How We Helped a Self-Employed Tradesman in Worthing Secure a Mortgage After Being Told No
Being self-employed doesn't necessarily mean getting a mortgage has to be difficult. However, the way lenders assess your income can make a significant difference to what you're able to borrow.
A self-employed tradesman from Worthing contacted Springate Mortgages after another broker told him his accounts weren't strong enough to support his plans to move house.Rather than accepting that answer, Jonathan looked more closely at the client's business finances and found an alternative way forward.
The Challenge: A Previous Broker Said Moving Wasn't Possible
The client ran his trade business through a limited company and wasn't sure how lenders would assess his income.
He had already spoken to another mortgage broker, who had reviewed his financial position and advised that moving home wasn't possible because his accounts weren't strong enough.Understandably, this left him concerned that his plans would have to be put on hold.
The complication was that his most recent personal tax calculations didn't present a particularly strong picture of his earnings. However, as Jonathan discovered, those figures didn't tell the whole story.
How Springate Mortgages Helped
Looking Beyond the Personal Tax Figures
Rather than relying solely on the client's tax calculations, Jonathan reviewed the financial position of his limited company. The company accounts were stronger than the personal tax figures, providing a different picture of his financial circumstances.
This was particularly important because different mortgage lenders can assess income from limited company directors in different ways. While some focus on salary and dividends, others may consider company profits, depending on their lending criteria. By looking beyond the information the previous broker had considered, Jonathan identified a potential route to securing the mortgage the client needed.
Working Closely with the Client's Accountant
During the review, Jonathan also noticed that the client's company accounting period was due to end in just two months. This presented an opportunity.
He contacted the client's accountant to discuss the company's financial position and obtain projections for the next set of accounts. Those projected figures indicated that the client's borrowing requirements could be achievable once the new accounts were finalised.
Rather than rushing into an application that might not reflect the client's full financial position, Jonathan worked with the accountant to prepare for the right moment to proceed.
Getting Everything Ready to Move Forward
Springate Mortgages remained in close contact with the accountant as the company's year-end approached. Within two weeks of the accounting period ending, the new accounts had been finalised, the client had obtained a Decision in Principle and his existing property was on the market.
What had initially appeared to be an obstacle to moving home had become a workable plan.
The Outcome: From Being Told No to Moving into a New Home
By taking the time to understand the client's limited company finances and working closely with his accountant, Springate Mortgages found a way to make his move possible. The client went on to secure his mortgage and successfully move into his new home. The difference wasn't a sudden change in his circumstances. It was taking a more detailed look at the financial information available and identifying how it could be assessed by a suitable lender.
What initially felt like an overwhelming process became much easier to understand. The couple received the guidance they needed to make informed decisions, secured a mortgage at the most competitive rate Springate could obtain for their circumstances and gained a much better understanding of how property transactions work. Most importantly, they felt supported throughout rather than having to work everything out on their own.
What Our Client Said:
"Always a pleasure dealing with Jonathon, nothing is ever too much trouble. Very proactive with his work and endeavours to find you the best rates possible."
Chris, Self-Employed Homeowner
At Springate Mortgages, we take pride in doing things differently
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Why should you choose us? Because we get it.
Buying a home or remortgaging isn’t just a financial decision - it’s a life decision. And we’re here to make it as smooth, stress-free, and rewarding as possible.
