🔍 Why chase after the right lender when we can bring them to you?
Finding a mortgage when you’re self-employed or have a complex income can seem like an uphill battle, but it doesn’t have to be. At Viking Mortgages, we specialise in guiding clients through this process, making it simpler, more transparent, and ultimately successful.
Why Is Securing a Mortgage More Challenging for Self-Employed Individuals?
Traditional mortgage applications are built with straightforward, salaried employees in mind. If you’re self-employed, your income can be more variable, especially if you run a business affected by seasonal changes or have multiple income streams. Lenders may differ in how they assess your financials:
- Some average the past two or three years’ income.
- Others use the latest figures, while a few might accept just one year of trading.
- Lenders also differ in what income they consider, from net profit and dividends to salary and retained earnings.
Understanding these nuances is key to presenting your best case. We’ll navigate these complexities and find the lender that best suits your financial profile.
Common Challenges and How We Address Them:
- Income Dips: Life events, such as parental leave or global disruptions, can cause fluctuations in income. We work with lenders who can consider these circumstances and take a common-sense approach to your application.
- Multiple Income Sources: Many people today have diverse income streams, from side businesses and commissions to agency work. We understand how to present these details to lenders so your complete financial picture is taken into account.
- Foreign Currency Income: If some of your income is not in sterling, we can find lenders who are equipped to handle this and factor it into your affordability.
Tips to Boost Your Mortgage Chances:
- Keep Detailed Records: Regular, well-maintained accounts are essential. Ensure your financial statements are accurate and comprehensive. Regular, well-maintained accounts are essential. Ensure your financial statements are accurate and comprehensive.
- Plan Your Taxes Wisely: While deducting expenses can save you money, showing a higher profit on paper can improve your mortgage options.
- Engage Early: Speak to us well before you plan to buy. This gives you time to adjust your finances if needed and get pre-approved for a mortgage, strengthening your position as a buyer.
If you’re a doctor, nurse, teacher, or in another specialised field, you may have access to higher loan amounts or special rates. We can help you tap into these benefits.
Why Work with Viking Mortgages?
Many self-employed applicants or those with complex income are turned away by high street lenders. At Viking Mortgages, we know which lenders look beyond the standard application process and consider your individual circumstances. We provide:
- Personalised advice based on your income structure.
- Support in preparing the right documentation.
- Access to lenders not directly available to customers.
Let us simplify your mortgage journey and make your dream home a reality. Get in touch today to learn how Viking Mortgages can help!
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