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.
Your initial mortgage consultation will usually take around an hour. A Mortgage Advisor in Cambridge will then do some research and recommend a potential mortgage for you, which you can then choose to proceed with or decline – There is not any obligation!
As your dedicated Mortgage Broker in Cambridge, we will gather some information about you and your personal circumstances by carrying out a Fact Find. The next step would be looking to obtain an Agreement in Principle which can be granted after a credit check. Once your Mortgage Advisor in Cambridge has gathered all the appropriate information, and a valuation of the property has been undertaken, a formal mortgage offer can then be issued.
To avoid possible disappointment, we recommend you obtain an Agreement in Principle before you begin viewing properties in Cambridge. At the very latest you should obtain one prior to making an offer to assist your bargaining position.
An Agreement in Principle typically lasts around 30 to 90 days depending on the Lender you have gone with. If your Agreement in Principle expires, you can always get another one.
If you are interested in things such as debt consolidation or home improvements, then you may be eligible for a second mortgage. Second mortgages may also be relevant if you are hoping to use it for yourself, a family member, a holiday home, or a Buy to Let mortgage.
When buying a house in Cambridge, the deposit required with High Street Lenders is typically 5%. Depending on your past credit history, this percentage could be higher.
If you have a poor credit history you may still be able to obtain a mortgage, but this will often require a higher deposit than you would normally need, sometimes around 15% of the property purchase price.
You are able to progress with a possible mortgage whilst Self Employed in Cambridge once you have submitted at least one years’ account. Most lenders use your salary plus dividend to calculate what your maximum mortgage, could be. Other lenders may opt to go off your net profit.
For an employee to prove income you would need the last 3 payslips and if you are Self Employed you will need the last 2 years of accounts. You will also need to provide us with proof of ID, address, and 3 months’ bank statements.
Our free consultations in Cambridge normally take around 1 hour. A Mortgage Agreement in Principle can usually be sorted within 24 hours of the appointment. A formal mortgage offer takes about three weeks on average, depending on the situation.
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.
