Mortgage Affordability Calculator Self Employed

This is for people who own part of a company or are sole traders.

Mortgage affordability calculator self employed. The affordability calculator will give you a quick estimate of how much your client can borrow. Mortgage calculator for the self employed use our self employed mortgage calculator to work out how much you might be able to borrow based on the nature of your employment your income and other factors. Please note that the mortgage amount provided by the calculator is for illustrative purposes only. If you are employed of self employed and meet the mortgage lender s criteria you can usually borrow 4 5 times your annual income.

Mortgage affordability calculator for new business only this calculator should not be used for additional lending portability or transfers of equity. Mortgage affordability calculator get a good idea of how much we could lend you in just a few minutes. Lenders have another definition for a self employed borrower. If your gross self employment income for the year is 100 000 but you have 40 000 in expenses that you write off on your taxes a mortgage company will look at your taxable income or what you have available to pay your mortgage with as 60 000.

Anyone who receives more than 25 percent of their income in non salaried pay can be considered self employed. Because you do not have an employer to vouch for your income it can be harder to prove you have a stable income and lenders may require more evidence than if you were on a similar wage under an employer. Self employed mortgage calculator you can use our self employed mortgage calculator to find out how much you can borrow on a mortgage. This primarily includes those who work on commission or bonus.

Our business takes regulation seriously in order to protect our clients and ensure that all advice given is of the utmost integrity. If you have any other questions just get in touch with our advisors who will be happy to help. Your income details ie your salary or pension. Check your homebuying eligibility now.

We just need to know. A mortgage lender will consider you self employed if you own more than 20 to 25 of a business from which you earn your main income. Affordability can only be assessed on submission of a full application for this type of lending. Unlike other providers we don t treat the self employed any differently to people in full time employment.