Do applicants of a self employed mortgage in Durham must pay higher rates?

It’s important to note that self employed mortgage applicants in Durham are eligible for the same mortgage rates as employed applicants. The main difference lies in how mortgage lenders evaluate their income.

What qualifies as being self employed in Durham?

If you own at least 20-25% of a business, mortgage lenders in Durham will consider you as self employed.

Why is it hard to get a self employed mortgage in Durham?

Contrary to common belief, there are no specific requirements or additional barriers preventing self-employed individuals from applying for a mortgage in Durham.

I'm self employed in Durham, how can a mortgage broker help?

The challenge in applying for a self employed mortgage in Durham lies in providing accurate proof of income and demonstrating consistent and reliable earnings. Mortgage lenders typically consider taxable income only. Navigating the mortgage process can be complex, which is why working with a mortgage mortgage broker in Durham , can be beneficial. As an open and honest mortgage broker, we have assisted numerous self-employed individuals in securing mortgages in Durham, even in situations where they initially believed it would be unlikely. Let us guide you through the process and help you obtain mortgage approval as a self-employed applicant in Durham.

What are other common self employed scenarios?

We regularly work with a wide variety of self-employed mortgage customers, all of whom are in need of some expert, fast & friendly mortgage advice in Durham. Below we have compiled a brief but helpful selection of scenarios that we have come across speaking to self employed mortgage applicants, throughout our time as a trusted mortgage broker in Durham & surrounding areas: As a self-employed business owner, you have an income that is a combination of either salary, dividends or a directors’ loan. Your company is going through quite a busy period and you need the help of a trusted mortgage advisor in Durham. You allow a large portion of your net profit to sit within your company, rather than paying yourself a much larger income. Your business has not been trading for the minimum of at least one year. Despite having a pretty great credit score, for some reason you don’t match the banks’ strict lending criteria. You are a the owner of the company, a director, a sole trader or you are the partner of a business, needing specialist self employed mortgage advice in Durham. The bank is putting a limit on the amount you can borrow, which is not enough for what you are looking to do. You do not have a steady net profit. For the most part, banks are not always the most suitable options to take if you are a self-employed mortgage applicant in Durham. The system these banks use will all be automated. This means that regardless of how long you’ve been their customer or been paying into your account, there’s not a whole lot you can do if you’re declined. This is where you’ll truly reap the reward of bringing a mortgage broker in Durham on board, as we’ll be able to search thousands of deals and match you up with one that is suitable for what you are looking to achieve.

Self Employed Mortgage Advice in Durham

Advice for Self Employed Mortgages in Durham.

As a transparent and trustworthy mortgage broker in Durham, we understand the challenges faced by self employed applicants when applying for a mortgage.

Self-employed individuals often encounter difficulties in meeting mortgage lender criteria or providing proof of income, making the process more challenging compared to regular employed applicants.

While it would be ideal for everyone to have equal opportunities for obtaining a mortgage, it is understandable why mortgage lenders impose additional requirements on self employed individuals. Lenders need assurance that self employed applicants can consistently make their monthly mortgage payments.

Your income/salary.
Your previous years of accounts.
Bank statements.
Business operating costs and expenses.

1000s of Self Employed Mortgage Products

Our mortgage advisors in Durham are committed to providing fast and friendly service, always ready to assess your case and find a suitable mortgage product tailored to self employed individuals in Durham.

Throughout the mortgage process, we will keep you well-informed and supported, offering clear and concise guidance. We understand the unique challenges faced by self-employed applicants and will leverage your income and years of accounts to support your application.

As a mortgage broker in Durham specialising in self employed mortgage advice, we have access to a wide range of competitive and niche mortgage products specifically designed for self employed applicants. Once we identify the most suitable deal for you and you are satisfied with it, we will proceed with preparing your mortgage application.

Our mortgage advisors in Durham are available throughout the week, offering appointments from early morning until late evening, ensuring convenience for our customers. Book a free initial mortgage appointment with us, and we will assess how we can assist you.

How many years do you have to be self employed in Durham to be able to get a mortgage?

To apply for a mortgage in Durham, most lenders typically require self employed individuals to have a minimum of two years of self-employment history. However, there are some mortgage lenders who may accept one year of history.

Speak to an Advisor

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The fee is up to 1% but a typical fee is £495.

FAQ's From Self Employed Applicants

Our Customers Love Us

5.00 Rating22 Reviews

Graeme

Malcolm gave excellent advise and helped us through the first time buyer process!

3 weeks ago

Kayleigh

Very good, very helpful and always on the ball. Answer calls outside of normal working hours which was helpful, sent lots of prompting emails to guide us.

5 months ago

Anonymous

I don't think I've written one of these before so hopefully that will mean some weight gets attached to this. Leo was an outstanding mortgage broker and smoothly secured me an offer of a mortgage, after years of aspiring to buy a house. This was...

9 months ago

Jenni

Malcolm and his team were nothing short if amazing helping guide us through somewhat tricky process of buying our home. They were friendly, patient and efficient and deserve more than a five star rating. Thank you again to Malcolm and his team.

