Professional mortgage brokers are well-placed to assist the self-employed in obtaining a mortgage, using specialist lenders such as Vida Homeloans who assess each individual on their own merits using specialist underwriters, rather than the “computer says no” approach often associated with mainstream lenders.
Who is this product for?
Sales executives whose annual salary is made up of a high proportion of commission • NHS professionals working extra shifts in the private sector or on a contractual basis • Full time office workers with part time second jobs • Business owners and entrepreneurs, workers in the gig economy • Bank workers whose bonus package includes vested shares.
Key Lending Criteria
- 1 year’s accounts or SA302 and tax year overview required
- For Limited Companies Vida will consider last year’s net profit after tax if 100% shareholders are on the mortgage (last 3 years accounts will need to show stable or improving business profits)
- Available up to 90% LTV including fees. Where above 85% LTV, applicants need to be 25 or over with a minimum property valuation of £100,000
- Up to 85% LTV, minimum age is 21
- Minimum income £15,000 for the main applicant
- All property types considered
- Available on Capital Repayment or Interest Only
Self-employed mortgages – quick tips for a speedy application
- Proof of ID and Proof of Residency will be requested IF the customer fails our E-ID check and is not on the electoral register for the last 2 years
- For income verification the latest payslip or latest years SA302 or Tax calculation with supporting Tax Year Overview will be required (This will also be used to verify the tax banding level for the rental cover rate)
- We will be unable to progress your client’s case until all the required mandatory documents have been received
