Self employed mortgage and proof of income

MORTGAGES FOR THE SELF EMPLOYED

If you are self employed ,a company director or unable to prove your income, it can be difficult finding a suitable mortgage.

There are a number of reasons why it is often more difficult for those in such situations, the main ones are that the income tends to fluctuate or you are self employed and can't prove income like those regularly employed who can produce payslips.

Not being able to prove your income, or having an income that is not guaranteed to be a certain amount each month is what causes the problems when looking for a self employed mortgage.

Most lenders will require that those applying for a self employed mortgage provide between one to three year's worth of audited accounts to prove that they have sufficient income to cover the mortgage repayments.

IF YOU CANNOT PROVE YOUR INCOME IN THE TRADITIONAL MANNER FOR A MORTGAGE PLESE CALL US TO DISCUSS YOUR CASE ON AN INDIVIDUAL BASIS.

 

If you submit your own tax return to the Inland Revenue and do not use an accountant you can prove your income to a lender by way of form SA302. This form is available from the Inland Revenue and confirms your income figures submitted to them.

 

We have access to a range of UK's lenders mortgages and they are all available to the self employed.

 

Your home may be reposessed if you do not keep up repayments on your mortgage

Coleman Clough Mortgages is an appointed representative of Coleman Clough Independent Financial Advisors Limited which is authorised and regulated by the Financial Services Authority.Initial advice is free.Typically we charge £395 for advising on arranging your mortgage but fee of up to 1% of the loan may be charged depending on your circumstances.

Coleman Clough Independent Financial Advisors Limited, The New Barn, Home Farm, The Avenue, Esholt, West Yorkshire, BD17 7RH