Frequently Asked Questions
Is it more difficult for a self employed person to get a mortgage?
The simple answer is no!
Lenders request difference paperwork for a self employed person to an employed person.
Generally most lenders will require 3 years self employed history however there are lenders that can accept only 1 years completed accounts. The affordability assessment, income multiples applied by lenders are the same as an employed person.
What is the minimum deposit needed to purchase a property?
Lenders will accept a minimum deposit of 5% for second hand properties with a 95% mortgage or if the Help to Buy Scheme is available on a new build house / flat.
Do Contractors have to pay higher interest rates?
Absolutely not, some lenders have better criteria than others when assessing Contractors so it’s best to speak to a broker.
At Elysian we do not charge contractors any additional fees to arrange their mortgages.
Is the lowest interest rate always the best?
Not necessarily, when looking at the mortgages available on the market, many other factors have to be taken into consideration including the lenders product fee cost, valuation fee and true cost of the mortgage over the term of the mortgage.
Can I get a mortgage with a less than perfect credit score?
Yes you can! There are mortgage lenders on the market who will consider clients with some adverse credit history. Each lender has specific criteria in relation to missed payment, defaults and County Court Judgements.
At Elysian finance we will talk though your specific circumstances and advise on the best way to move forward.