Mortgages for the
Self-Employed
There is a misconception that it is difficult for self-employed people to obtain mortgages. Certainly, it is more complicated as each lender has a different set of criteria. Some will assess you solely on salary and dividends, whilst others will look at your net profits and salary.
Whether you are a sole trader, limited company director, contractor or a partner in an LLP, at Pilgrim Mortgages and Protection, we understand the challenges that self-employed people face when applying for mortgages. We are dedicated to finding you the best deal tailored to your individual needs.
With our extensive knowledge of the industry, we can provide you with the advice and assistance you need to make an informed decision. Contact us today to find out how we can help you get the mortgage you need.
Mortgages for Limited Company Directors
If you own more than 25% shareholding in a limited company, mortgage lenders will consider you to be self-employed and will assess your income as such. Some lenders will base their lending on your dividend draw but several will look to your net profits after tax. This may enhance your affordability if you retain profits within your company.
Typically you need to demonstrate 2 years worth of tax documents, however there are several lenders who will consider you based on one year's trading. Please speak to us about your unique circumstances.
Mortgages for Contractors
Thanks to IR-35, contractors must now review how they are paid. Some contractors have chosen to contract through an umbrella company, some through their own limited companies, and some under the Construction Industry Scheme. You may be on a day rate, weekly or project based pay. You may be an actor with erratic pay and gaps between projects. We can help you navigate the complex lending criteria.
Mortgages for Partners in an LLP
As partners in an LLP often do not receive payslips, it can be difficult to demonstrate earnings to a mortgage lender. Again, there are some lenders who are very Partner Friendly, and some who are not. There are lenders who will take you into consideration even if your change in structure is very recent.
Our minimum loan size is £100,000
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.