7 tips for the self employed needing a mortgage

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[av_heading heading=’7 tips to getting a mortgage for the self employed’ tag=’h1′ style=’blockquote modern-quote modern-centered’ size=” subheading_active=’subheading_below’ subheading_size=’15’ margin=’0%’ margin_sync=’true’ padding=’70’ color=’custom-color-heading’ custom_font=’#ffffff’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jjsgn79r’ admin_preview_bg=”]
Acorn.finance work with professional partners to get you the best mortgage deal for your circumstances.
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For us self employed and small business owners the recession has left us with a particular headache which is not business related, the withdrawal, almost completely of the self-certified mortgage.

So how can you improve your chances of getting a mortgage?

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You’ll have the best chance of success if you can show 2 – 3 years worth of accounts, if these accounts were prepared by your accountant – great! That will help.  Many lenders will also want to see SA302s and bank statements for up to 6 months. It’s important that all these documents “tell the same story”.
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[av_iconlist_item title=’Maximise your income’ link=” linktarget=” linkelement=” icon=’ue8c5′ font=’entypo-fontello’ av_uid=’av-kpt3ad’]
Althougth you’ll pay more tax, geting the best picture of your income (or profits for a sole trader) is going to help a lender’s decision to lend, or how much to lend.  The easier their decision the more options you’ll have.
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[av_iconlist_item title=’Stability’ link=” linktarget=” linkelement=” icon=’64’ font=’entypo-fontello’ av_uid=’av-1uikmt’]
Lenders don’t like surprises or having to understand complex situations.  Keep it simple and don’t make changes to your business model (like incorporating) just before you apply.
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[av_iconlist_item title=’Understand the market’ link=” linktarget=” linkelement=” icon=’ue83c’ font=’entypo-fontello’ av_uid=’av-hawslh’]
Talk to a mortgage broker before you start and get an understanding of what’s affordable. That way you can maximise your deposit and get the best deal for your money.

If you can increase your deposit into the next band you’ll have many more options available.
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[av_iconlist_item title=’First applicant’ link=” linktarget=” linkelement=” icon=’ue80c’ font=’entypo-fontello’ av_uid=’av-gj8col’]
Although this might seem odd, if your partner is employed it might make sense for them to be the first applicant, this can give more options.  Talk to your broker about it!
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[av_iconlist_item title=’All lenders are not equal’ link=” linktarget=” linkelement=” icon=’ue851′ font=’entypo-fontello’ av_uid=’av-dm0785′]
Lenders each have their own specialisations and criteria. Just like the commercial market a rejection from one is not the end of the world, your broker will be able to look at the reasons for rejection and help find the right lender for you.
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[av_iconlist_item title=’Use your broker’ link=” linktarget=” linkelement=” icon=’ue80a’ font=’entypo-fontello’ av_uid=’av-d5o2dx’]
Just like acorn.finance for your business, your mortgage broker needs to be a trusted member of your team.  Find a good one and keep hold of them for the future.
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7 tips for the self employed needing a mortgage

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