
Getting a Mortgage When Self-Employed
If you’re self-employed and dreaming of buying a home, you might be wondering if getting a mortgage is even possible. With the increasing number of
We would start by having an initial discussion with you to fully establish your current circumstances and get an idea of what your goals are. This will help us establish which buy to let mortgages will best be suited to you.
A buy to let mortgage is essentially a mortgage that is designed for the purpose of you letting the property out as opposed to a traditional mortgage that is for a primary residence.
There are a few different ways in which a buy to let mortgage is different to a standard mortgage.
A buy to let mortgage is assessed in a different way to a standard mortgage and a large focus will be based around the value of the property and the amount of rent you would expect to receive.
Residential mortgages are based on affordability and your ability to make the monthly mortgage payments. A buy to let mortgage is assessed mostly on the rent that is going to be received from the property. Some lenders will have a minimum personal income requirement, but the overall application will not be assessed on personal affordability.
You will also normally need to provide a larger deposit for a buy to let mortgage. Typically, this is around 25% of the purchase price.
Most residential mortgages are on a capital & interest basis whereas the repayment for a buy to let mortgage will often be on an interest only basis. This means your monthly payments will only be servicing the interest payable and not the capital. They are available on a repayment basis also, but this is down to personal preference. We will be able to discuss this with you and find the right option for you.
We are not just here to help you with the mortgage, if you’re thinking of investing in property then we will be able to talk you through the full process.
We will talk through your plans and assess your personal circumstances in order to complete an initial assessment.
Once we have fully assessed your circumstances, we can complete our research finding out the maximum you can borrow, the type of interest rate you might expect and an idea of monthly costs.
With access to the whole of market we can compare lenders and find who will offer you the most suitable mortgage deal based on your personal circumstances.
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James, Cornwall
Arron, Plymouth
Emily, Somerset
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Complete Mortgage Advice Ltd is an Appointed Representative of The Right Mortgage Ltd which is authorised and regulated by the Financial Conduct Authority.
Complete Mortgage Advice Ltd is registered in England and Wales with company number 13403228. Registered address: 41 Montrose Way, Plymouth, PL5 3FP. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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