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FRIDAY FEATURE: How to get a Mortgage when you are Self-Employed Doctor or Dentist

mortgages-jpegTopical Mortgage News and Rates

This month, Independent Mortgage Adviser, Chris, discusses how to get mortgage success when you are Self-Employed; a topical issue for many doctors and dentists.

Read more, including this month’s BEST RATES, here.


This does not constitute advice and advice should be sought in all instances before acting on it.

Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


Are there Mortgages available for the Self-Employed?

Whilst many self-employed doctors and dentists are concerned about their ability to source a mortgage, now conditions are somewhat more favourable than before.

Bank rates are at rock-bottom, which goes in your favour anyway, and lenders are seeking new ways they can help the self-employed to obtain the levels of home finance they need.

There may be more choice for you than you think. Particularly as lenders are stretched in terms of the competition in the market, so many regular lenders are starting to offer deals to the self-employed, that previously only specialist lenders would have considered.

If you have been trading as self-employed for two years then your options are considerably wider than if your employment status has recently changed. Lenders are always looking for evidence of income stability, which is difficult without a solid track record.


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Strengthening your Self-Employed Mortgage application

Working with a mortgage broker will give you access to all lenders offering products to the self-employed. In advance though there are a number of things that can be done to strengthen your application.


1Up-to-date financial statements

Make sure your accounts are as far up-to-date as possible as this will strengthen your application.

If a lender can not accurately assess your income and the level of funds you have available each month, then it is more difficult for them to agree your mortgage.


2Save a reasonable deposit

If you know that providing evidence of your income is going to be a struggle, try saving as much deposit as possible in the months prior to purchasing.

This will mean you can likely access better rates and the lender may look more generously on your application as a whole.


3Get projected accounts from your accountant

An accountant can provide a projection of your income for future years, that can help towards a mortgage application if you are self-employed.

Similarly, when your accountants prepares your financial accounts it is largely for tax purposes. Ask them to rework your previous years accounts to reflect true income, profit  and affordability, for mortgage purposes.


Cheaper mortgages for doctors and dentists

The cut in the base rate has led to a reduction in mortgages for many homeowners. New borrowers and the self-employed should also be able to profit from this all-time low rate of interest.

See here for our Best Rates this month:

TERMTYPERATE OF INTEREST
2 yearFIXED - 65%1.19%
2 yearTRACKER1.29%
3 yearFIXED - 65%1.59%
5 yearFIXED - 65%1.95%
10 yearFIXED - 65%2.49%
2 yearFIXED (Offset) - 65%1.54%
2 yearFIXED - 90%1.95%
2 yearFIXED - 85%1.49%
2 yearFIXED - Buy-to-Let - 75%2.04%
Average lendersStandard Variable Rate4.27%


Read more of Chris’s monthly mortgage updates:


specialist-mortgage-adviserGet a mortgage review with Chris

If you would like us to undertake a review of your current mortgage deal or you are thinking of purchasing in the near future and require funding, please contact Chris for a free, no obligation appraisal.
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