Complex Incomes
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There are many ways to earn an income. You may earn income from multiple sources.
That’s fine. All of your income can be taken into account when calculating the amount, you want to borrow. You need an income to confirm affordability to a lender to be able to borrow the amount that you need.
Self Employed
Are you a sole trader? Do you own your own business?
Lenders will generally use ‘net profit’, we use this field in our affordability assessment and in our policy rules. They use the average of the last 2 year. If you had a good year, then potentially there are lenders that could look to take this into account when assessing affordability. You tax return summary will summarise the income as “Profit from self-employment.
Limited Company Directors
As a limited company director, you’re usually paid using a mixture of salary and dividends. There are different ways of assessing your income to obtain the loan amount you need. Lenders will use the average or latest year figures dependant on how much you are borrowing against the value of your property.
Dependant on the shareholding and the net profits and the profile of the business you’ll be surprised about the loan amount you think you can obtain. It’s best to speak with your advisor who will be able to go through your circumstances and give you the right advice.
CIS Contractors
The Construction Industry Scheme (CIS) covers most construction work to buildings, including site preparation, decorating and refurbishment.
If you’re a subcontractor and are paid using this scheme then you may be able to potentially arrange a mortgage based on the average of your weekly/monthly pay, typically over a three to six-month period. Your advisor will be able to advise you on the right route. We have successfully helped CIS contractors make the impossible possible. They just did not know how.
Bonus Over Time Shift Work
Lender can consider annual/quarterly bonuses toward obtaining the desired loan amount. They may ask for sustainability and ask you to prove previous year and previous months.
Zero Hours Contract
You are not in permanent employment but you have that dream of owning your own home. There is a lender that will use your income even if your job is not permanent. There are qualifying criteria that you can speak to your advisor about.
Speak To An Expert
It doesn’t cost anything for a chat, it’s free and we never charge a fee until we’ve got a mortgage offer. So pick up the phone and let us take it from there.
Contractors
Yes. Not a issue. Quite a few questions will be asked. How long have you been contracting? What is your day rate? Is your contract being renewed? Do you have an UpToDate CV detailing your work history? These are just some of the questions. Our extensive panel of lenders help us to try and find you the right mortgage. We have help and number of IT and Medical professional obtain the loans they need.
Income From Pensions
Most lenders will use income from pension to obtain a mortgage. A lender will need to see a pension being paid and make also require your pension P60.
Using Land & Property Income
Yes. On your Tax calculations/SA302 this income summarises “profit from UK land and tax”. This is income from rental income. Lenders can consider this income to obtain the desired mortgage amount.
Young Professionals
There are lenders in the market that are able to afford higher lending amounts to qualified professional or trainee professional that are Solicitors, Barristers, Medical Doctors, Accountants, Actuaries, Vets and Dentists.
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
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Why us?
- We offer trusted expert advice
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Our Approach
Personalised – there is no ‘one size fits all’ when it comes to property advice. Your needs are not the same as anyone else’s and nor is our advice. We spend time getting to know you and your motivation for purchasing a property.
Choice – we’re a mortgage broker, so we have the widest possible range of options.
Technology and expertise – we use a combination of cutting-edge tech and 35 years of good old-fashioned financial expertise to find the right loan for your circumstances.
Efficient – we admit it, we’re a little bit obsessed with streamlining. Our inspiration is Formula One – did you know that in 1950 a pitstop took 67 seconds? Today it takes 2. The difference? Organisation, training, and tools. We’ve learned from that and have streamlined our processes to get you into your property faster and hassle-free. Our case studies speak for ourselves!