Mortgages with complex income for self-employed workers
Most lenders and mortgage advisers struggle to determine the true mortgage affordability of people with complex incomes.
Not so for us. Uncovering how much self-employed applicants with complex incomes can afford to borrow is a cornerstone of our service.
Here’s how we help, where most other brokers give up the ghost:
- How mainstream mortgage affordability assessments fail when assessing complex income
- Interpreting income to show true mortgage affordability
- Three examples of complex income we deal with all the time
- Why manual underwriting is the only way to truly determine complex income affordability
Your income tells a story most lenders can't read
You could be self-employed with multiple income streams, a contractor, or a limited company director. Either way, your financial picture is almost certainly more sophisticated than the template most mortgage lenders use.
When your income doesn’t fit their algorithms, the result is usually an underwhelming offer. Or you face rejection from a lender who was never going to approve your application anyway.
We’ve been helping self-employed professionals with complex incomes secure competitive mortgages since 2004. For us, non-standard income structures aren’t a problem to circumnavigate. They’re the very essence of what we do.
Where mainstream lenders fall short with non-standard income
Most lenders, at branch or call centre level, rely on automated lending criteria. Those algorithms work best for PAYE employees with a single, predictable income source.
When your income has multiple streams or doesn’t follow a standard employment model, those algorithms respond in one of two ways:
- They ignore what they don’t understand
- They apply the most conservative possible interpretation of what they do
The affordability assessment that follows rarely reflects what you actually earn. As such, lenders’ algorithms rarely indicate what you can truly comfortably afford to borrow.
That’s where we work differently. We work directly with specialist underwriters who’ll take the time to understand your income fully. We know how to present your application so that it shows your income in its best light. And we know which lenders will assess your circumstances fairly.
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The situations we handle every day
Here are three examples of complex income structures that resonate with us. You may be familiar with them, or face different challenges interpreting what you earn. Either way, talk to us. Finding the light at the end of the tunnel is what we do.
These are the types of cases where automated lending systems often fall short. The income is there, but the way it is earned, retained or split across different sources can make it harder for mainstream lenders to assess fairly. Our role is to understand the full picture, then present it clearly to the right lender.
Contractors working multiple contracts (both limited company and umbrella PAYE)
A number of our clients work on more than one contract at a time. Lender issues arise when, for example, one source goes through the contractor’s limited company, and the other is through an umbrella PAYE model. Most lenders assess each income stream in isolation, discounting elements their system can’t process.
We work with lenders who are comfortable with blended income structures. And, in many cases, we can use your annualised day rate alongside any PAYE umbrella income. Combined, we can build an accurate, compelling affordability case utilising both income sources.
How much can I borrow?
Private landlords with rental portfolios
Mainstream lenders routinely undercount rental income. Stress tests. Net profit calculations. The inability to assess income held within a corporate structure. All reduce how much a lender will lend to landlords with multiple properties/another income stream.
We understand property income in all its forms and know which lenders will treat your portfolio most favourably. There’s absolutely no good reason why lenders should shortchange landlords in this manner!
Limited company directors with retained profits
Most company directors pay themselves a modest salary topped up with dividends. The meaningful portion of their profits they retain within their company. On that basis, standard lenders base directors’ affordability on what they draw, not what the business earns.
We work with specialist underwriters who incorporate retained profits into affordability assessments. They recognise profit as a sign of financial strength, not an intangible asset. Our way allows company directors to borrow much more than they would by going the traditional route.
Why choose us?
Expertise and experience
With over 20 years of experience, we specialise in helping limited company contractors navigate complex income structures and secure competitive rates from contractor-friendly lenders.
Tailored support
We simplify the mortgage process with personalised guidance to ensure you get the best deal for your situation.
Easy comparison
Use our contractor mortgage search tool to easily compare options and find the most suitable mortgage for you.
Hassle-free solutions
We provide hassle-free mortgage options designed specifically for contractors, taking the stress out of the process.
Types of mortgage available
Our flexible, competitive solutions are designed to make your mortgage journey easier. We offer a range of mortgage products designed for contractors working through a limited company, including:
First-time buyer mortgages
Home mover mortgages
Remortgages
Buy-to-let mortgages
Day 1 mortgages
The manual underwriting difference
We’ve spent years building relationships with lenders who, like us, champion manual underwriting. This connection prioritises human judgment over automated systems. We thus ensure that underwriters assess your application on its merits, incorporating your full financial picture.
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Ready to talk?
If your income doesn’t fit a standard template, you need a broker who doesn’t work from one. We’ll take the time to understand your situation before we recommend anything. Only then will we try to identify the lenders most likely to assess your circumstances fairly.
Once you’re happy, we’ll then present your case accordingly. Time and again, this method has proven the most successful way for self-employed people with complex incomes to get a relevant mortgage.
Request a call-back from one of our experienced brokers to get your conversation started.
