Sel employed mortgage advice Nottingham

Self-Employed Mortgage Advice Nottingham

Self-Employed Mortgage Advice Nottingham. If you are self employed you will probably agree that it is time consuming and often brings with it many worries and unique requirements. So if you are self-employed and looking for a mortgage you don’t want to be worrying if you will qualify for a mortgage and how much you can borrow.

Hopefully your business reflects your hard efforts and is performing well, but being self employed you may also have been looking at keeping your tax liability as low as possible, re-investing in the businesses. Your accountant may  encourage you to put expenses through as high as possible to keep profits low. This if fine, but when it comes to borrowing money, unfortunately this can go against you. You can’t have it both ways!

DON’T WORRY, we’re here to offer impartial Self-Employed Mortgage Advice in Nottingham

Self Employed – Mortgage Lenders

Luckily, there are Lenders out there that will assess your income in several different ways. Some Lenders will lend more than others and here at ‘Nottingham Money Man’ our role is to find the one most suited to your requirements, for example, most Lenders average the last two years earnings but we have access to others who will consider working from the latest year only. This helps business owners whose earnings have recently increased.

Most Lenders will take the average of the last two years’ salary plus dividends for a Limited Company Director. However there are some variances, some Lenders class you as Employed unless you own a certain percentage of the company, even if you are a Director so they may consider going off your last 3 months’ payslips.

Mortgage Advice If You Are a Low Dividend Business Owner

Some business owners run highly profitable organisations but opt to take a low dividend because the don’t need the income. This type of mortgage applicant can be disadvantaged by the salary + dividend method but there are Lenders out there that will consider using the net profit of the Limited company to solve this problem.

If your business is due to complete a set of accounts you can always contact us with the projected figures and we can look to calculate what your maximum borrowing would be based on the draft account figures (although the accounts would need to be finalised before a formal mortgage application).

Self-Employed Mortgage Advice Nottingham – Summary

In summary, calculating the maximum borrowing capacity for a self-employed applicant is a minefield – you could easily go to 10 different Lenders and get 10 different answers! I would quite expect exactly that to happen. If you need to maximise your borrowing capability I would urge any Company Director to use a Mortgage Broker.

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Self-Employed Mortgage Advice Nottingham

 

 

 

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