Tip 1. Have Your Accounts up to Date.
For Self Employed Mortgages you need to make sure you have your latest Accounts available. The lenders want to see up to date and accurate information. This will allow them to assess your income quickly and give you a quicker decision.
Tip 2. Check your Accountants Qualifications.
Many lenders will only accept Accounts from either Chartered or Certified Accountants, so if you do have an Accountant, it makes sense to have one that lenders will deal with. Some lenders are happy to accept Accounts or an Accountants Certificate, but only if they meet the lenders Qualification criteria.
Tip 3. Have your SA302 and Tax Overview Form Available before Applying for a Mortgage.
Make sure you request copies of your SA302 and Tax Overview from HMRC. The Revenue are inundated with requests for SA302’s , so request them a good few weeks in advance, so you have them available when you go to apply for a Mortgage.
Tip 4. Check Your Credit File.
All lenders will check your existing and past credit history, so it makes sense to check it before applying for a Mortgage whether you are self employed or employed. You can request your credit file from either Experian or Equifax for £2. Your Mortgage Adviser can help you understand your credit file, if you are unsure about anything.
Tip 5. Try and Save for as Big a Deposit as You Can.
Having a good sized deposit will do two things for you. First, the bigger your deposit the better the rate the lender is likely to give you. Secondly having a good sized deposit will demonstrate to the lender that you have shown commitment and good financial conduct in saving for your Mortgage. Ultimately the Mortgage will depend on affordability, so having a good deposit could help you meet affordability criteria as well, the bigger your deposit, the lower your borrowing will be.
Tip 6. Don’t Overstretch Yourself.
Being Self Employed means your income is more likely to fluctuate than someone who is employed. Therefore it is important to remember this when applying for a Mortgage. You need to make sure that you will be comfortable making the Mortgage payments each month and not to overstretch yourself. The lender has a duty of care when it comes to affordability, however if you apply for a Mortgage within your means, the more likely you are to be accepted by the lender.
Get Advice Now if You are Self Employed and are Looking for a Mortgage or Re-Mortgage.
Call Mortgage Advisor Glasgow on 0141 2801992 or use the Call Me Back button on this page and we will call you back to discuss your requirements in the strictest confidence. Our experienced Advisers are on hand to answer any questions you may have and will be able advise you on your options, if you are self employed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.