The self-employed have more hoops to jump through in mortgage applications.
There are more hoops to jump through to gain a mortgage as a self-employed home hunter.
However, there’s “no need to panic,” says mortgage broker Yasheen Kasmani of Matrix Mortgages.
Where PAYE applicants are required to provide mortgage lenders with three months’ worth of payslips, the self-employed must hand over at least two years’ worth of tax returns as well as, in some cases, having a qualified accountant send off your projections for the year ahead.
Yasheen said: “At Matrix Mortgages, we try to catch self-employed people at the early stages of their dream of becoming a homeowner.
"We need to make them aware of the documents they’ll need to provide to be able to buy, so they can work out with their accountants how to get to that position.
"Securing a mortgage when self-employed can be stressful, but one mortgage broker says this doesn’t have to be the case
“It could take up to two years to source, but we do work with lenders who will accept just one years’ worth if the documents are presented correctly.”
Working in tandem with your accountant in Leicester, Yasheen advises on what their mutual client will need to provide.
“Those who are self-employed are business owners, they don’t have time to deal with the technical side of things. We can just take over for them and eliminate that stress.”
The stress of a declined mortgage application and how it can affect a credit score is a worry that business owners don’t need to keep them up at night.
Yasheen added: “Working with a specialist broker for self-employed mortgages will help to increase your chances of application success.”
Clients of Matrix Mortgages will also be giving back to the local community, as the company will provide a donation to Help the Homeless for every mortgage deal secured.
