Self Employed Mortgages Lytham St Annes

A self employed mortgage is designed for individuals who work for themselves and have variable incomes.

Self Employed Mortgages Lytham St Annes

GoMortgage: Your Trusted Self Employed Mortgage Advisor. Taking the Stress Out of Finding a Self-Employed Mortgage

Getting a mortgage as a self-employed individual in Lytham St Annes can be challenging due to how lenders assess various forms of income and trading structures. Whether you’re a sole trader, contractor, or run your own limited company, securing the right mortgage often requires a more tailored approach.

At GoMortgage, we’ve successfully helped hundreds of self-employed individuals find their ideal mortgage, offering terms and rates that fit their specific circumstances. Our deep understanding of self-employed income allows us to present your application in the best possible light, improving your chances of securing the mortgage you need.

With access to a broad range of self-employed mortgage products, we can match you with the best deals on the market, ensuring the mortgage you choose aligns with your income type and long-term financial goals.

Take the next step by contacting our well-experienced advisors to begin the process of finding the perfect mortgage for you. Let us take the stress out of securing a self-employed mortgage, so you can focus on what matters most—your home and your business. Call our small but capable team directly on 01253 935050 or hit the handy Contact Us button below:

Understanding Self Employed Mortgages

Securing a Mortgage as a Self-Employed Individual.

Obtaining a mortgage as a self-employed person in Lytham St Annes can be more complex compared to traditional employees, but with careful preparation and the right guidance, it’s entirely achievable. Here’s a brief overview of what you need to know:

Income Documentation: Unlike salaried employees, self-employed applicants need to provide more detailed income documentation. Typically, lenders require at least two years’ worth of tax returns and business accounts to verify your earnings. These documents are crucial in demonstrating your ability to repay the mortgage. In some cases, lenders may also ask for additional information, such as a projection of future income, depending on your trading history and profession.

Lender Criteria: Lenders often evaluate your average income over the past two to three years, with a strong focus on the stability of your earnings. Whether you’re a freelancer, contractor, or running a small business, your type of self-employment can influence how lenders view your application. Consistent and predictable income streams are generally viewed more favourably, though some lenders are more flexible when assessing irregular or seasonal earnings.

Deposit and Interest Rates: Due to the perceived risk associated with fluctuating income, self-employed applicants may be asked to provide a larger deposit, typically around 10-20% of the property’s value. However, it’s still possible to find competitive interest rates, especially if your financial records demonstrate stable earnings and solid savings. Having a larger deposit can also improve your chances of securing a more favourable mortgage deal.

Mortgage Options: As a self-employed individual, you’ll have access to the same range of mortgage products as other buyers, including fixed-rate and variable-rate mortgages. The right mortgage for you will depend on your financial situation and long-term goals. A fixed-rate mortgage may offer peace of mind with consistent payments, while a variable-rate mortgage could provide more flexibility if you’re comfortable with potential changes in your monthly outgoings.

Challenges and Flexibility: Proving consistent income can be one of the biggest challenges for self-employed applicants, particularly if you have irregular earnings. However, certain lenders specialise in self-employed mortgages and offer more flexible criteria. These lenders may be more willing to look at your overall financial profile, rather than relying solely on past income figures. Working with an experienced mortgage broker can be especially helpful in finding these lenders and ensuring your application is presented in the best possible way.

How GoMortgage Can Help: At GoMortgage, we understand the unique challenges self-employed individuals face when trying to secure a mortgage. Our expert team is well-versed in navigating the specific requirements of self-employed applicants and will guide you every step of the way. We’ll help you organise your financial documents, find flexible lenders, and ensure you secure the best mortgage deal tailored to your circumstances.

Contact us today to begin your journey towards homeownership and let us help you find the perfect mortgage solution for your self-employed needs.

Why GoMortgage Is The Perfect Choice For Self Employed Mortgages?

Navigating the Mortgage Market as a Self-Employed Individual with GoMortgage.

Finding the right mortgage as a self-employed individual can be challenging, but at GoMortgage, we’re here to make the process as seamless and straightforward as possible. Here’s why we’re the leading choice for self-employed mortgages in Lytham St Annes:

Specialised Expertise in Self-Employed Mortgages: Our team at GoMortgage has extensive experience in securing mortgages for self-employed clients. We stay up-to-date with the latest market trends and lender criteria, ensuring we provide you with accurate, relevant advice to help you secure the best possible mortgage deal. Whether you’re a sole trader, contractor, or run a limited company, we have the expertise to navigate the complexities of self-employed mortgages.

