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Self Employed Mortgages

We let nothing stand a hurdle to your journey of self-sufficiency. Learn more and avail the benefits of Self-employed mortgages with ProLead.
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Self Employed Mortgage

We let nothing stand a hurdle to your journey of self-sufficiency. Learn more and avail the benefits of Self-employed mortgages with ProLead.
Know More

Self Employed Mortgages

If you are not eligible or able to avail of the conventional mortgage but are self-employed, there are other options to consider. Explore the benefits and options with ProLead Mortgage services where we cover self-employed individuals to uncover the benefits of a Mortgage.

What are the requirements?

  • Tax calculations and tax year overview for the past two years
  • A higher credit score can help you stand a preference
  • List of assets, debts and monthly payments

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How much can you borrow?

For example, if you earned £20,000 in your first year of contracting, £25,000 in your second year and £30,000 in your third year, the lender may assume that your average salary for the sake of the mortgage application is £25,000.
Or, where your earnings have been incrementally increasing, a lender may base their calculation on your most recent tax year figure.
As a rule of thumb, if you’ve got a decent deposit to put down (say 10% of the property price) and your self-employed income is consistent and well-documented, you should be able to borrow around 4.5 to 4.75 times your gross annual income (for example, your salary before it’s taxed).
It also depends on what your regular spending is. There are also things to consider, like, if you are a sole trader or self-employed in a private company. Considering all these factors, one may be able to avail of Mortgage benefits even if self-employed. To know more about the elaborate process, get in touch with ProLead’s Mortgage Experts from the field.

FAQ's

Can I get a mortgage with an irregular income?

It’s safe to argue that lenders favour borrowers with more stable monthly incomes and frequently give these customers better terms. That said, a fluctuating income is a very frequent occurrence when running your own business, and as long as you can produce a little more proof of your revenue, we don’t think it should stop your process entirely. Get in touch with ProLeads for expert assistance on Self-Employed Mortgages.

How do I improve my chances of getting a mortgage?

  • Improve your credit score
  • Lower your debt-to-income ratio
  • Make a larger down payment
  • Find the right lender for you
  • Get in touch with the best mortgage consultants like ProLeads

What are the dos of self-employed mortgages?

Dos are:

  • Understand Qualifying Income
  • Keep Business and Personal Accounts Separate
  • Check Credit and Correct Errors
  • Keep Good Records or Use an Accountant
  • Prepare a Loan Application File and Keep It Current
  • Save a Substantial Down Payment
  • Consider a Stated-Income Loan
  • Get in touch with an expert at ProLeads

What are the don’ts of self-employed mortgages?

Don’t:

  • Amend Tax Returns During the Loan Process
  • Commingle Personal and Business Funds
  • Lie on Your Application
  • Expect It to Be Easy
  • Give Up!

What do lenders look for before approving a self-employed mortgage?

Whether you are self-employed or a full-time employee, lenders want to see that your income is:

  • Ongoing. Expected to continue for at least three years
  • Stable. It comes regularly and predictably
  • Sufficient. As evidenced by your debt-to-income ratios.
  • Lenders also want to see that you have enough assets to cover your down payment and closing costs. Additional savings, called reserves, are beneficial, and lenders like to see reserves because you can use them to pay your mortgage if your income is interrupted.

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