SELF EMPLOYED HUB

Whole of Market Mortgage advice via an award winning network - we charge no fees.

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Being self-employed is a tough enough job in itself, and more so when you are setting up a new business or changing the way you earn an income in the same line of work. Around 4.93 million people in the UK earn their income this way, via many different industries - and as specialists in self-employed income, we open up the options clearly for you.

  • From Sole Traders to Limited Company Directors

  • Contractor workers on a day rate

  • Industry contracting workers, such as construction industry scheme members (CIS)

  • Partner income from a firm of lawyers

  • Barristers work as part of a chamber - who signs off their cases & can be used to verify income 

  • Investment companies or income

We look at complex cases with a fresh, energetic approach - so come chat to us and open up dialogue for your property search.

So how does your income get worked out by mortgage lenders?

As a limited company, it depends on what % share your own firstly. Below or above 25%. Sometimes as it is below 25% share, you may be treated as normal PAYE individual who gets payslips.

This slice of the pie you own denotes how must of the company profit you earn. If you own the company 100% then you are able to take a salary and then a share of the profit & leave any retained profits in the business for future outgoings, or if you do not want to draw money out for tax purposes. Lender's can only work from what you submit and declare tax on (typically).

Typically lender's can look at your personal tax calculations and tax overviews for two years, and then they average them to reach an income they will lend on. Sometime its full set of accounts or an accountant certificate. Some can even consider the latest year figures if the growth in profits is an understandable in the industry you work within (*i.e. reasonable). This much is where you can ask your accountant to lend a hand for you to apply for a mortgage.

So how does your income get worked out by mortgage lenders?

When asking any mortgage lender for money to buy a property as a sole trader - it is just your personal tax calculations and overviews they wish to see for 3 years. Again, some consider 2 or even 1 years with good history of income/working.  

As a partner in a firm you may receive yous share % of the company in different ways. But it is usually treated similarly to sole traders depending on the share you have.

 

If it is a larger income, you get payslips or you have an in house share agreement whereby your salary is paid at a fixed amount each month we have a specialist contact to an underwriting cross lender group here at JWD Mortgages - and we will work hard to see what lender suits you best.

So how does your income get worked out by mortgage lenders?

JWD Mortgages uses a bespoke process int the way it tries to find the best lending solutions. Through our experience we know the right lender connections who we can present a well structured case too, so they can see if they would build a mortgage for any complex, high net worth or professional work type incomes.

 

Job types that can be treated as "professionals" are -

 

accountants,

dentists,

actuaries,

barristers,

medical doctors,

optometrists,

pharmacists,

solicitors,

teachers or

veterinarians -

 

Sometimes these types of work type can access some bespoke mortgage options. 

 

Where more complex international income, investment income or work setups are in place - we will put the case through our model testing and lender relationships built up over the years. 

Sole Trader, Limited Company or Partner in a firm?

Is this you?
 
 
"I have setup my own business, but only have 1 years accounts. I also do not know what the lender will use as income for me to achieve a mortgage with - can you help me?"

JWD mortgages is a limited company registered in England, 38 Carne View Road, Probus, Truro, TR2 4HZ. They are an appointed representative of Stone Bridge Mortgage Solutions who are both authorised and regulated by the financial conduct authority.  Our companies house registration number is 12211202. You must take care when securing a mortgage on a property, your home or property may be repossessed if you do not keep up mortgage payments.