Client-Focused Service: We recognise that every self-employed individual has unique financial circumstances. That’s why we prioritise offering personalised service tailored to your specific needs. Our goal is to ensure a smooth and hassle-free mortgage process, no matter how complex your financial situation might be. Click here to read what our satisfied clients have to say about their experience working with us.

Customised Mortgage Solutions: At GoMortgage, we take the time to thoroughly assess your financial situation, including any income variability and your long-term financial objectives. This allows us to offer bespoke mortgage solutions that are specifically tailored for self-employed borrowers. We understand that fluctuating income can be a concern, and we work hard to find mortgage products that align with your needs and goals.

Higher Approval Rates: With our in-depth understanding of lender criteria, we know exactly how to present your financial profile in the best possible light. This significantly increases your chances of mortgage approval, even if your income is less predictable than traditional salaried workers. Our expertise ensures that we highlight the strengths of your financial position, giving you the best opportunity to secure a mortgage.

Efficient and Streamlined Process: Securing a mortgage can often be time-consuming, particularly for self-employed individuals. At GoMortgage, we manage the entire process, from the initial application through to the final approval, saving you valuable time. Our efficient, streamlined approach takes the complexity out of the process, allowing you to focus on running your business while we handle the details.

Peace of Mind: We understand the pressures of balancing business responsibilities with the demands of securing a mortgage. By handling all the complexities of the mortgage process, we provide you with peace of mind. You can rest assured knowing that we’re managing every detail to secure the mortgage you need, while you focus on what matters most—your business and future home.

Ongoing Relationship: Our relationship doesn’t end when your mortgage is secured. At GoMortgage, we remain committed to offering ongoing support and advice as your financial situation evolves. Whether you’re looking to remortgage in the future or adjust your mortgage terms to better align with your goals, we’ll be there to help every step of the way.

Start Your Journey with GoMortgage:

Contact us today on 01253935050 to begin your journey towards securing the perfect mortgage in Lytham St Annes for your self-employed needs. We look forward to helping you achieve your homeownership goals!

Frequently Asked Questions (Self Employed Mortgages FAQ’s)

Q1: What is a self-employed mortgage? A: A self-employed mortgage is designed specifically for individuals who work for themselves, including freelancers, contractors, and business owners. These mortgages typically require more comprehensive income documentation but are tailored to meet the unique financial circumstances of self-employed borrowers.

Q2: Why should I use a mortgage broker for a self-employed mortgage? A: A mortgage broker can be invaluable for self-employed borrowers. Brokers have access to a wide network of lenders, including those that specialise in self-employed mortgages. They offer expert guidance, help you navigate the more complex income verification process, and significantly improve your chances of securing the best possible mortgage deal for your situation.

Q3: What documents are needed for a self-employed mortgage? A: For a self-employed mortgage, lenders typically require at least two years of tax returns, business accounts, and evidence of ongoing contracts or other income streams. Some lenders may also ask for an accountant’s reference. A mortgage broker can help you organise these documents and ensure they’re presented in the best way to meet lender requirements.

Q4: Can I get a self-employed mortgage with a fluctuating income? A: Yes, many lenders offer mortgages tailored to self-employed individuals with fluctuating income. These lenders may assess your average earnings over a period of time, rather than focusing solely on a single year. A mortgage broker can help you find a lender who understands the nature of your income and offers flexible terms suited to your financial profile.

Q5: How long does it take to secure a self-employed mortgage? A: The process typically takes 4 to 8 weeks, depending on how quickly you can provide the necessary documentation. Working with a mortgage broker can help speed up the process by ensuring your application is complete and correctly submitted, leading to a smoother and quicker approval process.

Enquire About Self Employed Mortgages In Lytham St Annes

Being self-employed shouldn’t make it harder to get a mortgage but we understand the obstacles you may face. That’s why here at GoMortgage, we will guide you through the process to help you reach your property goals.

If you would like to learn more about receiving advice from our mortgage advisors in Lytham St Annes or for details about self employed mortgages, please contact us today. Fill out our contact form below or call us directly on 01253 935050.

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Chris Days Mortgages Ltd trading as GoMortgage. Registered Office: 105 Garstang Road Preston, PR1 1LD. Registered in England, number 12240745. GoMortgage is a trading name of Chris Days Mortgages Limited which is an appointed representative of Progress F S Limited which are authorised and regulated by the financial conduct authority. Registered office: 105 Garstang Road, Preston, PR1 1LD. Registered in England, number 04217039