If you’re self-functioning, proving your personal income can be trickier than if you were an employee. After you’ve worked out all your costs, a lender might not be convinced that your earnings will cover the mortgage. We don’t think that’s fair, which is why we setup a simple solution.
Good SA302 otherwise taxation season analysis (a list of their said earnings, provided with HMRC once you have submitted the income tax go back – see how to get it)
Remember, if you’re a minimal team movie director you’re classed as self-employed in the eyes of a mortgage lender. Same goes if you’re employed in a Construction Industry Scheme (CIS) job role. A large financial company will be able to advise you of how you need to prove your income in both of these cases.
When you’re self-employed, your income isn’t as straightforward as it would be if you were on a salary. This can sometimes make getting a mortgage difficult, as some lenders just aren’t set up to deal with complex incomes. That’s why we specialise in getting mortgages for people who don’t fit the typical mortgage applicant mould. You can read more in our Self-Functioning Mortgage Guide.
Would lenders get in touch with my personal manager?
For each and every lender differs, but most would like to check your employment. Submitting your own payslips might be sufficient research, however loan providers could possibly get label your workplace to check on the newest salary suggestions you’ve provided is right. Continue reading…