Burger Menu

Self Employed Mortgage Advice in Durham

Get your free consultation 7 days a week

0191 303 9786

Discover the possibilities of Self Employed Mortgages!

It can understandably seem unfair that employed applicants have to jump through far fewer hoops than self-employed applicants when buying or remortgaging a home. However, mortgage lenders use their own scoring cards based on historical risk hence the need for self-employed mortgage advice.

 

Therefore, seeking Mortgage Advice in Durham from an experienced broker like us will prove invaluable if you are a business owner looking to buy a new/your first property or remortgage.

 

Rest assured, we have lots of experience obtaining mortgages for our self-employed clients.  We work with a large panel of lenders and have in-depth knowledge of their lending stance.

 

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

Mortgage Lenders 001
Mortgage Lenders 002
Mortgage Lenders 003
Mortgage Lenders 004
Mortgage Lenders 005
Mortgage Lenders 006

Popular Self Employed Scenarios

We work with all types of self-employed clients, all needing assistance with mortgages. Here are just a few of the scenarios that we are used to dealing with:

  • Are you a company owner, director, sole trader or partner and want mortgage advice?
  • Have you been turned away by your bank?
  • Have you got a fluctuating net profit?
  • Only been trading for one year?
  • Bank won’t lend you enough?
  • Are you paid a combination of salary and dividends, or leave your net profit in your business?
  • Self-employed and got an unusual situation?
  • Are you self-employed and need help getting a mortgage?

 

Self Employed customers often struggle to get the ball rolling when it comes to mortgage deals. Without an experienced Mortgage Broker in Durham, like us on your side, it can sometimes prove to be difficult!

Why you should a Mortgage Broker in Durham?

There are many reasons why a Mortgage Broker in Durham would help you out during the mortgage process. However, there are even more reasons why you should choose Durhammoneyman, here’s why:

  • We work for you! We are not linked to estate agents so will be open and honest with you.
  • It’s our job to make you feel relaxed and comfortable right from your initial enquiry to getting your keys – We pride ourselves on 5-star service!
  • See our genuine customer reviews at Reviews.co.uk.
  • Unlike your bank, we search 1000’s of first-time buyer mortgages to find the most suitable one for you.

Here at Durhammoneyman, there is always someone available to talk to as we are available 8am-10pm, 7 days a week. Speak to an experienced Mortgage Advisor in Durham today and receive a free initial mortgage consultation.

What our customers say

Common mortgage
questions

Your free initial mortgage consultation will roughly last 30-60 minutes. During your consultation, you will get the opportunity to speak with a Mortgage Advisor in Durham. They will ask you some questions regarding your mortgage needs and personal and financial situation.

This will then allow them to go and search for the perfect mortgage deal for you. They will always try and pick out the deal that will benefit you most.

Typically, for a mortgage, you are going to need a minimum of 5% of the property’s purchase price. If you have had credit problems in the past, lenders may ask for a higher percentage. This could be anywhere between 10%-15%.

Firstly, we will get you to fill out our Fact Find to learn a little more about your mortgage situation. Then we will get you booked in for your free mortgage consultation to learn even more about your mortgage needs. After your consultation, we will arrange a mortgage Agreement in Principle for you within 24-hours.

Then it’s over to you to find your dream home and make an offer. Once you’re ready to proceed and you’re happy to take up the mortgage product that we’ve recommended, we can get your mortgage application prepared!

After your 30-60 minute free mortgage consultation, we will be able to search for mortgage products on your behalf. In the meantime we will also arrange an Agreement in Principle within 24-hours. When you are ready to make an offer on a proprty and want to take up our mortgage product, we will begin planning your mortgage application. Once your application is submitted, a formal offer will take about 3 weeks on average.

You will need to provide a variety of documents to support your mortgage application. You’ll be asked to hand in your photographic ID, bank statements, latest P60 and a couple more things.

If you’re Self Employed, you may need to provide 2 years of accounts’.

Just because you are Self Employed doesn’t mean that you can’t get a mortgage, although, it may be a little more difficult.

As a Self Employed mortgage applicant, you will have to submit at least one year’s accounts. Mostly, lenders will use your salary plus dividend to calculate the maximum mortgage amount that you’ll be able to borrow, whereas others will go off your net profit.

If you’ve suffered from bad credit in the past, you may be required to put down a higher deposit than usual. This could be somewhere between 10%-15% of the property’s purchase price.

We always recommend obtaining an AIP as soon as possible. Preferably, you want to have one in place prior to viewing houses in Durham. You may be allowed to negotiate prices if you have an AIP in place when you are viewing houses.

There a various reasons why someone may want a second mortgage. People may want to consolidate their debts into their mortgage, want to improve their home or journey into the world of Buy to Lets. Whatever your reason is for wanting a second a mortgage, you should get in touch with a Mortgage Broker in Durham like us.

Your Agreement in Principle should last around 30-90 days. This timeframe could change depending on the lender that you use. If your Agreement in Principle expires, you can easily refresh it by approaching a Mortgage Broker in Durham like ourselves.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Durham.

Step 3

Make an offer on the property in Durham that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

© 2021 Durhammoneyman

Durhammoneyman – Portland House, Belmont Business Park, Durham, DH1 1TW

Moneyman Logo







Moneyman Logo




Moneyman Logo

Ask Your Question





    Moneyman Logo

    Moneyman Logo







    Moneyman Logo

    Book your Free Consultation

    7 Days 8am - 10pm

    Moneyman Logo

    Moneyman Logo