According to research from the lender TML, over a quarter of adults (28%) with non-typical income streams, including self-employed applicants, have had a mortgage application rejected. This is a significant percentage, and really highlights the importance of seeking help from a mortgage adviser.
Often, applicants may be receiving sufficient income to afford a mortgage, but it may be from multiple sources, difficult to evidence, or not quite fit the high street lender’s tick boxes. Clients with complex incomes can therefore find it much more difficult and stressful to obtain a mortgage than employed applicants, but in most cases, it will be possible! Following the Pandemic, and with the rising cost-of-living and rising rates, affordability continues to be a concern, and more and more people fall into the “complex” category.
We have experience dealing with lenders who accept complex incomes, and are whole of market, so can access lenders and products you could not apply for directly. If you are self-employed or a contractor, free-lancer, seasonal worker, are paid in non-sterling, in receipt of benefits or on a zero hours contract, we may be able to help you buy your dream home.
There are also a variety of products aimed at those working in certain professions which can mean a higher loan amount is available, including Hero Mortgages for Doctors, Nurses, Firefighters etc., professional mortgages and products for teachers.
If you would like to discuss your requirements, please get in touch on 01702 538800 or email enquiries@ingard.co.uk
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
