A simple Guide to getting a Self Employed Mortgage
One issue that often concerns people thinking about moving from salaried employment to working freelance or operating as a sole trader is how it might affect their ability to be able to get a mortgage.
Mortgages are never easy at the best of times, but they can become a little more tricky when you are working for yourself. That’s why we’ve teamed up with our mortgage partner Contractor Mortgages Made Easy (CMME) to give you some specialist advice aimed at making the process for obtaining a mortgage as painless as possible for freelancers.
You can also contact them directly on firstname.lastname@example.org or 01489 555080 and they will help you find the best and most suitable mortgages available right now, at the best rate.
Here are some tips you can follow to improve you chances of obtaining a mortgage if you are a freelancer, sole trader or contractor:
- If you have confirmed bookings or contracts with clients, make sure you have signed copies stating the rates of pay and any agreed start and finish dates. You will also need all the usual paperwork required for mortgage applications, including formal ID such as passport or driving licence, bank statements showing your recent incomings and outgoings and other relevant paperwork such as utility bills.
- Should you decide to work with our recommended partner, CMME, they will help you choose a lender using the specialist terms they have negotiated for freelancers with some of the biggest high street lenders. Using a mortgage provider that is used to dealing with freelancers and contractors can help speed up the process.
- Using a reputable and specialist broker such as CMME will mean your application will be dealt with more seriously than if you were to go directly to a lender that was less experienced with dealing with self-employed mortgage applications.
- Getting hold of an agreement in principle from your chosen mortgage provider will help you before you start house hunting as it will give you a clear idea of how much you will be able to borrow so you’ll know your budget in advance.
- If you do have an offer accepted on a property, then CMME can quickly start the ball rolling with everything that needs to be done to make sure the sale goes through promptly and smoothly. This includes instructing a solicitor for you to make sure all the required steps are taken and done on time, such as conducting surveys of the property. They will also sort out contracts and work with the seller’s solicitor to set a date for exchanging contracts and completing the sale.
- The final step once a date for exchanging contracts has been set will be for your solicitor to notify CMME who can then make sure the necessary funds are transferred from the mortgage provider in time for everything to go through.
Freelancers and sole traders are still entitled to a mortgage so working with a specialist broker such as CMME will ensure that you have the best chance of getting the mortgage you want, whether you are looking to buy your first home, remortgage or take a step up the property ladder.
For advice on how much you could borrow and what rates are available contact email@example.com, call 01489 555080 or fill out the enquiry form below:
Contractor Mortgages Made Easy is a trading name of Mortgages Made Easy Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798).Registered in England No. 4886692 Registered Office: 9 London Road, Southampton SO15 2AE.Your home may be repossessed if you do not keep up repayments on your mortgage.