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Tuesday 7 July 2020
Tuesday 7 July 2020
Tuesday 7 July 2020
Tuesday 7 July 2020
Understanding Mortgages for the Self-Employed
Many self-employed individuals mistakenly believe that owning a business or working for themselves makes it impossible to secure a mortgage. The good news is that lenders understand your unique position and have processes to determine how much they are willing to lend.
Here’s what you need to know:
Sole Traders, Partners, and Company Directors: Whether you’re self-employed as an individual, part of a partnership, or a director of your own company, there are specific criteria lenders use to assess your mortgage eligibility.
How Lenders Assess Income:
Net Profits: For sole traders and partners, lenders typically consider your net profits.
Salary and Dividends: If you’re a company director, lenders may look at your salary and paid dividends.
Business Retained Profits: Some lenders recognise that business owners may not withdraw all the money they’re entitled to and may include retained profits in their calculations.
Income Evidence: Lenders usually require proof of income over the last two or three years. They may either average the income or use the most recent year to calculate how much you can borrow.
Support for First-Time Buyers
Buying a home for the first time can be an overwhelming experience. At Barrett Mortgages, we’re here to simplify the process and provide guidance every step of the way.
What we can do for you:
Determine Your Borrowing Power: We’ll help you understand how much you can borrow based on your financial situation.
Breakdown of Costs: Our advisors will give you a detailed breakdown of all associated costs, so there are no surprises.
Agreement in Principle: We’ll assist in obtaining an agreement in principle, making you a qualified and desirable buyer for estate agents.
Expert Advice: With so much conflicting advice out there, our team will guide you through the process with clear, concise, and personalised advice tailored to your needs.
Exclusive Mortgage Deals: We work with a range of lenders, including those who may offer deals better than standard high street options.
Let Us Help You Take the Next Step
Whether you’re self-employed or a first-time buyer, our advisors are here to make your mortgage journey smooth and stress-free. From handling the paperwork to providing personalised advice, we’re with you every step of the way.
Contact Barrett Mortgages today to discuss your unique situation and explore the best mortgage options available to you. Let’s make your dream of homeownership a reality!
Understanding Mortgages for the Self-Employed
Many self-employed individuals mistakenly believe that owning a business or working for themselves makes it impossible to secure a mortgage. The good news is that lenders understand your unique position and have processes to determine how much they are willing to lend.
Here’s what you need to know:
Sole Traders, Partners, and Company Directors: Whether you’re self-employed as an individual, part of a partnership, or a director of your own company, there are specific criteria lenders use to assess your mortgage eligibility.
How Lenders Assess Income:
Net Profits: For sole traders and partners, lenders typically consider your net profits.
Salary and Dividends: If you’re a company director, lenders may look at your salary and paid dividends.
Business Retained Profits: Some lenders recognise that business owners may not withdraw all the money they’re entitled to and may include retained profits in their calculations.
Income Evidence: Lenders usually require proof of income over the last two or three years. They may either average the income or use the most recent year to calculate how much you can borrow.
Support for First-Time Buyers
Buying a home for the first time can be an overwhelming experience. At Barrett Mortgages, we’re here to simplify the process and provide guidance every step of the way.
What we can do for you:
Determine Your Borrowing Power: We’ll help you understand how much you can borrow based on your financial situation.
Breakdown of Costs: Our advisors will give you a detailed breakdown of all associated costs, so there are no surprises.
Agreement in Principle: We’ll assist in obtaining an agreement in principle, making you a qualified and desirable buyer for estate agents.
Expert Advice: With so much conflicting advice out there, our team will guide you through the process with clear, concise, and personalised advice tailored to your needs.
Exclusive Mortgage Deals: We work with a range of lenders, including those who may offer deals better than standard high street options.
Let Us Help You Take the Next Step
Whether you’re self-employed or a first-time buyer, our advisors are here to make your mortgage journey smooth and stress-free. From handling the paperwork to providing personalised advice, we’re with you every step of the way.
Contact Barrett Mortgages today to discuss your unique situation and explore the best mortgage options available to you. Let’s make your dream of homeownership a reality!
