Do applicants of a self employed mortgage in Derby must pay higher rates?

Self employed mortgage applicants in Derby are eligible for the same mortgage rates as other employed applicants. The only difference is the way mortgage lenders evaluate their income.

What qualifies as being self employed in Derby?

If you own at least 20-25% of a business, mortgage lenders in Derby will classify you as self employed.

Why is it hard to get a self employed mortgage in Derby?

Contrary to popular belief, there are no specific requirements or additional barriers preventing self employed individuals from applying for a mortgage in Derby.

I'm self employed in Derby, how can a mortgage broker help?

The challenging aspect of applying for a self-employed mortgage in Derby is providing accurate proof of income and demonstrating reliable and consistent income. Mortgage lenders will only consider taxable income. Navigating the mortgage process can be complex, and working with a mortgage broker in Derby can be advantageous. As an open and honest mortgage broker in Derby , we have helped many self-employed individuals secure a mortgage in Derby, even when they thought it was unlikely. Let us help you get approved for a mortgage as a self employed applicant in Derby.

What are other common self employed scenarios?

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 Derby. 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 Derby & surrounding areas: As a self-employed business owner, you have an income that is a combination of either salary, dividends or a directors’ loan. Your company is going through quite a busy period and you need the help of a trusted mortgage advisor in Derby. You allow a large portion of your net profit to sit within your company, rather than paying yourself a much larger income. Your business has not been trading for the minimum of at least one year. Despite having a pretty great credit score, for some reason you don’t match the banks’ strict lending criteria. You are a the owner of the company, a director, a sole trader or you are the partner of a business, needing specialist self employed mortgage advice in Derby. The bank is putting a limit on the amount you can borrow, which is not enough for what you are looking to do. You do not have a steady net profit. For the most part, banks are not always the most suitable options to take if you are a self-employed mortgage applicant in Derby. 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 Derby 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.

Self Employed Mortgage Advice in Derby

Mortgage Advice for Self Employed Mortgages in Derby

As an open & honest mortgage broker in Derby, we know that self employed applicants can often have a hard time applying for a mortgage. Whether it’s the task of matching up with a mortgage lender’s criteria, or struggling to prove your income, we know that self-employed applicants have a much tougher time of it than regular employed applicants. Whilst in theory it would be nice for everyone to receive the same chance at a mortgage, there are understandable reasons as to why a mortgage lender will make them jump through so many hoops. The lender needs confidence that aa self-employed applicant can keep up their monthly mortgage payments. The factors they will look at include:

Your income/salary.
Your previous years of accounts.
Bank statements.
Business operating costs and expenses.

1000s of Self Employed Mortgage Products

Our fast & friendly mortgage advisors in Derby will always be ready and willing to go through your case, hoping to match you up with a mortgage product that is appropriate for you as a mortgage applicant who is Self-Employed in Derby. We will keep you informed and supported with clear and concise guidance throughout the entire mortgage process. You’ll benefit from open & honest mortgage advice in Derby whilst we support your application by referencing your income and years of accounts’. As a mortgage broker in Derby who provides self employed mortgage advice, we can search through 1000s of competitive and niche mortgage products that are tailored to self-employed mortgage applicants. Once we have found the most suitable deal for you and you are happy with it, we can prepare for your mortgage application. Our mortgage advisors in Derby work every day of the week, from early until late, so that our customers have the option of an appointment at suitable times to them. Get booked in for a free initial mortgage appointment and we will take a look at how we are able to help.

FAQ's From Self Employed Applicants

Our Simple 4-Step Process

Free Initial Mortgage Appointment

Discuss your situation and mortgage goals with a dedicated mortgage advisor in Derby.

During this appointment, your advisor will look at your tax year overview and tax calculations to work out your maximum affordability.

We Can Search 1000s of Mortgage Deals

Our team will look through 1000s of mortgage products to find the most suitable deal for your circumstances.

We will then find you a mortgage agreement in principle to help you back up any offers you want to make.

Submit Your Mortgage Application

Once your purchase offer has been accepted, your mortgage advisor in Derby will submit your full mortgage application and evidential documents to your lender.

Throughout the process, a dedicated case manager will keep you up to date until you receive your official mortgage offer and complete your purchase.

Protecting You and Your Mortgage

Our service won’t just stop here. We will not only secure you the most suitable mortgage deal, we will also recommend relevant insurance to protect you.

We will also contact you about the date of renewal of your mortgage to make sure you are always on the most suitable deal.

Reasons to Choose us

Free Initial Mortgage Appointment

Follow our ‘Book Online’ form and book yourself in for a free initial mortgage appointment; it’s never been easier to get self employed mortgage advice in Derby.

