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Self Employed Mortgage Advice in Grimsby

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Self Employed Mortgage Advice in Grimsby

Self employed in Grimsby? Speak to a mortgage expert today and receive tailored guidance for your individual employment circumstances.

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Mortgage Advice for Self Employed Mortgages in Grimsby

Our mortgage advisors in Grimsby is dedicated to helping you secure a trailored self employed mortgage solution that aligns with your unique circumstances.

Throughout the entire mortgage process, we are committed to offering comprehensive support and guidance. Our goal is to provide expert mortgage advice in Grimsby and make every effort to increase the likelihood of successfully securing your mortgage.

With access to a diverse range of self employed mortgage products, our advisors can search 1000’s of mortgage delas to find the one that best suits your needs. Once we identify the most suitable deal for you, we can begin preparing your mortgage application if you decide to move forward.

To better accommodate your schedule, were open 7 days a week. Feel free to reach out at a time that is convenient for you. Take advantage of our complimentary free mortgage appointment, available to all self-employed applicants. Contact us today to get started of your mortgage application.

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Self Employed Mortgage Advice in Grimsby

1000s of Self Employed Mortgage Products

If you’re keen on delving into mortgage options or exploring potential future possibilities with a mortgage broker in Grimsby, book your free mortgage appointment online or contact us via phone.

Securing a mortgage can present unique challenges for self employed individuals in Grimsby. Overcoming hurdles may involve addressing issues such as not meeting specific lender criteria or demonstrating sufficient income to cover monthly payment obligations.

Assessments for self-employed applicants vary individually. Lenders need assurance regarding the financial capability of self-employed individuals to manage their mortgages. Key factors taken into consideration include:

  • Your salary/income
  • Previous years of accounts
  • Business operating costs and expenses
  • Bank statements

How is my income assessed as a Self Employed applicant?

The criteria for self employed mortgages in Grimsby may vary among different lenders. As providers of expert mortgage advice in Grimsby, we are committed to thoroughly ensuring that you are matched with the most suitable mortgage deal tailored to your unique circumstances.

As a reliable mortgage broker in Grimsby, we are dedicated to serving our customers and addressing their individual situations. Your best interests are consistently prioritise in every aspect of our service.

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FAQ's From Self Employed Applicants

How many years on the books do I need?

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The number of years required on the books can vary among lenders. Generally, they look for a stable and consistent income history. While some lenders may accept applicants with just one year of accounts, others may prefer two to three years of financial records. It’s advisable to consult with a mortgage advisor who can assess your specific situation and guide you on the requirements of different lenders.

How will a Lender assess my income?

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Lenders typically assess your income by reviewing your financial records, such as tax returns and business accounts. For self employed individuals, they often consider the average income over a specific period, usually the past two to three years. They may also evaluate the sustainability and reliability of your income. Having a steady and sufficient income stream will enhance your chances of qualifying for a mortgage.

I’m a Director of my own Limited Company, can I get a mortgage?

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Yes, being a Director of a Limited Company doesn’t necessarily disqualify you from getting a mortgage. Many lenders offer mortgages for self-employed individuals, including company directors. However, the assessment process may be more complex than for those with traditional employment. Lenders will review your company’s accounts, your salary, dividends, and overall financial stability. Working with a mortgage advisor experienced in self employed mortgages can help you navigate the process and find lenders that best suit your circumstances.

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Our Simple 4-Step Process

Free 30-Minute Mortgage Appointment

Step 1

During this appointment, your mortgage advisor in Grimsby will look at your assessment to work out your maximum affordability and provide you with an agreement in principle.

We Can Search 1000s of Mortgage Deals

Step 2

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

Submit Your Mortgage Application

Step 3

Once your purchase offer has been accepted, your mortgage advisor in Grimsby will submit your full mortgage application and evidential documents to your lender.

Protecting You and Your Mortgage

Step 4

Our service won't just stop here. We will not only secure you the best mortgage deal, we will also recommend relevant insurance to protect you.

