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As a self employed applicant, it can be a little harder to get a mortgage. You need to provide more pieces of evidence and the process can take a little longer, especially when it comes to finding the right product.
Our job, as your mortgage broker in York, is to help you with this. We have worked with many self employed applicants, and in most situations, we are able to help.
To work out your mortgage affordability as a self employed applicant, book your free mortgage appointment online and speak with a self employed mortgage advisor in York.
When determining whether to lend to you or not, your lender will look at various different factors:
We will go through how to evidence these step by step and tell you exactly why these need to be looked at. If you’re confused or have any questions throughout the process, feel free to ask your mortgage advisor in York. Your advisor and our team will be right by your side!
As a mortgage broker in York, it is our job to help you make your way through the mortgage process. We know that it can be stressful when you’re self employed and are struggling to get a mortgage, that’s why we do what we do!
You can get your mortgage process started now by using our online booking feature. You can book your appointment for the morning, daytime, evening or even the night, it’s completely up to you.
If you manage to submit at least one year’s accounts, you should not have an issue getting a mortgage. As a mortgage broker in York, we see that a lot of lenders use your salary plus dividend to work out the maximum mortgage amount that you would be able to borrow. We’ve also seen some lenders go off your net profit.
Remember that you will also have to pass mortgage lender’s credits checks and affordability assessments before being accepted too.
Generally, most lenders prefer a track record of at least two to three years of financial documentation, such as tax returns or company accounts.
This thorough examination of your financial records is crucial for assessing income stability and establishing your eligibility for a mortgage. While some lenders may consider one year of accounts, it’s important to be aware that this might constrain your mortgage options and could potentially influence the terms of the loan.
The evaluation of income for self employed individuals compares differently to salaried employees. Lenders typically analyse your average annual income over a specific period, often spanning the past two to three years, to gain a comprehensive understanding of your financial stability.
When applying for a mortgage, even if you are a director of your own business, you are typically regarded as an employee. To undergo assessment, most lenders require that you own less than 25% of the shares in the company. Lenders combine the dividends you receive with your annual salary to calculate your overall yearly earnings, which, in turn, determines the maximum borrowing amount.
There are lenders who base their income calculations on net profit rather than dividends or salary. This approach can be advantageous for directors who maintain relatively low drawings from their business. It’s advisable to explore different lender options to find the one that aligns best with your financial situation as a self-employed individual
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4.95 Rating194 Reviews
Simon
Excellent service
2 days ago
Anonymous
Excellent service. Would highly recommend.
3 days ago
Jason
Very good service always there to help you
2 months ago
Jason
Very good service always there to help .
2 months ago
Jeff
Chris and the team have been fantastic throughout our application, very friendly and always available to contact no matter how big or small the issues were and fantastic guidance for us first time buyers! We would highly recommend using their...
2 months ago
Anonymous
Great service, always helpful
4 months ago
Nathan
Friendly and relatable staff. Kept us in the loop and well informed throughout the process and made it all very hassle free for us.
5 months ago
Anonymous
Everything was well explained.
5 months ago
Anonymous
Very friendly team
5 months ago
Ben
Very professional and made the whole process easy. We especially appreciated the flexibility on appointment times
5 months ago
Daniela
Incredible service, the team were amazing. We are first time buyers and every question we had they were able to hold our hand and explain things clearly. Phenomenal work. Got our mortgage offer accepted within 3 days and updated every step of the...
5 months ago
Matt
Highly recommend Yorkmoneyman. Every step of the way Wayne and Jo have been extremely helpful and friendly. Wayne got us a great deal on our mortgage and he and Jo ensured we understood every detail. When we needed to switch properties, they handled...
7 months ago
Katie
Excellent service. I was provided with support and advice from Leo. I began my journey in March 2023 when I initially started looking. I the did not find a property until March 2024 where I got back in contact with York money man and Leo and...
