• Skip to primary navigation
  • Skip to main content
  • Skip to footer

Harrison Gray

LOCAL PERSONALISED MORTGAGE & PROTECTION ADVICE

Request a Call Back

01489 854 944 [email protected]
  • Home
  • Mortgages
    • Mortgages for Company Directors and Self-Employed
    • Mortgages for Professionals
    • Contractor Mortgages
    • Mortgages for NHS Staff
  • Equity Release / Lifetime Mortgages
  • Insurance
  • Income Protection
  • About Us
  • Contact Us
  • Our News

Mortgages for Company Directors and Self-Employed

Mortgages for Company Directors and the Self Employed

Data recently released by the Office for National Statistics revealed the number of self-employed workers in the UK has surged to a new record high. There are now a massive 4.9 million workers across the nation who are their own boss.

Whether you’re a director of your own company, in a partnership or a sole trader, being self-employed can bring with it many benefits. You can work around your lifestyle, you’ll have greater flexibility and if you’re successful it can become a very lucrative venture. So, there’s no wonder why so many of us are becoming our own bosses.

But, what should you consider?

Lenders don’t have a separate category for self-employed mortgages. You have access to the same products and the same rates as your employed counterparts even if you’re your own boss. However, your earnings may be viewed as more complex to some lenders and you must be able to prove them to the lender.

When applying for a mortgage, you’ll be assessed on how much you are earning, how likely is it you will sustain that level of earnings, how you take your earnings, how long you’ve been trading for, your accounts history and a number of other things. Then, once all the relevant documents have been submitted, the lender will assess the application and make a judgement based on their own lending criteria – so you can appreciate how complex the application process can be on your own.

Different lenders have very different criteria when assessing self-employed income. The majority will look at the salary and dividends of a company director or the net profits of a sole trader. Some, however, will look at the profits of a limited company plus the salary drawn, which benefits those who retain profits in the business, rather than draw them all out as dividends. Another factor to consider is that the majority of lenders will work from an average of the last two years’ self-employed income, but a few will work from the latest year’s figures.

We specialise in arranging mortgages for the self-employed and company directors and we can provide invaluable advice to move the application forward as quickly and as smoothly as possible based on your current and future circumstances.

If you’re running your own business or thinking of becoming self-employed and want to talk through your options, please call us today on 01489 854944 or complete the enquiry form.

Footer Widget Header

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. THERE WILL BE A FEE FOR THE ADVICE GIVEN, THE EXACT AMOUNT WILL DEPEND UPON YOUR CIRCUMSTANCES BUT WE ESTIMATE IT WILL BE £395.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service .

Harrison Gray is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: Bank House, Bank Street, Bishops Waltham SO32 1GP. Registered in England & Wales under number 08174938

Footer

Harrison Gray Financial Services Ltd

Bank House
Bank Street
Bishops Waltham
Hampshire
SO32 1GP
Tel: 01489 854 944

 

  • Home
  • Mortgages
    • Mortgages for Company Directors and Self-Employed
    • Mortgages for Professionals
    • Contractor Mortgages
    • Mortgages for NHS Staff
  • Equity Release / Lifetime Mortgages
  • Insurance
  • Income Protection
  • About Us
  • Contact Us
  • Our News
01489 854 944
[email protected]
Copyright © 2021 - Harrison Gray Financial Services Ltd. All rights reserved.
  • Home
  • Mortgages
    • Mortgages for Company Directors and Self-Employed
    • Mortgages for Professionals
    • Contractor Mortgages
    • Mortgages for NHS Staff
    • Back
  • Equity Release / Lifetime Mortgages
  • Insurance
  • Income Protection
  • About Us
  • Contact Us
  • Our News