Expert Andrew Milnes on how to get a mortgage when you are self employed

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Getting a mortgage as a self-employed person can feel like a complicated process, and you may feel like you don’t know where to start.However, like any mortgage, there’s no one size fits all approach and your application will be assessed based on how you trade.

What’s more, no two lenders are the same in how they interpret your income, which can make it even more confusing. It’s why seeking advice from a mortgage broker from the beginning is so essential. They can take the reins, making the process much more straightforward and hassle-free, so you can focus on running your business. Lenders will assess your income based on your trading style, net profit, dividends and expenses. However, lender criteria can differ.

For example, a business that was previously booming may now be a lot quieter, and therefore deemed not as viable in the eyes of a lender. If you have made big profits in the past, but your profits have declined over the last couple of years, they will probably pay more attention to the latter and be reluctant to lend you the amount you need.

 

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