Do you need help to organise a mortgage
FreeAgent specialist contractor accountants help you manage your tax and accounts
Looking to move home – Anytime can help
Moving home is one of the most stressful things we do in life. Particularly in this period of ongoing economic uncertainty it is important to get the right advice.
Sometimes when you are self employed there are stumbling blocks to raising finance that you need to see coming.
• Lenders and their computers understand employees. The man at the bank likes payslips and that coupled with a sensible deposit will normally mean a PAYE employee can get a mortgage offer fairly simply.
• When you work for yourself or on a freelance basis you probably don’t take a large salary. Your income may be far higher than an employee, but you don’t have payslips – you have accounts. You sit in the bank with an application form and hear the sharp intake of breath from the “advisor”. His computer doesn’t “get” self employed.
As a self employed person or freelance contractor these are some of the things you need to do practically to make the mortgage application process easier:
• Plan early. Once you start thinking about moving or buying pop into your bank and start a dialogue, and get an advisor “onside”. Make sure they understand what you are doing and explain why your work is not a short term or risky thing. Let them put notes of the discussion on your record. If the advisor understands they can then explain away any risks as the loan request goes up the chain for approval. Even to a computer!
• As a freelance contract worker you will know others in a similar position. Talk to them. There will be other people out there who have gone through the same experience – so listen to what they have to say (within reason – don’t always trust the man in the pub!).
• Work with your accountants to achieve what you need. There is a dichotomy. You may want to pay as little tax as possible. But organising your accounts tax efficiently may mean that you don’t demonstrate the profits needed to raise the loan you want. Think about this early and your accountants should be able to assist you.
• You should have an accountant, financial adviser and maybe a lawyer. If not you will know people like these – use them as they will know people who can help you. Recommendations are always useful and engender trust from both parties.
• Find a specialist mortgage advisor. You and others working self employed or on a freelance contract basis form a growing and very large part of the UK economy so there are mortgage advisors who specialise in obtaining finance for you. Your network can help put you in touch with someone you can trust.
Remember that Anytime are here to assist. We help many clients get mortgages and loans they have applied for. As a member firm of the Institute of Chartered Accountants we can complete Accountants Certificates to confirm income, or provide more customised references. Whatever you need in this respect Anytime will assist you, quickly and efficiently.
If you don’t know someone who can help you raise a loan – speak to us. We should be able to point you in the right direction.
As specialist accountants Anytime keep our clients informed and help manage their finances.
Please remember that each individual’s circumstances will be different and therefore you should take advice before making any decisions.
For further advice existing clients email us at support@anytime.uk.com or call 03333 110 230
For new enquiries contact us or call now on 03333 110 103
The views expressed in this article are those of the author and no liability is accepted for any actions taken or not taken as a result.
