Five Tips on How To Get a Mortgage When You Run Your Own Business
If you got your copy of The Telegraph on the 22nd of September, you may have seen our article with five tips on how to get a mortgage when you run your own business. For those who didn’t grab a copy of the paper, a copy of our article is below if you would like to find out more about low mortgage rates.
The rumor is that if you run a business, getting onto the property ladder is almost impossible.
The truth is that your application is not more likely to be disapproved – the key factor is that the paperwork meets the lenders’ lending criteria. These are five main criteria for a successful mortgage application:
Healthy Credit Score
You can check your score online, if there’s room for improvement, small things like getting onto the electoral roll can go a long way.
Ensure your accounts are in order
Most lenders will accept copies of your SA302s, however you may be asked to provide copies of your latest accounts.
Has COVID affected your business?
Due to the pandemic, mortgage lenders will want to understand how your business has been affected, justifying any government support that you have taken.
Lenders vary, most will look to use your salary and dividends, however others will look to use salary and net profit.
Use a Mortgage Broker
Brokers have experienced in working with business owners and understand the obstacles that stand in your way, they look to match you with the most suitable lender based upon your individual circumstances.