From the Guardian:
"Changes in the mortgage market have made things even harder for freelancers whose income may well fluctuate month to month. In theory, self-employed workers should have access to the same mortgage deals as anyone else, provided they can produce two to three years’ worth of accounts (if they’re registered as a limited company) or SA302s (HMRC forms proving tax payments, for sole traders who compete an annual self-assessment return).
"The reality, however, is rarely so straightforward. One complication comes from the variety of ways someone can set themselves up in self-employment: sole traders, company directors and contractors are each assessed in a different way. Contractors, for example, can be assessed using a bespoke underwriting process that calculates annual gross earnings from a day rate, assuming the individual meets certain criteria, including having a contract lasting at least three months."
http://www.theguardian.com/money/2014/sep/17/freelancer-workers-get-mortgage
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I wanted to remortgage after Santander took the piss constantly increasing the rate I was paying every time my mortgage came up for renewal on my fixed deal (UK interest rates had not altered), being self employed I was banging my head against the wall knowing I was being exploited by Santander & the diffaculty of moving my mortgage.
I had books, trading figures, no adverse credit history, wife on a secure salaried job.
I found London & Country mortgages they sorted the lot out. (http://www.lcplc.co.uk/)
They did all the work and filling out of forms.
No fees
Cheaper rate of interest.
Major high street lender
Can recommend them highly.
Get a good broker - 2 years ago I found most banks didnt want to know... they excused it with "too variable income" to sure but at 6%...
We used a WH Brown broker who got me one at 3.99% and was simply satisfied with 3 years accounts for the LTD company.
If anyone ever needs advice my other half is a mortgage advisor.
It is tough: 3 years accounts is a starting point, but 100% credit rating and proof of affordability are also critical now.
Sorry....forgot the URL: http://www.theguardian.com/money/2014/sep/17/freelancer-workers-get...
8 years ago i got a self-certification mortgage they were well happy to arrange (Abby)........interest only. after a year? they increased 4 times - up a £100 in a month,
before the crash - then back to the same eventually 3 years ago..
now i cant change/having difficulty to swop to repayment (Santander) due to 'government guidelines'
doubley stitched up !!!