Self Employed Mortgage Advice in Newcastle

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As a self employed applicant in Newcastle, you might find getting a mortgage difficult. Some challenges come with this, like trying to meet a lender’s criteria or proving your income to demonstrate that you can manage the monthly payments.


All applicants can’t be assessed the same like self employed. This is because lenders need to be sure that self employed applicants can manage their mortgage and will look into the following factors to determine this:


– The applicant’s income


– The applicant’s previous years of accounts


– Business operating costs and expenses


– Bank statements

Self Employed Mortgage Advice in Newcastle

Having an expert Mortgage Advisor in Newcastle by your side can be beneficial with supporting you in finding a self employed mortgage deal that is appropriate for your circumstances.


Throughout the mortgage process, our team will provide the help and advice by working hard in increasing your chances of getting a mortgage.


Here at Newcastlemoneyman, our team of Mortgage Advisors in Newcastle can search 1000’s of mortgage products with many tailored to the self employed. As soon as we find you a mortgage deal that you are happy with, we will then begin organising your mortgage application.


Our team are available 7 days a week so please don’t hesitate to get in touch. We offer all self employed applicants a free mortgage appointment that you can book in either online or by giving us a call.

How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

Mortgage Lender 1
Mortgage Lender 2
Mortgage Lender 4
Mortgage Lender 6

Popular Self Employed Scenarios our Mortgage Advisors have come across

Through our time as a Mortgage Broker in Newcastle, we have worked with a plethora of self employed applicants all looking fast & friendly Mortgage Advice in Newcastle.


Our Mortgage Advisors in Newcastle have encountered a variety of self employed applicants. Below is just a few that we regularly see:

-Your income is a combination of either salary, dividends or directors’ loan.


-You are experiencing a rough time with your business and need the help of a Mortgage Advisors in Newcastle.


-You have most of your net profit sitting in your company inctead of paying yourself a larger salary.


-Your business hasn’t been trading for over one year.


-Even though you have a good credit score, you don’t seem to match banks’ lending criteria for some reason.


-You are a company owner, a director, a sole trader, or a business partner who needs self employed Mortgage Advice in Newcastle.


-You are limited by the bank on the amount you can borrow, and you wanting to borrow more than that.


-Your net profit is not steady in position.


When applicants approach a bank for a mortgage, there can be times when they get declined. This can be because your situation doesn’t match with the automated systems that they have in place so even if you have been loyal to your bank, there is a chance they can decline you.


This is where a Mortgage Broker in Newcastle can help, our team strive in relieving the stress from the process. Here at Newcastlemoneyman, we have Mortgage Advisors in Newcastle who can search through 1000’s of deals to find you the perfect deal for your situation.

Self Employed Customers & Bank Mortgage Advice in Newcastle

It’s common to find that a lot of high street lenders use their own in-house credit scoring policies when it comes to customers looking to take out a mortgage. Furthermore, many high street lenders have rigorous lending criteria, with a lot of them requesting a minimum of three years of accounts with some accepting a three-year average.


A lender will assess previous mortgage repayment, repossession information as well as other common patterns to see which applicant would be a risk to lend to. By doing this, a lender will save time and money, however, it can leave self employed applicants stumped on the mortgage journey.


Over the years, there has been an increase in self employed applicants falling into arrears compared to employed applicants. Keep in mind that employed applicants are more likely to have had fewer obstacles to overcome to meet the lender’s strict criteria.


Many high street lenders out there have strict criteria, also they are expecting your profits to see an increase over a minimum of three years accounts, with a number of them taking over three years.


Traditionally, banks are not always very receptive when approached by their self employed customers for mortgages. No matter how many years you have been banking with them or how much money you pay into your account on a regular basis, if their computerised lending criteria do not like your financial information, they will just say no.

Why you should choose Newcastlemoneyman as your Mortgage Broker in Newcastle?

The lending criteria vary between each lender. An expert Mortgage Broker in Newcastle can provide a helping hand through the process as well as find you the best mortgage product for your situation.


We have helped many customers all with varying mortgage goals, especially self employed. Our Mortgage Advisors in Newcastle have helped a range of self employed applicant like limited company owners, sole traders, partners that receive salary, dividends or a combination of the two.


Our team use both their rich knowledge and extensive experience to find solutions that will help self employed applicants along their mortgage journey. We are here to find you the most suitable mortgage product for your situation.


Having Mortgage Problems?

Through our experience in the mortgage industry, we have dealt with many self employed applicant who have approached us after being decline by their bank for a mortgage. Below are some of the reasons we have encountered the most.


– Applicant has not met the bank criteria


-Net profit is inconsistent


– Applicant’s personal situation


-Pay structure


-Credit score


We do recommend that you resist the urge to approach multiple lenders by yourself in particular if you have little knowledge of their lending criteria. This could result in your credit score being harmed which can make it difficult when getting a mortgage in the future.

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Common mortgage

Your free mortgage consultation in Newcastle will last approximately about one hour. We will then recommend a mortgage for you, where you have no obligation for you to proceed and then it is your choice whether or not you wish to proceed with the mortgage.

As your Mortgage broker in Newcastle, we will carry out a Fact Find with you to establish your personal & financial needs before we recommend the most suitable mortgage for your circumstances. A credit check will then be required for you to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can then be issued a formal mortgage offer.

To avoid possible disappointment, we would highly suggest that you obtain an Agreement in Principle before you begin viewing a potential new home in Newcastle. At the very latest you should try to obtain one prior to making any offers to help with your bargaining position.

The standard for how long an Agreement in Principle will last is between 30 and 90 days, depending on the lender used. If your Agreement in Principle expires it can be easily refreshed with the help of your advisor.

You may have the option to get a second mortgage on your home in Newcastle for something like debt consolidation or home improvements. It may also be possible for you to take out a mortgage on a second property if you’re looking to potentially use it for yourself, a family member, a holiday home or a Buy-to-Let. If you require the help of a Specialist Mortgage Advisor in Newcastle, we are more than happy to have a chat about your options for a second mortgage.

The minimum deposit that will be required when purchasing a house in Newcastle with High Street Lenders is usually 5%. This, however, can be higher if you have had prior credit issues.

If you have had credit problems you may still have some options to get a mortgage but this require extra steps, such as being asked to put down a higher deposit than usual, potentially 15% of the property purchase price. If you are having difficulty in trying to obtain a mortgage because of past credit problems, please feel free to get in touch with your Mortgage Broker in Newcastle and we will see how we are able to help!

Once you have submitted at least one year’s accounts, you will be able to begin your mortgage process in Newcastle. Most lenders will use a sum of salary plus dividend to calculate the maximum mortgage, whereas others are known to use your net profit.

You’ll find that the lenders will usually want to see three payslips from an employee to prove their income and the latest 2 years’ accounts for Self-Employed applicants. You will also need to provide the lender with proof of ID, address and 3 months’ bank statements before they will accept you for a mortgage in Newcastle.

Our free consultation will usually last around an hour or so. Our advisors are able to turn round an agreement in principle within 24 hours of your appointment. A formal mortgage offer will on average take about three weeks. Before you know it you will have your mortgage secured in Newcastle.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Newcastle.

Step 3

Make an offer on the property in Newcastle that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links & Newcastlemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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