HOW TO GET A MORTGAGE AS A SELF-EMPLOYED ELECTRICIAN, PLUMBER, OR SKILLED MANUAL WORKER
Get in touch for an initial free, no-obligation chat with an advisor about how we might be able to help you.
Self-Employed Electricians, Plumbers, and Skilled Manual Workers: Get the Mortgage You Need to Buy Your Dream Home
There are numerous ways you can obtain a mortgage when self-employed and depending on your situation, there will be different lenders who can be approached.
What income are you looking to use for your mortgage application is an important question; however, what income the lender chooses to use is even more important, as it may not be the set of figures you were hoping they would look at.
We will help you understand what income you have that is going to be available to use towards your mortgage application and then help you get pre-approved for a mortgage.
WHY CHOOSE US
We understand that self-employed borrowers have unique needs. That’s why we offer a variety of mortgage products and services that are tailored to the needs of self-employed borrowers. We also have a team of experienced mortgage advisors who can help you find the right mortgage for your situation.
WE’RE EXPERTS IN THE FIELD
Our team of brokers are specialists in helping self-employed individuals get mortgages and can help you understand the most suitable options available to you.
WE CAN FIND GREAT DEALS AT SPEED
Access to over +70 lenders, so you will get the most suitable rates and terms available with many of these lenders not available on the high street as they’re exclusive to brokers.
RELATIONSHIP
Real relationships with the lenders so we can get your application pre-approved if your situation isn’t straightforward. Plus your mortgage broker is there to answer all the questions you may have.
RAPID SOLUTIONS
We’re quick, on our first call, we will quickly establish your options and let you know the next steps so we can arrange everything promptly for you. If you prefer to speak face to face we can also arrange a video call.
Let’s consider just some of the different scenarios where you will need one of our experienced mortgage brokers to assist you:
Recently changed to Ltd company from Sole trader
If you’ve recently changed from a Sole trader to an Ltd company director, getting a mortgage can be difficult as some lenders can “reset” the typically 2-3 years history and/or evidence required.
However, we have lenders who can ignore this recent change in some cases.
Only 1-year accounts are available
If you’ve recently gone self-employed, you may find it tricky to get a mortgage as lenders typically look for 2-3 years’ history.
However, we have access to lenders who are happy with 1 years set of figures and/or happy to take a view on projected earnings provided by your accountant in some situations.
Latest years earnings less than previous years
A recent change in earnings in the most recent year can be an issue as the lenders will want to understand the reason for the change and could decline for fear the business is not on a stable footing for the future.
We have access, though, to lenders who can look past a recent decline in profits where there is an understanding of why this has happened. I.e Covid-19 etc
Latest set of accounts not ready yet
Most lenders like to see the latest full completed set of accounts to consider a self employed applicant. Often this can be inconvenient as your accounts are completed later in the tax year.
Thankfully though we have access to lenders who can consider your latest set of accounts typically up to 18 months old.
Are you a self-employed electrician, plumber, or skilled manual worker in the UK? Do you dream of buying your own home, but worry that you won’t be able to get a mortgage because you’re self-employed?
The good news is that self-employed mortgages are becoming more accessible in recent years. There are now a number of lenders who are willing to lend to self-employed borrowers, even if they have complex income or irregular income.
If you’re self-employed and thinking about buying a home, here are a few things you need to know:
Confirmation of what financial years accounts or figures are available currently.
Considering the different incomes that could be considered such as your taxable earnings or company profit.
Reviewing the different lenders to make sure you progress with the most suitable option that your broker advises.
If latest set of accounts can be brought foward to assist where needed then contacting your accountant to discuss options.
Your mortgage broker will then apply to the lender and work with them on the typically numerous questions they will have about your income and cirucmstance.
