Self Employed / Directors / Contractors
**Remember, lenders usually treat shareholding directors as self-employed for income verification purposes**
With a large self-employed client bank, we believe that maintaining the best knowledge of lenders criteria in this area is vital to our business.
Not all lenders view the same person in the same way!
Some lenders may use tax return income, some will use accounts, some may use retained income, some will use the company year-end income, some will use personal tax return income, some will use an average of the last 2 or 3 years income, some will use the latest 1 year income!
It’s knowing which lender will accept what income evidence that helps us find people the right mortgage as fast and efficiently as possible.
For example, we know which lenders accept the following;
- ONLY 1 year trading as self-employed or director
- Retained Limited Company profits
- Latest 1 year income rather than an average of the latest 2 or 3 (for increasing income)
- CIS contractors using gross income
- Contractors and agency workers
- Multiple businesses for 1 person
- Mixture of employed & self-employed income
- Dividend only income