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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…

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…

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…

During 2014 we have had plenty of success with mortgage lending based on one years self employed accounts.  Client’s who have only been trading for one year, or who have changed in status – for example from sole trader to Limited Company Director or who’s fortune has improved since the credit crunch have all found this mortgage lending policy very useful….

Since the Mortgage Market review (MMR) in April this year, I have had several client’s successfully borrow up to 90% of the value of their homes with two different mortgage lenders with just one years accounts.  The proof of income required is either a set of finalised accounts or an SA302 from HMRC.  One mortgage lender asked…

If you have a year’s figures which you feel distort your accounts I would still recommend calling us.  Each lender underwrites the self employed in a different manner, and our knowledge will help you get closer to your mortgage goal.  Projections and adjustments can also help to undo a poor years’ accounts.

Lending based on the latest years figures has also improved in price as more lenders are entering this area.   Several mortgage lenders now lend based on the last years accounts rather than the average of the last 2 or 3 years income figures.   The key to this policy is having accounts or tax…

The last commentary I made with reference to those self employed with one years accounts was that mortgage lending was capped at 75% LTV (Loan to Value), I have now successfully mortgaged several clients at 90% LTV for purchase transactions.  The number of lenders able to do this is still very restricted but lets hope…

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