Getting a Mortgage as a Taxi Driver
As a taxi driver, getting the right mortgage can seem challenging, where it is far more complicated to prove your income.
However, by working with a professional mortgage broker, you have expert support at your fingertips to ensure you achieve a mortgage at competitive borrowing rates - which becomes even more crucial as a first-time buyer!
The Revolution Finance guide will explain how to apply for a mortgage, how much you are likely to be able to borrow, why your self-employment history counts, and how we can help.
For more detailed and bespoke advice about finding the mortgage lending you need, give us a ring on 0330 304 3040 or send over an enquiry at [email protected].
Can I get a mortgage as a taxi driver?
You certainly can - and a lot of decisions about which lenders to apply to will depend on how you trade.
As a specialist self employment mortgage, Revolution Brokers regularly works with cab drivers who have found it difficult to achieve competitive lending rates from mainstream mortgage providers.
Mainstream lenders can find it challenging to accept taxi driver mortgage applications. There are multiple reasons for this, such as:
- Having a variable income that changes throughout the year.
- Using tax-deductible expenses as permitted, but which then impact your declared net profit that mortgage lenders used in their affordability assessments.
Understanding the expenses system, whereby you might be claiming back tax-deductibles such as fuel, taxi company fees, insurance costs and vehicle maintenance expenses, is vital to secure a competitive mortgage.
Your credit history is also a factor. Where your income structure is more complicated, many high street lenders will reject an application showing any adverse credit issues on your file.
