Obtaining a mortgage being Self Employed can sometimes prove difficult. Lenders have strict lending criteria and requirements when it comes to Self Employed mortgages which is why we think that having a Mortgage Broker in Cambridge by your side could prove invaluable.
Our mortgage advisors have worked within the mortgage industry for over 20 years now and have helped 1000’s of struggling Self Employed applicants secure mortgage offers. Firstly, we will assess your circumstances and then try to match you with a product that benefits your personal and financial situation.
Unfortunately, quite a lot of applicants end up having difficulties with their bank and get turned away for some reason. This could be down to multiple reasons, the most common being that the Self Employed applicant doesn’t have enough years of accounts to show the lender. If this is your situation and you have been let down by your bank, it may be time to speak to a Self Employed Mortgage Advisor in Cambridge to see if they can help you.
When you approach a lender, you can only access their limited products. Whereas, if you approach a Mortgage Broker in Cambridge like us, we have access to multiple lenders all with their own unique deals, we just have to search through them all and try to find you a competitive deal that is best suited to you.
If you have already been declined by your bank, we advise that you don’t keep applying to lots of different lenders. If you keep getting declined, it could massively damage your credit score and potentially stop you from getting a mortgage in the future altogether. Being Self Employed and trying to secure a mortgage can be hard, and that’s exactly why we want to offer a friendly helping hand through the whole process.
Your Mortgage Broker in Cambridge is here to offer you a helping hand through your Self Employed mortgage journey. Get in touch with us today and make a date for your free mortgage consultation.
Firstly, you need to fill out our Fact Find to get an idea of your current personal and financial situation. Next, our team will pass over this information to your dedicated Mortgage Advisor in Cambridge, and they will keep in touch to schedule your free mortgage consultation. You will get asked a series of questions to help build up a profile; this will help them pick out a mortgage deal tailored to you.
Secondly, once the consultation is over, a credit check will carry out, and this will help you obtain an Agreement in Principle. Granted, if you are okay with everything and happy to proceed, we will then ask for some documentation to help strengthen your application.
Lastly, with your Agreement in Principle, submitted evidential documentation and a comprehensive mortgage offer that you’re happy to continue with, you can move onto the last stage – mortgage application submission!
The time scale can alter depending on the Lender but on average, an Agreement in Principle will likely last around 30-90 days.
If you’re Agreement in Principle expire, worry not. It’s an easy process to renew. Speak to one of our Mortgage Advisors in Cambridge or your current Lender to arrange a renewal of your Agreement in Principle.
You sure can! If you are wondering why someone might want a second mortgage, here are some popular situations:
🏠 Debt Consolidation
🏠 Home Improvements
🏠 Buy to Let
🏠 For a second home/holiday home
If you are looking for a second mortgage, contact our mortgage team in Cambridge today, and see how they can help you.
It may be harder for you to obtain a mortgage with past credit problems, but not impossible depending on circumstances. You may get asked to put down a larger deposit, which will vary depending on your lender.
If you are suffering from bad credit, give us a call, and our advisors will be more than happy to try and help. We have a wide variety of specialist mortgage lenders who may have the perfect mortgage deal for your financial situation.
Yes, the good news is it is possible to obtain a mortgage as a self-employed worker depending on circumstances. First. You need to produce at least one year’s accounts.
To work out the maximum mortgage amount you can borrow, Lenders will use your salary + divided, whereas others might go off your net profit.
Whether you’re applying for a mortgage or looking to remortgage, there are a few documents lenders will always want to see during the process. You will get asked to provide some evidential documents to back up your mortgage application. For example, you’ll need things like ID, bank statements, payslips.
Don’t worry if you forget any of these documents listed; your assigned Mortgage Advisor in Cambridge will run through all of this with you, so nothing gets missed.
Your free mortgage consultation in Cambridge can take approximately an hour; within the hour, we take an in-depth look into your personal and financial situation.
Once your consultation gets concluded, we will try to turn around an Agreement in Principle within 24-hours. An Agreement in Principle is essential when making an offer on a property, as estate agents and sellers often accept those who already have an AIP than those who haven’t.
The final step is to submit your mortgage application and wait for a formal mortgage offer. Usually, this will take about 2 -4 weeks – provided the process goes smoothly, and your application is relatively straightforward.
Our Mortgage Advisors in Cambridge job is to gather personal, financial and financial mortgage situation information from you during your free mortgage consultation because they need to build an in-depth understanding of your mortgage needs to try and find you the most suitable mortgage.
Once your consultation is complete, your Mortgage Advisor in Cambridge will begin searching for mortgage products on your behalf to match your personal and financial situation, saving you time and money.
We recommend you get an Agreement in principle before viewing any houses in Cambridge. Doing so may increase your chance of your offer getting accepted and will put yourself in front of other buyers who don’t have an Agreement in Principle in place.
The deposit all depends on certain factors. For example, depending on your credit history and the lender you are using, they might only require a 5% deposit of the property price.
Other factors come into play, such as if you fall into the lower credit score bracket, you may expect to put down a 10-15% deposit.
A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.
You can take some time out to browse potential properties in Cambridge.
Make an offer on the property in Cambridge that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.
Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
