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I have recently completed a mortgage for a client who worked on a fixed term employment contract as a social worker, where her Limited Company received weekly income from the local health authority. In the past mortgage lenders would typically establish what her director’s salary and dividends were, or perhaps salary plus share of Limited…

Experience has taught us that the self employed sector appreciate the opportunity to base their mortgage borrowing on their latest set of accounts.  One major lender, a couple of building societies and one non-high street PLC lender currently offer this solution.   If your income has increased by 25% or less from your penultimate year to…

It is possible to raise a mortgage where you are employed by your mother, father or other first degree relative within a family business.  Typically expect to have to provide 3 months bank statements and 3 months payslips.  Note this applies to applicants who are employed and have very little or no shareholding within the business….

Mortgage lending based on net profit is useful to sole traders, but even more relevant to Limited Company Directors who receive relatively low salary and dividends. Potentially it is possible to borrow up to 5 times your salary plus share of net profit.  Net profit can be defined as operating profit before corporation tax and…

In recent months the number of lenders offering mortgages based on employment contracts has increased.  The general rule is that to fit policy you must fit one of two rules – a) You must have a continuous employment history of working on a contract basis for the last 24 months Or b) You must prove…

If you wish to reduce your outgoings in the new year, one way to achieve this is to raise your mortgage balance and with the additional funds available pay off any outstanding credit cards, personal loans or car finance.  These often unsecured debts have higher rates of interest than your mortgage and are repaid over…

If you earn more than £500 per day or £75,000 per annum then we should only require you to have a current continuous employment of 12 months or more with 6 months of the contract remaining or 2 years continuous service in the same type of employment to organise a mortgage for you. If you earn less…

Let to buy mortgages are used for when you wish to let out your current residence, whilst simultaneously moving into your new property.  Let to buy mortgages are useful as the justification for lending on your current residence is based on the expected monthly rental income, which means your earned income can still be used…

More and more self employed clients are calling us in the months prior to mortgage application, to gain the benefit of our input into what supporting documentation will be required for a successful mortgage application and advice with accounts preparation.  The sooner clients call us to let us know their plans  to purchase or move…

Whether you are employed or are self employed it is almost certain that as part of your mortgage application process you will have to pass an affordability check.  Affordability checks have become slightly more sophisticated since the mortgage market review took place in April 2014. Thorough mortgage brokers will often run a detailed affordability check prior to…

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