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Do You Need A Self Employed Mortgage?
Get Expert Mortgage Advice For Self Employed Mortgages Today
Our helpful, friendly advice and service can assist you in getting a mortgage if you are self employed or work as a contractor/freelancer. With our knowledge and expertise we can guide you through the process and help you finance your new home. 
We could also save you time and effort in the process.
It could not be any easier, simply get in touch today to speak with your very own dedicated, highly qualified and regulated mortgage adviser.
We will tailor and recommend a mortgage & protection solution designed specifically to your needs as a Self Employed individual, Contractor or Freelancer.
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Your home may be repossessed if you do not keep up repayments on your mortgage
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Self Employed, Contractor & Freelancer Mortgages
Being self employed can have its benefits but being your own boss can also have its drawbacks. Historically one of these drawbacks has been difficulty in securing mortgages, and getting competitive deals and rates. The difficulty was due to a perceived (and real) increased risk to the lender. 
A self employed individual has certain risks that could affect their ability to earn an income which they might not have had through traditional employment, such risks include; getting ill or injured and unable to work, changing market conditions etc. This is therefore seen as a greater risk to a lender as there is no guarantee of income or certainty that is generally found through a contract of employment.
As people start businesses and work as contractors they then have very different circumstances, which in turn gives rise to a greater need for more specific tailor made mortgage and insurance advice. We work with business owners, contractors and freelancers, all those classed as self employed. We provide advice and recommend solutions for them, built around and tailored to their individual needs and circumstances. 
Below are some top tips for self employed, freelancers and contractors when looking for a mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage
Self Employed & Contractors Top tips
If you are self employed or work as a contractor you have most certainly had these questions: Can I get a mortgage? How difficult is it for me to buy a house? What do I need to do to prove my income? Do I have to pay high interest rates and high fees just because I am self employed?
The answers to these questions differ from person to person. In order to give specific advice, we would need to better understand your circumstances so we can tailor our advice and make recommendations to you. We offer an Initial FEE FREE mortgage consultation where we can begin to look at your situation and begin to build solutions which are right for you. 
Below are some general principal tips for self employed and contractors when seeking a mortgage and insurances.
Why Are Self Employed Mortgages Difficult?
It is not the mortgage that is the difficult part it is understanding the circumstances and proving the income to support the mortgage application. Mortgage lenders want to know what your income is and what you can prove so that they can assess your affordability and their risk in lending. They look deeper than just an individuals occupation or contract of employement to calculate this.
A lender will want to know more about the overall picture: what is the business? How long has it been operating? Is it a successful business? What the chances are of continuing to be successful? who are the business owners? What are the business/directors finances like? They want to be sure that the business is viable and represents a suitable lending proposition for them.
A self employed person or business owner wants to run an efficient business and minimise their tax liability. They work with their accountant to ensure that they do not pay more tax than they are legally required to pay. This can make the situation more difficult for the lender to understand.
As long as everything is clear and fully disclosed with your accountant, the lender and your mortgage broker, this should not pose any problems in being able to get a mortgage.
We work closely with our self employed, contractor and freelancer clients to help them secure the finance they need for their dream homes. Get in touch today and find out how we can help you.
Your home may be repossessed if you do not keep up repayments on your mortgage
Proving Income
The reality and difficulty with self employed, contractor or freelancer mortgages is being able to prove the amount and consistency of income, this is not as straight forward as the national insurance and tax system of Pay As You Earn (PAYE). 
Difficulties can arise with new unestablished businesses, or businesses operating at very high tax efficiency, or where part of the income is taken as dividends, these things can often fall outside the basic remit of some high street lenders and therefore make it more difficult to get the right competitive deal without fully understanding the requirements for this type of mortgage. 
We understand the market and can give you the right advice relative to your situation and help you towards getting a self employed mortgage.
To stand the best chance of being successful with a self employed mortgage, you must keep good records and accounts. The strength of an application will come down to how well the books are kept and how much income/profit can be proved. We will work with you to review the information you can provide and build a strong application for your mortgage.
Proving income will come down to your P60 end year summary if you are payed through PAYE and/or based on your SA302 self assessment tax returns. Lenders will want to see bank statements and understand all incomings and outgoings, assets, liabilities etc.
The legal structure of your business will determine the requirements lenders will have for required evidence, for example if you are operating as a private limited company they will most likely want to see a copy of the company accounts and understand the financial position of the company as well as the individual making the application (and possibly other directors/shareholders associated with the business holding a 20% share or more)
Your home may be repossessed if you do not keep up repayments on your mortgage
Other Considerations
Experience and track record: If you have started a new business and have limited records and accounts, a lender may look at your experience in the field or industry and see how the business is currently operating, they may wish to see the management accounts and have written declarations from accountants, see existing supply of goods or services contracts etc. 
Credit files and payment histories can play a big role here, have you ever had a mortgage before? Have you been paying your mortgage fully and on time? Are there any defaults or County Court Judgements (CCJ's) which could present a higher risk to a lender?
Hiring a certified chartered accountant is preferable as lenders will be much more comfortable dealing with individuals that have reputable accountants that prepare their books, finances, taxes etc. This gives a lender a little more reassurance that the financial affairs are correct and accurate and that they can be relied on.
Larger deposits are beneficial with self employed mortgage applications simply as this reduces the risk for the lender and so can increase the chance of getting an application accepted than if there were a smaller deposit, it will also help with affordability as less money will need to be borrowed and keep the cost of interest and borrowing to a minimum.
Lending amounts are typically calculated on recent years average profit for your business and are normally based on the last 2-3 years averages. There are circumstances where lenders might consider less for new start-ups but again they will have other checks and balances to ensure they are making a sensible lending decision.
Be assured for self employed, contractor and freelancer applicants it is not impossible to get mortgages, there are certain hoops to go through, checks and balances, a bit more paperwork etc.
Your home may be repossessed if you do not keep up repayments on your mortgage
How Can We Help?
Here at Syron Mainwaring we have the professional expertise, experience and resources to be able to help you get the right mortgage and protection. We work with all kinds of situations and circumstances in helping self employed individuals, contractors and freelancers with their mortgages. We assist you throughout the process and make the journey as smooth and straightforward as we can. 
We work to understand you and your business and what your needs and requirements are. We have relationships with lenders and underwriters and can speak to them directly on your behalf and work with them to find a suitable lending solution for your mortgage.
The more we know and understand the better we can help and assist you. We spend the time getting to know you to show we care. Not only is our high quality service second to none, we also build a long lasting relationship and will help to keep you up to date and on suitable rates throughout the course of your mortgage.
Since we already will understand you and your business, having us on hand to help you through your life's financial journey can prove an invaluable asset and help for you and your family. As circumstances and situations change, we will be there to help and advise so you can meet these changing circumstances.
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Your home may be repossessed if you do not keep up repayments on your mortgage
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Your home may be repossessed if you do not keep up repayments on your mortgage
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Syron Mainwaring & SM Financial are trading names of Syron Mainwaring Financial Limited.
Registered in England company number 10621733 | Registered address: 16 Elmsall Drive, Beverley, East Yorkshire, HU17 7HL
Syron Mainwaring Financial Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.