Reasons to Choose us

Free Mortgage Appointment

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Speaking to a mortgage broker in Grimsby like ourselves with be very beneficial as we will be by your side during the entire process. We are used to dealing with complex mortgage situations. Get in touch today for your free mortgage consultation, and let’s book you in to speak to a mortgage advisor in Grimsby today.

1000s of Deals

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They use their expert knowledge to try and find solutions for self employed applicants who need help with their mortgage. We are able to use our mortgage market expertise to find you the most suitable mortgage for your circumstances.

Our Service

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Customers are the heart of this company. Throughout our many years within the industry, our mortgage advisors in Grimsby have experience helping limited company owners, sole traders, and partners that receive a salary, dividends or a mixture of both.

7 Days a Week

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We are proud to provide a tailor-like service to the customer in question. We work with the customer's best interests at heart, which is why we are here til late to answer any mortgage questions you may have. Each lender has their lending criteria for self employed applicants. With the help of an expert mortgage broker in Grimsby by your side, our advisors will work hard to find you the most suitable lender for your circumstances.  

Malcolm and Amy Davidson - Mortgage Advice in Grimsby

We Search 1000s of Self Employed Mortgages in Grimsby

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Common Self Employed Mortgage Scenarios

Self Employed Customers & Bank Mortgage Advice

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Many mainstream lenders employ their own internal credit scoring policies to facilitate mortgage approvals for customers. The majority of these lenders enforce stringent criteria, often requiring a minimum of three years of steadily increasing profits, with some calculating a three-year average.

Lenders assess factors such as past mortgage repayment records, repossession data, and other common patterns to identify individuals deemed risky for lending. While this approach streamlines the lending process and saves time and resources for the lender, it often leaves self employed applicants struggling to attain their mortgage objectives.

Historically, self employed applicants may have faced a higher likelihood of falling into arrears compared to their employed counterparts. However, it’s important to note that employed applicants typically encountered fewer obstacles in meeting the lender’s strict criteria.

It is common to observe that the majority of mainstream lenders maintain rigorous criteria, with many requiring a three-year track record of increasing profits, and some calculating an average over this period.

Having Mortgage Problems?

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We’ve conversed with numerous self employed individuals who have faced direct rejection from their bank when applying for a mortgage. Obtaining a mortgage can indeed pose challenges for the self employed, but it shouldn’t be an insurmountable hurdle. Here are some reasons why other self employed applicants may have been rejected by their banks:

  • Non-compliance with the bank’s criteria
  • Fluctuations in net profit
  • Personal circumstances
  • Insufficient lending amount approved by the bank
  • Complex pay structures
  • Credit score issues

It is advisable to refrain from independently approaching multiple lenders, especially if you are unfamiliar with their specific lending criteria. Such actions could negatively impact your credit score, further diminishing your chances of securing a mortgage.

Self Employed Applicant Scenarios

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As mortgage brokers in Grimsby, we have collaborated with numerous self employed mortgage customers, all seeking transparent and candid mortgage advice in Grimsby.

Our mortgage advisors in Grimsby have navigated various self employed applications, addressing diverse scenarios. Here are some examples of the situations our advisors are accustomed to handling:

  • If you’re a business owner, your income may comprise a combination of salary, dividends, or a director’s loan.
  • If your company is facing a challenging business period, our mortgage advisors in Grimsby can guide the mortgage process.
  • If you tend to retain most of your net profit in your company rather than drawing a larger salary for yourself.
  • If your business hasn’t been trading for more than one year.
  • Despite having a good credit score, you might not align with the banks’ lending criteria for reasons unknown.
  • If you are a company owner, director, sole trader, or business partner seeking self employed mortgage advice in Grimsby.
  • If the bank restricts the borrowing amount, and you need to borrow more than their limit.
  • If your net profit exhibits fluctuations.

Not everyone secures mortgage approval from their bank. Unfortunately, these banks often rely on automated systems, and even longstanding customers may face rejection.

By engaging a reliable mortgage broker in Grimsby, we can alleviate the stress. Our team of mortgage advisors in Grimsby can sift through a multitude of deals to find a suitable lender matching your unique circumstances.

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Grimsbymoneyman.com & Grimsbymoneyman 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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