Owning your own business is incredibly rewarding, but it can also present challenges when applying for a mortgage. Here at Swift Financial, we understand the unique mortgage needs of self-employed individuals in Retford, Newark, Lincoln, Doncaster, Worksop, and Mansfield. We're here to help you navigate the mortgage application process and secure the financing you need to achieve your dream home.
Understanding Your Self-Employment:
We take the time to understand your specific situation. Whether you're a sole trader, partner, or limited company director, our experienced brokers can tailor our approach to your business structure.
Maximising Your Approval Chances:
We work closely with your accountant to gather all the necessary tax documentation or company accounts lenders require. This ensures a smooth application process and helps us present your financial situation in the best possible light. For limited company directors, we can explore using your salary and dividends or, if needed, your salary plus your business's net profit to maximise your borrowing potential. This is often beneficial if your business is profitable but you may not have taken a significant dividend.
Growing Businesses and Increased Earnings:
If your business is thriving and your earnings have increased year-on-year, fantastic! We can work with lenders who consider your latest year's figures rather than an average of the previous two years. This ensures your application reflects your current financial strength.
Affordability Assessments and Business Expenses:
Sometimes, personal credit reports might show expenses related to your business. We can work with lenders who understand this and potentially discount these expenses from your affordability assessment, providing a clearer picture of your true financial standing.
Fluctuating Profits:
Profits in industries like construction can naturally fluctuate. We have lenders who specialise in understanding these fluctuations and can assess your creditworthiness based on the overall strength of your business rather than a snapshot of recent business activity.
Newly Self-Employed?
Don't worry if you haven't been self-employed for long. We have access to lenders who consider applications from individuals with just one year of self-employment history.
Changes in Business Structure:
Have you transitioned from a sole trader to a limited company? No problem! We can find lenders who cater to your specific business structure and help you secure a mortgage.
Why Choose Swift Financial?
We are a local mortgage broker based in Retford, serving clients across Retford, Newark, Lincoln, Doncaster, Worksop, and Mansfield. We understand the local market and have established relationships with various lenders, allowing us to find the best possible mortgage solution for your unique circumstances.
Ready to Get Started?
Contact us today for a free, no-obligation consultation. Let's discuss your goals and get you on the path to homeownership!
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