11 months ago

Joanne

Malcom, was professional and helped sercure the best mortagage deal for us. We were apprehensive about using a mortage broker as we had never used this kind of service before, but Malcom and the team made it so easy from start to finish,friendly...

1 year ago

Fiona

Very good service from Dinah. Very helpful and no pressure sales. Felt confident I got the best advice for my circumstances.

1 year ago

Katie

We could not recommend UK money man enough for helping us obtain a mortgage. As first time buyers we went into the process clueless, Malcolm and the team have been absolutely amazing. Their communication and expertise has been second to none. The...

1 year ago

Mr Darren

An amazing service from some amazing people. They where with me from start to finish and the support, guidance and advice they gave me was brilliant. I would happily recomend Durhammoneyman. Thank you to all who where involved in my case.

1 year ago

Anonymous

Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly

1 year ago

Duncan

Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.

2 years ago

Martin

Excellent Staff and Service, I would definitely use them again They were very helpful all through the process of my remortgage providing me with the best deal and assisting with any issues or concerns i had, very prompt on replies to my calls and...

3 years ago

Kayleigh

Joe and Chloe have been so helpful sorting out our remortgage. They did all the hard work. I would highly recommend Durham Money Man to anyone! Fab job guys!

3 years ago

Karen

Was very professional and very helpful.

4 years ago

Anonymous

We are very pleased with the service we received. Everything was very simple and the mortgage brokers done everything for us. The mortgage deal they found was significantly less than any we could find ourselves, so it's worth paying the broker fee...

4 years ago

Niall

Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!

4 years ago

Sarah

Durhammoneyman have been an absolute lifesaver in helping me to get a mortgage. Their support, advice and assistance throughout the process has been above and beyond what I could have expected. Without them I would not have been able to navigate...

5 years ago

Donna

I cannot fault the service I have received from Leo, Wendy and the team. They have made a potentially stressful process very easy, offering support and guidance throughout. I would recommend this team to anyone in need of mortgage advice. Thank...

5 years ago

Sandra

Matt was first of all hugely understanding and quite reassuring in what I knew would prove a difficult task! Under 2 years self employment history, trying to gain a second family home without selling the first and possessing a buy to let which also...

5 years ago

Louis

I had a complex situation and I was nervous about the whole thing. Chris worked his magic and got me a mortgage offer within 2 weeks. I was amazed. Working full time I found the evening appointments terrific.

6 years ago

Michelle

Thank you to Laura and Matt who worked seamlessly to get my remortgage offered. I’m really happy with my new deal, much better rate than what my bank were offering.

6 years ago

Our Simple 4-Step Process

Free Initial Mortgage Appointment

Engage in a thorough discussion about your situation and mortgage objectives with a dedicated mortgage advisor in Durham.

During this appointment, your advisor will carefully review your tax year overview and tax calculations to determine your maximum affordability.

We Can Search 1000s of Mortgage Deals

Our experienced team will meticulously search through a vast array of mortgage products to find the most suitable deal tailored to your specific circumstances.

Once we have identified the ideal mortgage product, we will obtain a mortgage agreement in principle, which serves as valuable support for any purchase offers you wish to make.

Submit Your Mortgage Application

Upon acceptance of your purchase offer, your mortgage advisor in Durham will promptly submit your complete mortgage application and all the necessary supporting documents to your chosen lender.

Throughout the process, you will be assigned a dedicated case manager who will provide regular updates and ensure you are well-informed until you receive the official mortgage offer and successfully complete your property purchase.

Protecting You and Your Mortgage

Our commitment extends beyond securing the most suitable mortgage deal for you. We will also offer valuable recommendations for relevant insurance policies to provide comprehensive protection.

Furthermore, we will proactively reach out to you when the renewal date of your mortgage approaches, ensuring that you always have the advantage of being on the most favorable deal available.

Reasons to Choose us

Free Initial Mortgage Appointment

Easily schedule a free initial mortgage appointment by filling out our convenient ‘Book Online’ form. We make it simple for you to access self-employed mortgage advice in Durham.

Mortgage lending criteria can vary significantly among different lenders, particularly when it comes to matching self employed mortgage applicants.

1000s of Deals

Our dedicated team of transparent and trustworthy mortgage advisors in Durham is committed to working diligently and confidently to ensure we find the most suitable mortgage product that aligns with your specific needs. Our goal is to provide an accurate recommendation from the very beginning.

Our Service

What sets us apart from other mortgage advisors in Durham is our unwavering commitment to prioritising our customers. Your best interests are at the core of our service, as we tailor our approach to meet your unique requirements.

7 Days a Week

Over the years, as an experienced mortgage broker in Durham, we have gained extensive knowledge and expertise in assisting self employed mortgage applicants from diverse backgrounds, helping them achieve mortgage success.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

We Search 1000s of Self Employed Mortgages in Durham

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Durhammoneyman is a trading name of UKMM Limited, which is an appointed representative of Mortgage Advice Bureau (Derby) Limited, who are authorised and regulated by the Financial Conduct Authority.

UKMM Limited is Registered in England, No. 16541342 | Registered Address: Capital House, Pride Place, Pride Park, Derby, England, DE24 8QR.

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