Mortgage lending criteria can be varied depending on the mortgage lender in question, especially when you’re looking to be matched up as a self employed mortgage applicant.

1000s of Deals

Our team of open & honest mortgage advisors in Derby will always work hard and with confidence, to make sure that you are matched up with the most suitable mortgage product that matches your needs. We aim to get our recommendation right the very first time.

Our Service

Unlike many other mortgage advisors in Derby you might find when looking for mortgage advice, our customers are always put first. Your best interests will always be at the heart of what we do, personalising our service to our customers needs.

7 Days a Week

Throughout our long served tenure as an expert mortgage broker in Derby, we have developed a great deal of knowledge in being able to help self employed mortgage applicants from all walks of life, to achieve mortgage success.

Malcolm and Amy Davidson - Mortgage Advice in Newcastle

Common Self Employed Mortgage Scenarios

Most high street mortgage lenders will have their own in-house credit scoring policies when deciding on who can have a mortgage. These credit scoring policies tend to be based on the mortgage lenders own experience with mortgage applicants over their own tenure. During their checks, they will have a look at previous mortgage repayment statistics, any historical data on repossession and other common patterns in order to determine the common denominators that are considered to be a high risk. This will save the lenders time and money, but leaves a lot of self-employed mortgage applicants without a leg to stand on. Previously you could definitely have made a strong case for the argument that lenders were experiencing high numbers of self-employed mortgage applicants falling into arrears. On the other hand, their self-employed applicants probably also had (and still do) a trickier time applying for that mortgage than other customers. If you’ve been doing some of your own research, you’ll probably be aware that high street lenders tend to have very strict lending criteria. Many of those mortgage lenders want to see your profits increasing over three years accounts minimum, with some basing their work off a three year average. Whilst this doesn’t apply to every mortgage lender out there (with some only requiring one years of accounts), it is always recommended that you have more than just the one year to go off, as that will increase your mortgage options.

Our Customers Love Us

5.00 Rating32 Reviews

Shaun

Very fast and helpful

2 months ago

Warren

Myself and brother Wayne really appreciate your patience with us as first timers can be ambiguous

3 months ago

Anna

Very good and very effective. Easy to understand and communication was second to none

5 months ago

Anonymous

Really good service till the end, making sure everything was finalised smoothly. Will definitely use again when needed.

11 months ago

DIna was my mortgage broker and was so friendly and non-judgemental of my circs. I was wanting to buy an ex out the property and pay off some debt - she got me an offer within days. I had used free mortgage advice companies who hasn’t managed...

1 year ago

Liz

I dealt with Dinah who is the friendliest non-judgemental advisor I have ever dealt with . My case wasn’t that straight forward, but within days I had an offer. I have used well known free advice companies before, but didn’t get anywhere with...

They were quick to respond and maintained great communication throughout the process. Emails were answered promptly, making the entire experience smooth and stress-free. Highly recommended for anyone seeking a reliable and responsive mortgage broker!

Donna

Amazing service would highly recommend A+++

Quite helpful and fast in dealing with the proceedings of the mortgage application.

Arron

Good recommendation for 1st time buyers. Made whole process easy and straightforward.

2 years ago

Kudakwashe

Very good 👍

Sarah

I can’t believe the service we have had and we can’t recommend them enough, Matt and the team are amazing. We have had several mortgage offers through them but the houses we have bought have fallen through but nothing has been too much trouble...

Carol

Friendly efficient service, took their time to explain the procedure etc, I would definitely recommend them.

1 week ago

Joshua

Leo is always a pleasure to talk to. Very friendly and knowledgeable, and allows us to ask questions, no matter if we’ve asked before orbits really obvious

1 month ago

Adam

Thank you to Wayne and the team at UK Moneyman, Derby. We were first time buyers, both with adverse credit history and one with sporadic income from agency work. I was finding the whole process of applying for mortgages to be quite stressful and...

Arran

The team over at Derbymoneyman have been incredibly helpful in helping me understand the process of buying a house. A friendly and welcoming team who do all they can to help. Definitely recommended, you feel like the team is invested in helping you.

Gurjeet

Really helpful and clear.

9 months ago

Gemma

From first discussions with Tom to being passed over to Lyndsey, the whole process was easy and seamless. Everyone I have dealt with at Moneyman have been really helpful and friendly, which has helped take the stress out of applying for a...

10 months ago

Matthew

Jenny has been extremely helpful throughout the process and resolved any issues quickly. Thanks!

Susan

Very good service over the moon Wayne and Megan no there stuff

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Self Employed Mortgage Advice in Derby