There is a stigma and beyond many myths circulating that getting a mortgage as a self-employed individual is more difficult when compared to an employed person. That is why we at RNR Mortgages specialise in obtaining mortgages for self-employed people in Leicester and beyond.
Working on a self-employed basis ourselves, we understand how painful and frustrating it can be when it comes to obtaining a mortgage. Different lenders want different proofs of income and have different ways of assessing affordability, which can make a big difference concerning the value of the mortgage you can obtain. This can make the difference between you being able to afford your dream home and ultimately missing out.
As specialist self-employed mortgage brokers serving individuals across Leicester beyond and, we aim to make sure you never miss out on the home you desire simply because you are self-employed.
Your home may be repossessed if you do not keep up repayments on your mortgage
Do I need three years' accounts to obtain a mortgage?
This is probably the biggest myth that exists for those who are self-employed and want to obtain a mortgage.
Most lenders will only need two years accounts, but certain lenders can take your first full-year accounts or first full-year Tax Calculations. This will depend on your overall circumstances and may also depend on what you were doing prior to becoming self-employed.
Can I just go direct to my bank?
In theory yes, you can go directly to your own bank and obtain a mortgage. However, different lenders have different ways of assessing self-employed income. Each lender will have their requirements in relation to the proofs that they will need.
My profits have reduced. Can I still obtain a mortgage?
Some lenders will decline this outright, but certain lenders will still consider your application. This will depend on the reason for the decline and your overall circumstances. There is a possibility that an accountant’s reference and/or profits forecast may be needed.
How can RNR Mortgages help obtain a mortgage for a self-employed individual?
No matter how you are set-up, whether you’re a sole trader, in a partnership, a limited company director or working as a day rate contractor, we will use our expertise and experience, taking into account your overall circumstances, to approach the correct lender for you.
This saves you time and lets you carry on running your business and making money, rather than spending your time going from lender to lender on your own. As a result, we are providing the stress-free, hassle-free and anxiety-free mortgage journey that is part of our mission statement.
As part of our self-employed mortgage service, some of the features include:
Helping you work out how much you can borrow based on your individual circumstances
Helping you work out how much you would like to budget for the mortgage and protecting the mortgage debt from unforeseen situations in life
Arranging a Mortgage Agreement in Principle, which will place you in a strong position with an estate agent when making an offer for your potential dream home
Completing your mortgage application and supporting you throughout the process
Providing a recommended protection portfolio to make sure that your mortgage debt and family are protected from unforeseen situations in life
Recommending a solicitor to help you with the conveyancing process
Contact Us Today
Contact our Mortgage and Protection Brokers today to discuss the self-employed mortgage service we offer to people in Leicester and beyond. We will use our experience and expertise to help you find the correct mortgage and protection portfolio to meet your needs.
