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Specialist mortgage advice for Self Employed, Limited Company Directors / Shareholders and Contractors.

 

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We will compare mortgage products from our panel of over 50+ lenders that consider mortgages for Self Employed, Limited Company Directors and Contractors.

Rhodes Advisory provide specialist mortgages advice – Ideal for mortgages for the Self Employed, Limited Company Directors and Contractors.

We are here to provide you with the most appropriate advice and relevant solution for your mortgage needs. We will compare rates from our panel of over 50+ Lenders to get the most suitable deal for you. As we are an authorised representative of Openwork, some of the rates we get from the Lenders are exclusive to us.

You want mortgage advisors that can help you save time and money. Supporting you every step of the way we’ll provide qualified and specialist advise that’s tailored to you.

Mortgages for Self Employed, Limited Company Directors and Contractors

Being Self Employed, a Limited Company Director / Shareholder or Contractor doesn’t need to stop you getting a mortgage. With our expert help and knowledge of lending criteria, whether it be for a first time purchase, home mover mortgage or remortgage, we are very well placed to help you get the mortgage you need.

Whether you are purchasing a property for you or your family to live in (Residential) or as an investment (Buy To Let (BTL)) please contact us and see how we can help you.

Our mortgage advisors can help with all types of mortgages including…

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Self Employed Mortgages

Being self employed is not on its own a barrier to getting a mortgage. In general, three years of trading will work for all lenders, many will accept two years and there are some lenders that we have access to that will consider applications from after just one year of trading.

Instead of pay slips that would be requested for an employed applicant, most lenders will require proof that your sole trader / self employed business is profitable. This can usually be evidenced by your tax calculations and tax year overviews. Both of these documents are usually available from your online HMRC account or can provided by your accountant if you use one. Some lenders may require or request an Accountants Certificate, this is usually a simple document completed and signed by your Accountant to confirm your profit figures.

In order to arrive at your income, most lenders will average your last two years profits, although some will average the last 3 years and others are happy to use just the latest, most up to date profits. Please remember that turnover is not profit and can differ greatly.

If you want to know more, or have an initial discussion about being self employed and getting a mortgage, we would be very happy to share our knowledge with you. Pick up the phone today.

Limited Company Directors / Shareholders

Being a Director / Shareholder of a Limited Company is not usually a problem for mortgage lenders. Things can be a little more complicated but this is where our expertise can be the difference between you getting a mortgage for the amount you need or not. We have access to many lenders that use a common sense approach to assessing your case and that are happy to lend to Limited Company Directors / Shareholders.

Different lenders will calculate your income in different ways. There are usually two scenarios; the most common is to look at your tax calculations and add together the salary you have drawn from the company and add it to the dividends you have received from the company. The other method is again to use the salary you have drawn from the company and add it to your share of the net profits (after corporation tax has been paid) being shown in the accounts of the company. In some cases we can even use retained profits (not taken as salary or dividend but instead retained by the company) to help you get a mortgage.

Our track record of getting mortgages for Limited Company Directors / Shareholders is very good, we can speak with our lender contacts and even underwriters to make sure that the case will fit before we even submit an application. So get in touch today and let us help you with your mortgage.

Contractors

There are usually two types of Contractors and we can help with both.

The first is a PAYE contractor, paid in the normal way through the employers payroll but with a defined start and end date to the employment. This type of employment is often known as a Fixed Term Contract and most lenders will treat you as an employee for a mortgage application. You will usually need to show a track record of previous fixed term contracts and that there is sufficient remaining time left on your current contract or you have a new contract in place for when the current one ends. It is not uncommon for these types of contracts to be extended towards the end of the contract and usually a letter confirming so will be acceptable to lenders.

The second type of contracting is known as day rate contracting, usually day rate contractors are self employed or work through their own limited company, supplying services to a business for which the business is charged a daily rate. This type of contracting is very common and we work with many lenders who are happy to lend using a multiple of the day rate being charged in order to ascertain annual income. As with fixed term contractors, you will usually need to show a track record of previous day rate contracts and that there is sufficient remaining time left on your current contract or you have a new contract in place for when the current one ends. It is not uncommon for these types of contracts to be extended towards the end of the contract and usually a letter confirming so will be acceptable to lenders.

Don’t let being a contractor put you off, give us a call to see how we can help secure you a mortgage.

 

We can access all types of mortgage and advice you on the right mortgage for your needs.

A First Time Buyer Mortgage

Re-mortgage

Fixed Rate

Tracker Rate

Discounted Rate

Offset

Buy to Let

… and many other mortgages

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Mortgage Glossary

  • Fixed rate – Fix your rate for between 2 and 10 years so that you know exactly how much your monthly payment will be for that period of time
  • Variable rate – The interest rate is not fixed and typically the Lender will set their own Standard Variable Rate and can essentially change it whenever they like
  • Tracker rate – A type of variable rate that tracks the movements of another rate, typically in the UK this will be the Bank of England Base Rate
  • Capital Repayment – Your monthly mortgage payments are made up of both capital and interest so that at the end of your term you have paid off you mortgage.
  • Interest Only – Only pay off the mortgage interest on a monthly basis, be aware that you will still owe the full amount borrowed at the end of your term

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