7 months ago
Dennis
I found york money man online and wasn’t disappointed. Wayne helped us get everything order and was highly efficient. The process was seamless and I would highly recommend.
8 months ago
Emma
Brilliant and detailed helped with everything effectively and efficiently. Thank you
8 months ago
Mr Henry
Absolutely fantastic service , as first time buyers the team at Yorkmoneyman made the process of applying for our mortgage unbelievably easy and stress free . We cannot recommend them enough!
8 months ago
David
Great service, really helpful in understanding our individual circumstances and getting the best deal for us. Communication was top class right throughout the process, would highly recommend.
8 months ago
Mitchell
5 stars. They have been very helpful. Made the initial process of looking for and buying a house simple. Explained all the processes in an easy to understand way. Being able to suggest solicitors and surveyors took away a massive amount of the...
9 months ago
Anonymous
Couldn’t have asked for more from Tom and Jo. Super patient and helpful throughout!
9 months ago
Joseph
Our advisor Leo was incredibly helpful throughout our process. Explained everything clearly and answered any questions we had. I would definitely recommend Moneyman for anyone looking to buy a house.
9 months ago
During your mortgage appointment, we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.
Once we have the information that we need, we can begin searching through 1000s of mortgage deals to find the most appropriate deal tailored to your personal and financial situation.
Once we have found you a mortgage, we will recommend it to you in the form of a mortgage illustration. If you are happy to continue with our service and the product, we can prepare and send off your mortgage application.
Our service is not just about finding the perfect mortgage deal for your individual circumstances, we will also recommend insurances to take out alongside your mortgage. This is to ensure you and your family are protected in the future.
We’re open from early until late, meaning that you can book your free mortgage appointment at a time that suits you. We want to work around you so that you can work around your social life, work and hobbies. Our self employed mortgage advisors in York will also be available to answer questions that you have at any point during your journey – no question is a stupid question!
We can search through 1000s of mortgage products in order to try and find you a product that matches your personal and financial situation. Our team are experienced with self employed lending criteria and know the exact requirements that lenders are looking for.
Yorkmoneyman is here to help you through your mortgage process. Our team will be open and honest with you at all times, trying and find you the best mortgage deal that’s available to you. When you’re in need of mortgage advice in York, we want to be there to help.
We know the difficulties of getting a mortgage as a self employed mortgage applicant, therefore we want to make sure that you’re receiving the best service possible.
You may benefit from taking a look at our customer reviews. There may be someone who was in the same situation as you are now! Customer satisfaction means everything to us. From start to finish, we aim to provide a five-star service.
We’ve been working within the mortgage industry for over 20 years now and during this time, we’ve been able to help many different self employed applicants secure a great mortgage deal.
We are always faced with complicated mortgage scenarios, here are some examples of what we’ve come across before:
– You’re a self employed business owner and you’re being paid a mixture of either salary, dividends or a directors’ loan
– You need a mortgage advisor in York to help you through your mortgage process. If your business is going through a busy period, it may be better to help and take the stress away
– Instead of paying yourself a proper salary, you put most of net profits back into your business
– Your business hasn’t been trading for one year plus
– You are struggling to match the banks’ strict lending criteria despite having a good credit score
– You’re a company owner, director, sole trader or business partner and need mortgage advice in York
– You have an unsteady net profit
Different lenders will have their own unique credit scoring systems, and some will be stricter than others. They need to be certain that you can afford a mortgage as a self employed applicant. If you don’t manage to meet their lending criteria, you may need to try and secure a specialist mortgage product.
If you keep applying for high street mortgage products and keep getting declined, you’re risking damaging your credit file. Our mortgage team will help you find a mortgage deal that you’ll match and is tailored for your self employed mortgage situation.
You can book your free mortgage appointment online today. Speak with one of our mortgage advisors in York and find out how we can help!
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Yorkmoneyman.com & Yorkmoneyman 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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Yorkmoneyman.com & Yorkmoneyman 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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