If you are self-employed then you may well be anxious about whether you can get a mortgage, or whether you can borrow enough. You may have been told that being self-employed makes things much more complicated and that lenders don’t like lending to the self-employed.
Being self-employed has become an increasingly popular approach to working over the last few years. There are now large numbers of self-employed people wanting to borrow, and many of these need that extra bit of care to help them realise their dreams.
At the Furness, we understand that self-employment comes in many shapes and sizes. Some people will be sole traders, some will trade through a partnership and others will operate within a structure such as a limited company. Each of these requires a different approach to the assessment of income and affordability.
We recognise that unlike most employed positions, your income will almost inevitably fluctuate and that some of it may not be drawn from the business. We also understand that there is not a standard approach to accounting, and accountants can show the income and the strength of the business in many ways.
We believe that every self-employed applicant deserves to be assessed in a way which considers the unique nature of their business. To do this, we have a team of skilled underwriters who over many years have built up the experience to assess all types of self-employment. We do not take a ‘tick-box’ approach, and we can work with your accountant to really understand your business.
We would love to talk to you about your mortgage needs. If we can assist, then you will be able to choose from any product in our product range, depending on your Loan to Value.
The case study below demonstrates how we helped Paul to move home and is just one way which we can help if you are self-employed
Paul has been self-employed for five years running an online textile company and his wife Katie is employed as a head teacher. As their living costs are modest and Katie earns a good income, Paul only takes a low salary and minimal dividends from his limited company and has left the remaining profit in the business, however this has meant he is now struggling to get a mortgage.find out more