Will I get a Mortgage?
Getting agreed for a mortgage comes down to a lot of factors but the main ones are:
- Does your income fit the lenders affordability calculator?
- Is income sustainable?
- Do you have historic credit issues?
- Is the property acceptable, for example is it structurally sound?
- Are you old enough or even too old?
With all of these area’s there will be lenders that can be more flexible or take a view on things so the best thing is to speak to one of Mortgage Style’s experienced advisers and they will be able to advise on the best option.
Can I get a mortgage if I’m self-employed?
Absolutely, yes. The underwriting or checks that the lender carrys out are a little different but generally, being self-employed should not cause an issue unless it has been for less than 1 year.
Lenders look at self-employed income in different ways, some will use an average of the last 2 years salary plus dividends, others use 3 years and some only use the latest year.
For some clients it is more beneficial to use a lender that uses salary plus net profit as you may have chosen to not take as much in dividends as you could have.
Mortgage Style will look at the accounts to assess the best route for your personal circumstances.
Bad credit mortgage/can I get a mortgage with bad credit?
Depending on the level of bad credit and how long ago it happened you may still get accepted with a High Street lender. If the issues are more severe or more recent then it is likely that you would have to use a specialist lender, the good news is that the rates are still very competitive.
Mortgage Style will assess everything and advise you on the most competitive mortgage available, we will need to see your credit report but this is easy to obtain.
It is surprising what some lenders will accept without penalising you on the deal they offer and with the correct advice you could still secure a really good mortgage.
Am I too old for a mortgage?
Things have changed a lot in this area, you used to be restricted to your statutory retirement age but not anymore.
Going to age 70 is now standard with most lenders and others will go to age 75 without question. There are even options with no maximum age at all so speak to one of our advisers and they will be happy to help.
Contractor mortgages/can I get a mortgage if I am contracting?
Yes is the simple answer, there can be some caveats to this and this is normally around the length of time you have been contracting or if you have had a contract renewed. There are even options if you are in your first contract.
Some lenders will work off your day rate, even if you pay yourself through a limited company, they can multiply your weekly day rate by 48 weeks and use that figure as your income.
Mortgage Style will look at everything to advise on the best option.