For the Employed
The amount that a lender will lend to you very much depends on your individual circumstances. Different lenders have different affordability criteria. Lenders look at what you can afford to borrow, based on many factors including the number of people applying for the mortgage and your income and outgoings and any other liabilities that you may have.
Mortgages for employed people are generally a little easier to define, as their income is a little more straight- forward to determine. Even so, using an experienced broker could lead you to better rates and better maximum mortgage amounts available. Also if you have a varying income to include overtime, commission, shift-work and bonuses, these can lead to large differences in maximum mortgage capacity between lenders, and this is where Adept Private Finance’s expertise will help you find the best solution for your mortgage needs.
For the Self-Employed
Like employed people, the amount that a lender will lend to the self- employed person very much depends on your individual circumstances. The 2008 recession saw the end of the rather controversial self-certification mortgage that was previously available to anyone who worked for themselves, where proof of income was not required for the mortgage. This has now made it much more difficult for some people to obtain a mortgage, and in particular those that are self-employed or are a Director of a Limited Company. So these days, knowing how much you can borrow is generally far more complicated to work out for the self-employed person, as income may come from one or from many different sources. As a general rule of thumb, you will ideally require at least 2 full years of accounts, but there are a few lenders that will accept just one year.
Whilst there’s no simple fix to solve the problems that self-employed people face when trying to obtain a mortgage, this makes it essential for you to seek the advice of an experienced professional brokerage like Adept Private Finance. We will help you collate the correct required documents and information, to enable us to source the best mortgage based on your needs and your individual situation. We can quickly let you know your maximum borrowing capacity, please contact us when you are ready.
For Professionals
You may not be aware that there are some bespoke mortgages available for the professional industry, to include the likes of solicitors, barristers, accountants, vets, teachers, pharmacists, doctors and dentists. You should ideally be fully qualified, but if you are still training, please ask us, as we may still be able to help. There are lenders that specialise in professional mortgages, and they offer preferential terms because they can evaluate your chosen career path and can see the potential for steady increases in income over time. Many professionals also offer security and stability that some other professions lack, again this is attractive to some lenders.
What all of the above can lead to is the fact that certain professionals can borrow more, because lenders who specialise in mortgages for this sector are willing to stretch their income multiples accordingly, leading to greater than normal mortgage capacity. We can quickly let you know your maximum borrowing capacity, please contact us when you are ready. Adept Private Finance specialises in dealing with people from Corporate Industry as well as professional individuals.
For Sports & Media
Adept Private Finance specialises in dealing with these sectors and can help you find the right mortgage funding to fulfill your needs.
Income for people working in Sports and in the Media can vary due its sometimes sporadic nature, and this can cause acceptance issues with many lenders. We are fully aware that these two sectors see income being made up of short term contracts, appearance and win bonuses, advertising and television work. We can help with mortgages for residential properties as well as building a portfolio of rental properties, something in particular that many sportspersons have aspired to in the past.
People working in Media are often working on a freelance basis, or on short-term contracts, and this can also lead to difficulties in obtaining a conventional mortgage. Once more, we have lenders that may be able to assist, so please contact us when you are ready to discuss your own circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE