New Year, New opportunities for your self-employed clients
The last decade saw the number of self-employed workers rise by over 1 million to 4.9 million, taking a 15% share of the total employed and according to the Office of National Statistics this is predicted to continue to increase.
However securing a mortgage for your self-employed client isn’t always easy with lenders requiring more information to capture an accurate picture of your client’s income.
How can Principality help?*
- We accept applications for those who have been self-employed for a minimum of 2 years
- We will accept the latest year’s figures for affordability if your LTV is below 75%
- We take an average of the latest two years if the LTV is above 75%
- We’ll accept the latest year-end figures to be within the last 18 months for clients that are sole traders, partners or part of a limited company
- We accept salary and dividend income for limited company directors
- We consider day rate contractors subject to the current contract meeting a minimum annual income of £50,000 – calculated by day rate x 5 x 48 weeks
- We will accept written confirmation of income from the company accountant, finance or managing director for partners in large firms
Get in touch!
If you have a case you think we can help with, call our intermediary desk BDM team on 0330 333 4021 or visit our website for further information.
*subject to lending criteria and affordability
