Self Employed Mortgage Advice in Derby

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Discover the possibilities of Self Employed Mortgages!

Any self-employed applicants in Derby, may find it challenging to obtain a mortgage. After all, not all lenders are the same and need to be confident that self employed applicants are able to keep up with their mortgage payments.


It can be useful to seek any self-employed Mortgage Advice in Derby to get more insight and guidance from a knowledgeable Mortgage Broker Derby with years of experience like Derbymoneyman.


Regardless of the type of business owner you are, getting in touch with our team can be very beneficial. We have extensive experience dealing with self employed mortgage applicants; therefore, your situation is probably one we have come across before.

Experienced Mortgage Advice in Derby

Get in touch if you are looking to buy a new property or seeking other options or taking out a remortgage in the future. We have years of experience working alongside a range of self-employed clients all with different needs and circumstances. They have all approached us to find a deal that is best for them and their finances.


With our knowledge of lender criteria, we have built up a reputation for carrying out successful self employed mortgage journeys.


Being a self-employed applicant, you need to remember that the key factor that distinguishes you away from employed applicants is the way you evidence your income. As long as you can provide enough evidence of everything and be honest to ourselves and the lender. With all this in mind, hopefully, the mortgage process will run smoothly and be an overall success.


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We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Self Employed Scenarios

Through our experience as a Mortgage Broker in Derby, we have worked with a range of self employed mortgage customers, all seeking open and honest mortgage advice in Derby.


Below is a range of scenarios that we have encountered over the years, when talking to self employed mortgage applicants.


– You are looking at getting expert self-employed mortgage advice in Derby as an owner of a company, a director, a sole trader or you are a business partner.


– The bank will only be willing to allow you to borrow so much and you are wondering if you could borrow more in order to open up more options for yourself.


– Being a self-employed business owner, your salary is an amalgamation of salary, dividends or a directors’ loan.


– Instead of paying yourself a larger salary, you leave a lot of your net profit sitting in your company.


– Even with a very good credit score, for some reason, you haven’t matched the banks’ strict lending criteria.


– Your net profit is unsteady.


– Your business has been in operation for a year.


– You are requiring the assistance of a knowledgeable Mortgage Advisor in Derby throughout the mortgage process; however, your company is in a busy period of time.


As a self-employed mortgage applicant, you may find that approaching the bank for mortgage advice is not always as beneficial. This is because banks usually process your options through an automated system.


The one drawback with this is that it doesn’t matter how many years you have been banking with them, or the amount of money you pay into your account daily, if they deny this, you won’t have another option with them.


A reputable Mortgage Broker in Derby, like ourselves, may be able to help. Our team can review your current financial state and circumstance, and find the perfect match with a lender’s criteria.


This can help you carry through a successful mortgage journey.

Self Employed Customers & Bank Mortgage Advice

It’s common for every high street mortgage lender you speak with will be granting their customers a mortgage with the help of their in-house credit scoring policies.


The mortgage lender utilise their own experience and history throughout their years in the industry to create these credit scoring policies.


For the lender to understand what type of applicant would be risky to lend to, they look over previous mortgage repayment statistics, repossession information and regular patterns.


With this policy, the lender can save time and money, however, this can stop self employed applicants in their path on their self-employed mortgage journey.


Historically, mortgage lenders have found that a high number of self-employed applicants fall into arrears compared to people who are employed.


You could argue this is due to the lack of hurdles an employed applicant has to go overcome to meet the lender strict criteria, unlike self employed applicants.


Many high street lenders out there have strict criteria also lender like you to have an increase in profits over a minimum of three years accounts, with some taking an average over three years.


You may find that some lenders will only require one years’, therefore, it’s always good to have a few years with you anyway as this can increase your chances of finding a mortgage.

Self Employed Mortgage Advice in Derby

As mentioned, the difference in lending criteria can depend on the lender. This is the case for self employed mortgages, and our team of experienced Mortgage Advisors in Derby can help you find the lender that matches your circumstances. We strive to get this right the first time!


Over the years as Mortgage Broker in Derby, we have built up experience in aiding and guiding a great deal of limited company owners, sole traders, partners that receive a salary, dividends or a mixture of the two.


Our hard-working team use their knowledge and experience to find the most suitable mortgage for your personal and financial situation.

Having Mortgage Problems?

Sometimes, we find that people get in contact with our team at Derbymoneyman as they have found it a challenge to obtain a mortgage when approaching a high street lender.


The most common reasons for this include:

– Failed banks criteria

– Fluctuating net profit

– Pay structure

– Credit score

– Personal situation

– Bank won’t lend enough


Even though it’s brilliant to scour the market for the best lender for your needs, we don’t recommend that you attempt to try lots of lenders with their strict lending criteria.


The consequence of this is that your credit score can be impacted negatively. From this, you will harm your chances of getting a mortgage altogether.

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Common mortgage

Your initial free mortgage consultation in Derby will last for roughly about one hour. An advisor will then recommend a mortgage for you, that you are under no obligation to accept and proceed with, if you decide it’s not for you.

As a dedicated and trusted mortgage broker in Derby, we will carry out a Fact Find to establish your circumstances & needs prior to recommending the most suitable mortgage for you. A credit check will then be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued to you.

We would highly recommend you obtain an Agreement in Principle prior to property viewings in Derby, to avoid possible disappointment, especially as this can boost your bargaining position pre-making an offer and can be obtained with the help of one of our mortgage advisors in Derby, free of charge.

A standard Agreement in Principle generally lasts for between 30 and 90 days depending on which lender you are with. If your Agreement in Principle happens to expire, it can easily be refreshed.

If you’re looking to make any potential home improvements or consolidate any debt, then it can be possible to get a second mortgage on your home. Second Mortgages are also usable for if you are wanting to take out a mortgage for a family member, a holiday home or a Buy to Let.

When purchasing a property in Derby, the minimum deposit a High Street Lender will usually require is 5%, though if you have had previous credit problems, this can be higher.

If you have had credit problems, it could still be possible for you to get a mortgage, however, you may need to put down a higher deposit than usual. This could be 15% of the purchase price.

You may still be able to get a mortgage once you have submitted at least one year’s accounts. Typically we find that, for the most part, lenders will use your salary + dividend to calculate the maximum mortgage. Alternatively, some may go off your net profit.

To prove your income to a lender, it’s usually three payslips for an employee. If you are self-employed, it’s the latest 2 years’ accounts. In addition you will need to produce the lender with proof of ID, address and the latest 3 months’ bank statements.

Your free initial mortgage consultation will typically last up to an hour. Our team have the ability to obtain an agreement in principle within 24 hours. A formal mortgage offer will take about three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Derby.

Step 3

Make an offer on the property in Derby that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links & Derbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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