There are more self employed people in the labour market than ever before, and the number continues to grow. Despite this increase, however, getting a mortgage when self-employed can be very challenging because the income stream isn’t as straight forward to prove. With over 15% of the labour force falling into this category, it seems illogical that many still struggle to secure self employed mortgage property finance.
We understand how frustrating it is to be turned down by a lender or have limited access simply because you don’t pay yourself a large salary or have only been trading a short time. Whatever your circumstances, Enness has a wealth of experience sourcing and structuring self-employed mortgages, and understand they come with their own unique circumstances and requirements.REQUEST A CALLBACK
Structuring International Bridging Finance
In theory, the structure of a bridging finance arrangement is relatively straightforward. Funds are released at a predetermined interest rate on a short-term basis. In this instance, they are backed by international property assets, which more than cover the lenders' financial exposure. The short-term nature of such transactions means there is relatively little exposure to currency movements. However, currency movements are still a risk that you shouldn't overlook.
There are ways and means of mitigating currency risk, especially for short-term financing, which will help you obtain a more competitive interest rate. Enness has significant experience and contacts in this area and will help you put a plan together to make sure you are exposed to a minimum of risk.
As well as considering currency exposure, Enness looks at the whole picture when it comes to international bridging finance. The team will put forward the solutions that meet all your financing needs and propose a plan of action that will help protect you from unnecessary risk. You can expect bespoke service, and a holistic approach will consider and plan for all aspects of your financial well-being, no matter how complex your circumstances or your transaction.
What do I Need to Know About Self-Employed Mortgages?
In the bank’s eyes, self-employed individuals are less likely to have a regular and stable monthly income compared to those who are employed – although, every lender works differently. Some will look at salary plus dividends, others will look at net profit or net profit plus salary, and others will take one to three years’ worth of accounts or calculate an average instead.
Either way, affordability now dominates mortgage applications, requiring both self-employed and employed customers to provide in-depth details of both their outgoings and expenses, as well as overall income.
The good news is, the assessment of mortgages for self-employed clients has improved greatly – especially when the case is presented correctly by a broker. Although being self-employed is no longer as prohibitive when getting a self employed mortgage finance as it once was, finding a lender willing to take a holistic view of self-employment all comes down to access.
How can Enness Help With Self-Employed Mortgages?
At Enness, a large proportion of our clients are self-employed. Our knowledge in the self employed mortgage market is incomparable and experience in handling such cases is unrivaled. Many of our brokers have accountancy backgrounds, making them extremely proficient in securing your property finance.
At Enness, no problem is too big when it comes to self employed mortgages, and we are fully committed to finding the best deal for our clients, whatever their circumstances. We are firm believers of the importance of taking the time to understand our clients’ unique requirements, and pairing them with the best lender for their situation. Our excellent relationships with every type of lender across the market enable us to do just this.REQUEST A CALLBACK