company owners we ask to see company accounts as well as self assessments to enable us to explore all options with lenders. There are lenders who will accept net profits plus salary, this usually shows a higher level of income than salary and dividends.
JF Financial Solutions have access to the majority of lenders on the market and have years of experience dealing with self employed clients and can guide you through the process.