Self Employed Mortgages

Self Employed - Status

A “status” mortgage is generally the lowest interest rate and is likely to be your best choice if you meet the lenders criteria. The lender will want you to provide detailed evidence of your income.

Status
You can get the best rates on a new mortgage if you can provide detailed proof of your income. The lender will probably expect:

• You have several years of accounts prepared by a recognised
  accountant or bookkeeper
• That your tax affairs are up-to-date
• You are happy to show the lender you bank statements as
  evidence of recent income

Get Help
Our advisers are used to helping the self employed review their finances to make sure a new mortgage will be affordable. It isn’t in our interests, or yours, to sell you a mortgage you cannot afford. Why not call us today to talk about your situation and what we can do to help? There is nothing to pay upfront and the advice is free.

Self Employed – Non status

Non Status
Mortgages can cause one of the biggest headaches for the self employed, who constitute nearly 15% of the UK working population.

Heron Mortgage Services have access to an extensive panel of specialist lenders who offer competitive rates and flexible mortgages specially designed for the self employed and company directors.

A range of self employed mortgage products are available which can be tailored to suit you personal circumstances.  These mortgages are equally available to someone who has recently set up in business.

Help is available even if:

• You can’t provide two or three years accounts
• Your accounts do not really reflect your current position
• Your accounts are constructed to minimise tax payable by
  showing the least amount of taxable net profit
• Your drawings  are reduced to enable a larger dividend income

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The overall cost for comparison is 7.0% APR. The actual rate payable will depend on your circumstances. Please ask us for a personalised illustration. A fee is chargeable only on completion, typically 1% of the loan amount depending on your circumstances (subject to a minimum of £1,000 and maximum of £3,000). For a mortgage of £100,000 the fee would be £1,500. Early repayment charges may apply and will vary depending on the mortgage.
Adding existing debt to your mortgage will increase both the repayment term and the overall cost.