Self Employed Mortgage Advice in Derby

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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.

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Self Employed Mortgage Advice in Derby

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 best 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 mortgage appointment and we will take a look at how we are able to help.

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FAQ's From Self Employed Applicants

How many years do you have to be self employed in Derby to be able to get a mortgage?

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Most lenders require self employed individuals in Derby to have a minimum of two years of self employment history to apply for a mortgage. However, some mortgage lenders may only require one year of history.

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

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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?

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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?

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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?

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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?

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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 best 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.

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Our Simple Remortgage Process

Free 30-Minute Mortgage Appointment

Step 1

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

Step 2

Our team will look through 1000s of mortgage products to find the best 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

Step 3

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

Step 4

Our service won't just stop here. We will not only secure you the best 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 best deal.

Reasons to Choose us

Free Mortgage Appointment

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Follow our ‘Book Online’ form and book yourself in for a free 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

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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

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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

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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 Derby

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Common Self Employed Mortgage Scenarios

Matching a Self Employed applicant with a suitable mortgage in Derby

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Follow our ‘Book Online’ form and book yourself in for a free mortgage appointment; Self Employed mortgage advice in Derby is around the corner!

We have advisors in Derby that can take on your Self Employed mortgage case. We don’t just give you advice, we stand with you from start to finish to make use that you receive the best experience possible!

Having Mortgage Problems?

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We speak to plenty of customers on a regular basis, who have perhaps found it quite challenging to approach their bank directly for a mortgage in Derby. Some of the reasons we hear for this include, but are not limited to;

  • Failed the Banks Criteria.
  • Bank Won’t Lend You Enough.
  • Fluctuating Net Profit.
  • Personal Circumstances.
  • Credit Score Problems.
  • Pay Structure.

It’s always worth remembering not to approach too many lenders by yourself, as being declined multiple times can harm your credit score and even stop you getting a mortgage altogether. Book a free mortgage appointment and we will make sure you are matched up to the most suitable mortgage lenders criteria.

Self Employed Customers & Bank Mortgage Advice

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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.

Mortgage Guides & 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

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