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Mortgage Process | My Tips for the Self-Employed!

About: Applying for a mortgage & the general buying process can be quite daunting at the best of times. In this video I’ll be running you through some tips to help you with the mortgage application process, including what you can do to prepare BEFORE you go out looking at properties!

This will include:

1. Broker or Bank?
2. Sorting your finances first
3. Proof of deposit
4. Finding a great solicitor
5. Credit file
6. Electoral roll
7. Assessment of income
8. Using an accountant
9. Directors loans, assets & liabilities

IMPORTANT - Impacts of COVID

Lenders will generally want to know how COVID has impacted you & your income, particularly where you are self-employed.

Have you taken a bounce back loan for your business? If so, lenders will want to know how reliant you’ve been on this loan and will want to make sure the loan repayments are affordable. Lenders will also not accept using a bounce back loan as a deposit.

Have you taken SEISS grants? Particularly with the 3rd grant onwards you are self-certifying significant impacts due to COVID, so lenders are being very cautious where these grants have been taken. Some lenders will just decline your application where this is the case, whereas others will consider, subject to an in-depth underwriting review.

If you’re employed, have you been furloughed? If so, lenders would ideally like to see a letter from your employer confirming the date your return-to-work date.
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If you’d like to book a 15 minute call with our team, contact us on 0203 909 1525 or email [email protected]

To enquire on our website: https://rosehillfs.com/contact-us/

FREE GUIDES: https://rosehillfs.com/mortgage-guides/

A very simple mortgage calculator can be found at the bottom of any main pages of our website – https://rosehillfs.com/first-time-buy...
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What are you looking to do:

Self-employed - https://rosehillfs.com/self-employed-...

Mortgage with 1 years' accounts - https://rosehillfs.com/mortgages-for-...

Limited Company Directors - https://rosehillfs.com/mortgage-for-l...

Sole Trader Mortgage - https://rosehillfs.com/sole-trader-mo...

Documents needed for a self-employed mortgage - https://rosehillfs.com/documents-need...

How much can you borrow when self-employed - https://rosehillfs.com/self-employed-...

Joint mortgage when one applicant is self-employed - https://rosehillfs.com/joint-mortgage...

First time buyers – https://rosehillfs.com/first-time-buy...
Moving home – https://rosehillfs.com/move-home/
Looking to remortgage – https://rosehillfs.com/remortgages/
Buy to lets – https://rosehillfs.com/buy-to-let/
Limited company buy to lets – https://rosehillfs.com/limited-compan...
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CHECK YOU CREDIT FILE FOR FREE – https://www.checkmyfile.partners/55P7...

Checkmyfile provides a credit report with data from 4 credit reference agencies, not just 1! You can try it free for 30 days, then £14.99 per month, although this can be cancelled at any time.

Disclaimer: Some product/service links are affiliate links which mean if you buy or sign up for something, we'll receive a small commission. This will help us make more videos for you - thanks for your support!
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FREE £50 ENERGY BILL CREDIT!

If you join Octopus Energy using our referral link below we'll both get £50 towards our energy bills!

https://share.octopus.energy/navy-dee...

Just be sure to make sure this is the right decision for you, as it's not something I can advise on.

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Further details on repayment vs interest only mortgages is included in this video -    • What is a Remortgage UK | What You Should ...  

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QUESTION — Are you looking to apply for a mortgage? Post in the comments section of this video & let me know!
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Get in touch on social media:

https://linktr.ee/samuelewen

Facebook:   / rosehillfs  
Linkedin: www.linkedin.com/in/samuelewen
Instagram: https://www.instagram.com/rosehillfs/...
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Rosehill Financial Services, a trading name of Rose Hill Financial Services Ltd, is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303.

The content on this channel is for information purposes only and does not constitute advice. Please seek independent financial advice before taking any action.

A friendly reminder - As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments. Some buy to let mortgages are not regulated by the Financial Conduct Authority.

#mortgage #mortgagebroker #deposit #creditscore