Are you self-employed and wanting to get your feet on the property ladder? Or maybe you already have a house and have gone self-employed since you bought it and now need a bigger one?
Can you still get a mortgage if you are self-employed? Yes, you can, but the applications tend to be more complex, depending on what business you are in and what your company structure is, if you have a company.
London is a city of entrepreneurs and self-employed business people and at Saracens Solicitors, we have plenty of experience as a mortgage solicitor in London with picking apart the technicalities in self-employed mortgage applications. What we cannot do is give you any advice on which mortgage to apply for. But, when you have found some that are worth investigation, as your mortgage solicitor in London, we can help clarify the legalities of each.
What you need in order to be eligible for a mortgage
If you are a sole trader, you need to show at least 2 years’ of accounts, evidence of regular work, a deposit and an accountant.
If you are part of a partnership, the mortgage company will only take your share of the profits into account, not the turnover of the business. So, you will need clear documentation that shows this.
If you are part of a limited company, you will need to have a regular income, either as a salary or as dividends. You cannot involve the company itself in the mortgage application.
How we can help as your mortgage solicitor in London
If you are going to be a part-owner of the property or your business is going to be in it, things can get pretty complex, and this is where you need our help as a mortgage solicitor in London. We can help you save money in the long run by going through the technicalities of the mortgage, and also with the actual conveyancing process, once the sale is underway. Conveyancing involves exchanging information with the seller, doing searches on the property and transferring the money to the buyer and others, if any.
Call us today to find what how we can help you.
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