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Welcome to 121-finance.com.
Self employed and directors mortgages
Self Employed and Directors Mortgages from a-second-mortgage.co.uk
Are you Self-Employed but without accounts ? (or less than 2 years accounts)
Do you have income that is difficult to prove ?
company director? new start company?
CLICK
HERE TO APPLY FOR A MORTGAGE
Well Done!
You have taken the plunge, trusting in your own ability, skill and judgement
and are on the way to making a financial success of your life.
However…
You don't have two years audited accounts.
You haven't been in business for three years.
Your business turnover has not shown an increase every year.
Your accountant has played down your profits in order to minimise your
tax liability.
The Bank manager says, "come back in six months" or "next
year,with better accounts"
You want to purchase now.You have seen the property you require at the
right price -what now?
APPLY NOW FOR A FAST QUOTATION WITH NO OBLIGATION OR UP FRONT COSTS!
Join the growing ranks of self employed entrepreneurs who now own their
own homes through our unique self employed mortgage package!
Self Employed and Directors
The self employed are by their nature entrepreneurs who have the drive
and ability to convert an idea into reality. They are to some extent in
control of their destiny and may stand to profit markedly from the fruits
of their business.
Statistically though the odds are against them, most new businesses fail
within the first two years of trading. This fact has caused many mortgage
lenders to take a cautious view of the self employed, often imposing a
minimum period of trading. Traditionally the self employed would have
to produce 3 sets of accounts before a mortgage application could be considered.
Although technically an employee, a company director will often be treated
as self employed if their shareholding exceeds 20% or thereabouts. Directors
with a shareholding less than 20% can apply for a mortgage immediately.
Please complete our fact find.
Since 1979, self employment in the UK has risen from 7.4% to 13.3%. Mortgage
lenders have recognised this growing market, and their is now a number
of lenders competing with each other for market share. This competition
has forced lenders to review their lending criteria such that it is now
possible to achieve a mortgage at 85% loan to value, after just 6 months
of trading.
Click
here to compare 5000 mortgages from 140 lenders online
CLICK
HERE TO APPLY FOR A MORTGAGE
A further problem is that the self employed business person will understandably
try to reduce their taxable income perhaps by reducing their drawings
and taking a larger dividend income. Mortgage lenders will only take into
account taxable income, some will not consider dividend income.
A specialist breed of mortgage lender has answered this need by introducing
self certification mortgages. Self certification requires that you make
a declaration as to what is your income, but you do not need to provide
proof, most lenders require that you employ an accountant who may have
to confirm the viability of the business. Many of the self certification
mortgage lenders only accept business through authorised intermediaries
such as ourselves.
A recent development of the self certification mortgage is the flexible
self certification mortgage. this mortgage is well suited to the self
employed who prefer the greater level of control this allows. By making
regular additional monthly payments or lump sum payments, borrowers can
significantly reduce the term of their mortgage and save money. Other
key facilities are underpayment and payment holidays. The opportunity
to overpay when business is good and borrow back if the need arises.
Self certification mortgages are available up to 90% loan to value, for
those who have been trading 2 years (not first time buyers)
Mortgage loans based on an income multiple (normally 3 to 3.5x's) of
taxable income are available up to 100% loan to value after 2 years of
trading.
Click
here to compare 5000 mortgages from 140 lenders online
CLICK
HERE TO APPLY FOR A MORTGAGE
If you have any problems/queries please e-mail us at
YOUR HOME
IS AR RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN
SECURED ON IT ALL LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED
ON PROPERTY.
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