Mortgages for Self-Employed Applications Using Last Year's Income
The number of self-employed people in the UK has rocketed, with millions choosing to start up their own businesses, work freelance, and explore new ventures in the years since the credit crunch.
With this change in the working climate, the mortgage sector has likewise had to evolve, and you can now find much more flexibility to secure mortgage lending as a self-employed person or sole trader.
In almost every sector, contractors and freelancer workers have increased; some of the most common applicants we work with are self-employed as:
- Tradespeople or craftspeople
- Professionals or financial services providers
- Creative professionals
One of the most significant complications is for self-employed people who have recently started a business, with the challenge of proving affordability with only one year of trading history.
Help with Self-Employment Mortgages Using Last Year's Profits
Similarly, owners of self-employed businesses that have grown significantly in the last year might find it difficult to secure lending based on that income rather than against the average earnings over the previous three years.
Business finance broker works with a network of forward-thinking lenders who apply flexibility to their lending policies. As such, they can offer much more generous lending terms than those available through the high street.
Here we will explain some of the essential factors to applying for a self-employed mortgage after one year of trading; if you would like any more advice, support, or information, please contact our team on 0330 304 3040 or send a message to [email protected].
