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Thursday 15 April 2021
Thursday 15 April 2021
Thursday 15 April 2021
Thursday 15 April 2021
At Barrett Mortgages, we understand that many self-employed individuals believe they cannot secure a mortgage. However, lenders are well aware of the unique financial circumstances faced by self-employed people. They have established straightforward processes to determine how much they are willing to lend. Our team is here to guide you through every step of obtaining a mortgage tailored for self-employed individuals in Dorset.
How Self-Employed Mortgages Work
Whether you are a sole trader, a partner, or a company director, lenders have specific criteria for assessing your mortgage application:
Sole Traders and Partners
For sole traders and partners, lenders primarily assess net profits as a measure of income.
Company Directors
For company directors, lenders consider salary and dividends paid. Some lenders also account for the applicant’s share of net profits and salary, recognising that business owners may not draw all of their earnings from the business.
Required Income Evidence
Lenders typically review income from the past two to three tax years, averaging the figures or basing the calculation on the most recent year. With a strong financial profile, some lenders may even approve a loan with just one year’s completed accounts or tax returns (SA302 form).
Supporting Freelancers
Self-employed individuals with diverse income streams, such as freelance musicians, often combine income taxed at source (e.g., PAYE teaching jobs) with income from self-employment. While PAYE income is recorded differently on an SA302 form, clear presentation and justification can ensure it is treated equally by lenders, contributing to your overall income for the year.
Why Choose Barrett Mortgages?
Since our founding in 2009 by Darren Barrett, Barrett Mortgages has provided unparalleled service during challenging market conditions. We are committed to offering a clear, trustworthy, and honest approach without the high-pressure sales tactics often associated with larger corporate brokers.
What We Offer:
Qualified and Experienced Staff: Our team is handpicked for their expertise and commitment to customer satisfaction.
No Pushy Sales Tactics: We focus on delivering personalised advice without pressure.
Reputation Built on Trust: Our business thrives on referrals, thanks to our client-first approach.
First-Time Buyers
If you’re not self-employed but looking to purchase your first home, we offer specialised services to help you through the process. From initial contact to securing a mortgage, we can assist you in:
Finding out how much you can borrow.
Breaking down the costs involved.
Obtaining an agreement in principle, making you a qualified purchaser.
Exclusive First-Time Buyer Mortgages
Our advisors work with a variety of lenders across the market to secure the best deals, including exclusive first-time buyer products not available on the high street.
Hassle-Free Mortgage Process
At Barrett Mortgages, we make the mortgage process stress-free by handling all the paperwork on your behalf. Whether you are self-employed or a first-time buyer, we are here to help you find the best deal and achieve your dream of homeownership.
Contact Us
If you need a mortgage for self-employed individuals in Dorset or are a first-time buyer seeking advice, get in touch with us today. Let Barrett Mortgages guide you through the process and secure the best deal for your circumstances.
Call 01202 733809 or email enquiries@barrettmortgages.com to get started!
At Barrett Mortgages, we understand that many self-employed individuals believe they cannot secure a mortgage. However, lenders are well aware of the unique financial circumstances faced by self-employed people. They have established straightforward processes to determine how much they are willing to lend. Our team is here to guide you through every step of obtaining a mortgage tailored for self-employed individuals in Dorset.
How Self-Employed Mortgages Work
Whether you are a sole trader, a partner, or a company director, lenders have specific criteria for assessing your mortgage application:
Sole Traders and Partners
For sole traders and partners, lenders primarily assess net profits as a measure of income.
Company Directors
For company directors, lenders consider salary and dividends paid. Some lenders also account for the applicant’s share of net profits and salary, recognising that business owners may not draw all of their earnings from the business.
Required Income Evidence
Lenders typically review income from the past two to three tax years, averaging the figures or basing the calculation on the most recent year. With a strong financial profile, some lenders may even approve a loan with just one year’s completed accounts or tax returns (SA302 form).
Supporting Freelancers
Self-employed individuals with diverse income streams, such as freelance musicians, often combine income taxed at source (e.g., PAYE teaching jobs) with income from self-employment. While PAYE income is recorded differently on an SA302 form, clear presentation and justification can ensure it is treated equally by lenders, contributing to your overall income for the year.
Why Choose Barrett Mortgages?
Since our founding in 2009 by Darren Barrett, Barrett Mortgages has provided unparalleled service during challenging market conditions. We are committed to offering a clear, trustworthy, and honest approach without the high-pressure sales tactics often associated with larger corporate brokers.
What We Offer:
Qualified and Experienced Staff: Our team is handpicked for their expertise and commitment to customer satisfaction.
No Pushy Sales Tactics: We focus on delivering personalised advice without pressure.
Reputation Built on Trust: Our business thrives on referrals, thanks to our client-first approach.
First-Time Buyers
If you’re not self-employed but looking to purchase your first home, we offer specialised services to help you through the process. From initial contact to securing a mortgage, we can assist you in:
Finding out how much you can borrow.
Breaking down the costs involved.
Obtaining an agreement in principle, making you a qualified purchaser.
Exclusive First-Time Buyer Mortgages
Our advisors work with a variety of lenders across the market to secure the best deals, including exclusive first-time buyer products not available on the high street.
Hassle-Free Mortgage Process
At Barrett Mortgages, we make the mortgage process stress-free by handling all the paperwork on your behalf. Whether you are self-employed or a first-time buyer, we are here to help you find the best deal and achieve your dream of homeownership.
Contact Us
If you need a mortgage for self-employed individuals in Dorset or are a first-time buyer seeking advice, get in touch with us today. Let Barrett Mortgages guide you through the process and secure the best deal for your circumstances.
Call 01202 733809 or email enquiries@barrettmortgages.com to get started!
