Imagine you’re called by a customer who’s struggling to secure a residential mortgage with a mainstream lender.
You find out they’re a self-employed sole trader who set up their own plumbing business 18 months ago. Their business has gone from strength-to-strength, they earned £35,000 in the first year of trading and they’re projected to earn £45,000 in their second year.
Here at Kent Reliance for Intermediaries, we see the potential in every case. Our strength lies in our common-sense approach and willingness to consider cases that fall outside of standard criteria.
Unlike many high street lenders, we’ll accept self-employed applicants with a minimum of one year’s accounts and we can work on a projection for year two based on an uplift of up to 30% of the first year’s figures.
We also accept contractors with no minimum income, as long as their application can evidence at least one contract renewal, with a minimum of 12 months of sector experience. And we’ll accept customers on a PAYE contract basis whose contracts have been renewed at least once and have at least six months to run.
Whether they’re self-employed, an entrepreneur, someone who earns their income from multiple sources, are a newly qualified professional or enjoy a high net worth income, we could provide solutions for the most complex of scenarios.
To find out how we could help your self-employed customers get the residential mortgage they need, speak with your local business development manager, call our broker liaison team on 01634 888276 or contact us on Live Chat.