Self Employed Mortgages

Self Employed Mortgages

The Self Employed face many problems when it comes to sourcing a mortgage.
Lenders will want to know much detail about their income now and normally over the last 3 years.
Accountants will have to provide the last 3 years accounts, often accompanied by a reference letter 
and the last 3 years SA302 statements will often be required in addition to this.

A major problem is that often the accountant tries to keep profit to a minimum to reduce the tax burden of a company/sole trader. This is good for tax purposes, but not good when applying for a mortgage. Most lenders will just look at the bottom line and refuse the loan.

At Bluebay Mortgages we work with Mortgage Advisers who have access to specialist lenders, with mortgage products especially for the self employed.
These lenders will take a view on 'retained profit' in the business or take into account dividends paid along with a salary for company Directors.
Specialist lenders are also available that will even work with only one year's accounts.

For your Self Employed mortgage, contact us today.....

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