Helping Those Who Work For Themselves

We are proud to state that we have been helping people who work for themselves to acquire mortgages in Exeter and Devon over many years, including the self-employed, contractors and company directors. It’s not easy to take that step from working for someone else into forming and successfully building your own company. It takes courage, careful planning and sometimes a bit of luck to succeed.

So it doesn’t seem fair if your next step is to buy a property to live in and you experience a perceived reluctance by mortgage lenders to grant a property loan. This is is a totally inaccurate perception as mortgage lenders are more than happy to grant mortgages to anyone, whether employed or working for themselves, providing they meet lending criteria.

This is where experienced mortgage advisers are able to help and here at Westexe Mortgages we have years of experience in advising and arranging mortgages for the self-employed, partnerships and company directors. Its not simply a matter of approaching your own bank and potentially being disappointed, its a matter of understanding the differences between lenders and tailoring the clients own individual circumstance to fit the lending criteria of the best possible lender.

Mortgage lenders vary massively in what income is required and how they apply that to their decision on how much and whether they will lend. Below are some of the major differences between lenders and how they treat the self employed.

  • We have lenders who will accept applicants with only one years trading and one years accounts
  • We have lenders who will accept the most recent years proof of income, instead of averaging the last 2 or 3 years
  • We have lenders who will use company directors salary and dividend income for the most recent year or averaging the last 2 years
  • We have lenders who will accept company directors share of the company’s net profit plus salary and in many cases this is more than salary and dividend
  • We have lenders who lend up to 95% loan to value, meaning a small deposit of only 5%
  • We have lenders who will accept a poor credit history
  • We have lenders who will lend to limited company’s purchasing buy to let properties
  • We have access to the whole mortgage market and we can offer the most competive rates

So as you can see there are massive differences and its only experienced advisers like Westexe Mortgages who can successfully help you navigate your way towards acquiring the property of your dreams. Why not contact us for a totally independent assessment of your situation and requirements, it will not cost you a penny to find out.

Peter

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Posted on August 23, 2018 by Peter Marriott, in: Staff posts

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