It's Free to Speak to an Advisor, 7 days, 8am - 10pm
It's Free to Speak to an Advisor, 7 days, 8am - 10pm
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.
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 best 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 mortgage appointment with us, and we will assess how we can assist you.
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.
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.
If you own at least 20-25% of a business, mortgage lenders in Durham will consider you as self employed.
Contrary to common belief, there are no specific requirements or additional barriers preventing self-employed individuals from applying for a mortgage in Durham.
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.
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:
For the most part, banks are not always the best 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.
Our Customers Love Us
5.00 Rating14 Reviews
Anonymous
Great service! Very informative and responsive. Made the process for a first time buyer straight forward and went smoothly
2 months ago
Duncan
Professional all the way. Excellent advice from Wayne followed by excellent administration by Anna to complete the transaction. Would recommend.
1 year 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...
2 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!
2 years ago
Karen
Was very professional and very helpful.
2 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...
2 years ago
Niall
Fantastic service! Amazing advice and guidance throughout my mortgage application. Would recommend Durhammoneyman to anyone!
3 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...
3 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...
4 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...
4 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.
5 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.
5 years ago
Mary
My mortgage broker was easy to get hold of and efficient. Overall my experience was good value for money. As a first time buyer I felt I had support throughout my purchase.
5 years ago
Daniel
We rang these guys when we had been promised a mortgage by our Bank who then changed their minds. To be honest we didn’t know whether or not we’d be able to get a mortgage but during the first call with Durham Moneyman we felt they understood...
5 years ago
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.
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.
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.
Our commitment extends beyond securing the best 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.
Easily schedule a free 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.
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.
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.
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.
Take the first step towards securing a self employed mortgage in Durham by filling out our convenient ‘Book Online’ form to schedule a free mortgage appointment. We’re here to provide you with expert guidance and support throughout the entire process.
Our dedicated mortgage advisors in Durham specialise in handling self-employed mortgage cases. We go beyond just offering advice; we are committed to being by your side from start to finish, ensuring you receive the best possible experience.
We speak to plenty of customers on a regular basis, who have perhaps found it quite challenging to approach their bank directly for a mortgage in Durham. Some of the reasons we hear for this include, but are not limited to;
It’s always worth remembering not to approach too many lenders by yourself, as being declined multiple times can harm your credit score and even stop you getting a mortgage altogether. Book a free mortgage appointment and we will make sure you are matched up to the most suitable mortgage lenders criteria.
When it comes to high street mortgage lenders, each one has their own credit scoring policies in place to determine mortgage eligibility. These policies are often based on the lenders’ historical data and experience with previous mortgage applicants.
They analise factors such as repayment statistics, repossession history, and other patterns to identify potential risks. While this saves time and money for lenders, it often leaves many self employed mortgage applicants at a disadvantage.
In the past, it was evident that self-employed mortgage applicants faced challenges, as lenders experienced higher instances of arrears among this group. However, this also meant that self employed applicants had a more difficult time securing a mortgage compared to other customers.
You may have already come across the strict lending criteria of high street lenders during your research. Many of these lenders require a minimum of three years of accounts, with some even basing their assessment on a three-year average of profits.
While not all lenders have the same requirements (some may accept one year of accounts), it is generally recommended to have more than one year of accounts to increase your options when it comes to mortgage selection.
Read our 14 Reviews
Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Durhammoneyman.com & Durhammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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