Your Space Mortgages possesses over 12 years of experience in the mortgage and financial industries. Self employed Bristol residents visit us all the time seeking advice as well as reliable solutions. Incredibly seasoned and as knowledgeable as they come, our team members can help with all of your enquiries.
Perhaps the biggest misconception with mortgages is that it’s very hard for self-employed people to get a loan. It’s true that self certification mortgage isn’t available anymore. This option was popular but they were banned in the UK in 2011. Nonetheless, the likelihood that lenders will allow self-employed people to borrow is just as great as it would be with a typical employee.
The same options are available
Whatever your type of employment, the key is to prove you have the income to pay back the loan. Normally, this means you’ll need to show your lenders two years’ worth of tax returns, SA302s, or company accounts. Certain providers ask for three years’ worth. Self-employed people might have to supply evidence of future work too. This will prove that you can preserve your present levels of income.
Don’t start panicking if you lack the two years’ worth of documentation. Obtaining a mortgage could still be possible. Self-employed persons that have frequent histories of contract work could use this as evidence of their dependability. Additionally, if you possess a home loan already but want to remortgage, your lender might show a bit more sympathy. The odds will be further in your favor if you prove that you’re reliable with repayments.
At Your Space Mortgages, we make certain that our clients understand everything about their mortgage. We shall go over time scales, available products, the amount you can borrow, and all the costs. Our team are the best source of advice for the self employed Bristol has.
If you want to begin as soon as possible, contact us today.