Fulfill Self-employed Mortgage Requirements To Get Approved

Are you self-employed and want to get your mortgage approved? There are many difficulties in being a self-employed individual, but obtaining a mortgage shouldn’t be one of them. Even though some lenders may find it difficult to lend to self-employed borrowers, there are still many options available to finance a property if you don’t work from 9 to 5.

You’re most likely considered self-employed if you manage a business, freelance, or operate as a contractor. In this blog post, our mortgage broker in Surrey has compiled some essential self-employed mortgage requirements to make it easy for you to obtain financing.

Mortgage Requirements To Get Approved

Whether you’re looking to borrow money for the first time or need to remortgage to update your property or find a better offer, most lenders will need your pays lips as evidence when completing an application. 

You may need to gather additional proof since your income may fluctuate from month to month or because you may not have been trading for very long. Most likely, you’ll need: =

  • Verification of identity and address
  • Your bank account information
  • Proof of your business expenses and profits, such as SA302 papers or a summary of the tax year 
  • Proof of revenue or dividends if you are a business owner
  • Evidence of your anticipated workload if you are a contractor or trader.
  • Evidence of accounts attested to by a certified public accountant

A lender may also require documentation of your operational expenses, travel expenses, office supply and rental prices, credit card and loan bills, and details of your vehicle or van leasing. We have developed an application checklist to assist you in gathering the necessary paperwork.

Are Self-employed Individuals Approved By Mortgage Lenders?

While many lenders may accept self-employed applicants for mortgages, those using “tick box” mortgage application processes may find it difficult to determine your eligibility. At Satbir Bhullar, we are your local mortgage brokers looking forward to get you approved for a mortgage after considering all your financial options and status. We’re willing to look past your job position and will make sure to consider all of your financial options, even if you have previously been rejected by a lender.

Even remortgaging is possible when self-employed. It is pretty much the same as any other remortgage, but you might need to bring different paperwork to secure your deal. If you’ve already been approved for a mortgage since you’ve been self-employed, the process should be even easier.

For more details on self-employed mortgages in Surrey, rely on none other than Satbir Bhullar. With years of experience in the industry, I can get you approved even with a low credit score. Give us a call today to get started.