Self Employed Mortgages in Manchester

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Advice for Self Employed Mortgages in Manchester

It can be a challenge for applicants of self employed mortgages in Manchester, because you’ll need to prove you have a reliable income.


There are plenty of ways to prove that you have a reliable income to a mortgage lender. The good news is you have a chance of obtaining a mortgage. It’s just a case of jumping through a few extra hoops.


That said, we recommend that you pursue Mortgage Advice in Manchester before you start your process. No matter what type of business owner you are, we believe the service from a Mortgage Broker in Manchester will benefit as we’ll search 1000’s of products to find you the most suitable deal to match your current circumstances.


Manchester is a popular living area for freelancers; we have helped many applicants who are looking for self employed mortgages in Manchester to get onto the property ladder. Don’t panic if you feel that your case is a bit of a challenge. The chances are that we have likely encountered a similar situation like yours at some point before.


Our Mortgage Advisors in Manchester will guide you during the entire mortgage process, giving you expert Mortgage Advice and doing our very best to increase the odds of achieving your mortgage goals.


Expert Mortgage Advice in Manchester

If you want to speak to a Mortgage Advisor in Manchester regarding obtaining a mortgage or look at your potential options are in the future, book your free mortgage appointment online or give us a call. We have worked alongside a wide variety of applicants who are looking for self employed mortgages in Manchester, like yourself, in similar or different scenarios and have helped many get onto the property ladder.


Each applicant came to us to help them secure the most suitable deal. We did this by utilising our knowledge of various lending criteria, which we’ve built up quite the track record in finding success with this. It’s vital to remember that because you are self employed in Manchester, the only significant difference to non-self employed applicants is manly how you evidence your income.


For example, you can sufficiently evidence everything and remain honest to yourself and the lender. In luck, you’ll hopefully run through the process smoothly and find success, just like any employed applicant would.

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Popular Scenarios for Self Employed Mortgages in Manchester

We work alongside a wide variety of self-employed mortgage customers on a regular basis, all of whom need the services of an open & honest Mortgage Broker in Manchester.


Below we have put together a small selection of mortgage scenarios that we have come across when speaking to Self-Employed applicants during our time as a mortgage broker in Manchester;


  • As a self-employed business owner, your income is made up of a combination of either salary, dividends or directors’ loan.
  • Your company is currently experiencing a particularly busy business period and you require the services of a mortgage advisor in Manchester to help you through your mortgage process.
  • You prefer to leave the vast majority of your net profit within your company, as opposed to paying yourself a much bigger salary.
  • Your business has been trading for less than one year.
  • Even though you have a really good credit score, you aren’t matching up to the banks’ strict lending criteria.
  • You are the owner of a company, a director, a sole trader or are a business partner, requiring self-employed mortgage advice in Manchester.
  • The bank is putting a limit on the amount you can able borrow, which is less than the amount you need.
  • You have an unsteady net profit.


Typically speaking, if you are a self-employed mortgage applicant, going to your bank for mortgage advice in Manchester is not the best of ideas. This is because the banks have automated systems. Unfortunately, no matter how many years you have been banking with them or how much goes into your account, there’s not a lot you can do if you get declined.


When you are encountering mortgage difficulty, you may need to enlist the help of a mortgage broker in Manchester, like us. We can step in and take a look at your case, matching up your needs and your current financial status to various lenders mortgage criteria. It is our hope that in doing so, we will help your mortgage journey to continue.

Self Employed Mortgages in Manchester & Bank Mortgage Advice

The majority of high street mortgage lenders that spring to mind will use their own in-house credit scoring policies in order to determine whether or not a customer can take out a mortgage with them. These credit scoring policies are usually based on the history of that mortgage lender during their time within the industry.


When they do this, they will look at previous statistics for mortgage repayments, any repossession information and other patterns, in order to figure out what, to them, is considered high-risk lending. History has shown that Self-Employed applicants have fallen into arrears a lot more often than regular employed applicants, making their process a lot more difficult.


If you’ve been researching, you might know that the majority of high street lenders have very strict lending criteria, with a lot of them wanting to see your profits increase over a minimum of three years accounts. Some may take a three year average instead.


This isn’t the case with all mortgage lenders (some may only require one years’ worth), it’s always better to have more to hand, just in case. The reason for this is that it will likely increase your chance of mortgage success.

Mortgage Advice for Self Employed Mortgages in Manchester

Lending criteria can vary from lender to lender, and that is no different when you’re looking for self employed mortgages in Manchester. Our experienced mortgage advisors in Manchester always work hard to make sure that you are matched up with the best mortgage deal for your personal circumstances. It’s our aim to get our recommendation right the first time!


As Mortgage Advisors in Manchester we offer a service that is tailored to our customers and their individual circumstances. We will always have your best interests at the heart of what we do.


During our time as a mortgage broker, we have increased our experience levels when it comes to helping limited company owners, sole traders and partners that receive a salary, dividends or a mixture of the two. We use our expertise to find our customers solutions for their mortgage problems.

Having Mortgage Problems?

We regularly converse with customers who for one reason or another, have found difficulty in approaching their bank for a mortgage. Some of the reasons they have been given for this include;


  1. Failed banks criteria
  2. Bank won’t lend enough
  3. Pay structure
  4. Credit score
  5. Fluctuating net profit
  6. Personal situation


We would always recommend that you refrain from approaching various different lenders by yourself, especially if you are unsure of how their lending criteria works. If you attempt to do this yourself and come up short, you could negatively affect your credit score and potentially harm your chances of getting a mortgage at some point in the future.

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Common mortgage

Your free initial mortgage consultation in Manchester will last roughly 30 mins. A dedicated advisor will then recommend a mortgage for you, with no obligation to accept and go forward and proceed with the mortgage in question, if you decide that it is not for you.

As trusted Mortgage Advice professionals in Manchester, we will carry out a Fact Find to establish your personal needs before we go ahead with recommending the most suitable mortgage for your situation. From there you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.

We recommend you obtain an Agreement in Principle prior to property viewings in Manchester, in order to avoid potential disappointment. At the very latest we would suggest that you obtain one before you make any offers, to put you in a better bargaining position. As a dedicated Mortgage Broker in Manchester, we are typically able to obtain an agreement in principle within 24 hours.

Generally speaking, an Agreement in Principle will last for between 30 and 90 days, depending on the lender that is used. If your Agreement in Principle expires before you can make use of it, it can be easily refreshed by speaking to your advisor.

If you’re looking to achieve something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.

A high street lender will typically require you to put down at least 5% of the property purchase price for your deposit. If you have had credit problems in the past, this may be higher.

If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may possibly require you to put down a higher deposit than expected. This can be something like 15% of the property purchase price.

Submitting at least one year’s accounts moves you along the process, allowing for you to potentially obtain a mortgage in Manchester. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.

In order for an employee to prove their income, it’s usually 3 payslips and the last 2 years’ accounts if you are self-employed. You will also need to provide some proof of ID, address and the last 3 months’ bank statements.

The free initial mortgage consultation that we offer generally lasts up to around 30 mins. We are then able to turn around an agreement in principle within 24 hours of that appointment. A formal mortgage offer takes, on average, somewhere around three weeks.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Manchester.

Step 3

Make an offer on the property in Manchester that you have your eye on – A Mortgage Advisor in Manchester finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

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