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|Annual Income (Before Tax)||Potential Borrowing Amount|
|£30,000||£120,000 – £135,000|
|£50,000||£200,000 – £225,000|
|£75,000||£300,000 – £337,500|
The deposit required for a self-employed mortgage is similar to that for other mortgage applicants. A typical deposit is around 5% to 20% of the property’s purchase price. However, offering a larger deposit can be advantageous. Not only does it reduce your loan-to-value (LTV) ratio, but it can also make you more appealing to lenders.
Mortgage lenders assess self-employed applicants differently from those with traditional employment. Here are the key factors they consider:
When applying for a self-employed mortgage, you’ll need to provide the following documentation:
Securing a self-employed mortgage is possible, but it requires careful planning, documentation, and often the assistance of a specialist mortgage broker. Understanding the criteria, preparing your financial records, and improving your credit score can all increase your chances of success. If you’re self-employed and dreaming of homeownership, don’t let the process overwhelm you. With the right approach and professional guidance, you can achieve your goal of owning your own home.
If you have any questions or need assistance with your self-employed mortgage application, feel free to reach out to Ascot Mortgages at 01925 711558 or [email protected]. Our team of experts is here to help you every step of the way.
Alison Gibson is a seasoned mortgage expert at Ascot Mortgages, specialising in providing bespoke mortgage advice to professionals across the UK. To find your match and start your journey towards your ideal mortgage, you can reach out to us directly at 01925 711558 or send an enquiry through our website.