Buy to let mortgages for the self-employed can be difficult to get. But don’t think for one second being self-employed somehow restricts your options or interest rates are different. They’re not...period. However, the process of getting a buy-to-let mortgage if you are self-employed can be harder. Let me share with you why a buy-to-let mortgage for the self-employed can be a royal pain!
Buy-to-let mortgage for the self-employed can make you crazy!
Listen I’m not going to start by saying it’s easy to get a buy to let mortgage, or in fact any type of mortgage for that matter…it’s not. And anyone who tells you otherwise is talking rubbish. So just be warned!
However, the process of getting a but to let mortgage if you are self-employed can be harder or easier depending on the lender…of course, you are never going to know this! Not only that, one lender may be the flavor of the month now, but trust me, this doesn’t last! Don't forget, lending criteria, internal staffing issues, outsourcing to call center 'temps' and so much more is in constant flux for lenders...and don't forget they are all different!
Why buy to let mortgage lenders don’t care!
Oh and did I mention, they really don’t care if you get a mortgage? They are looking for every reason to say ‘no’….and that’s the honest truth.
Don’t forget, you’re dealing with people in a call center, in a bank, in a building society who are completely detached from any emotional attachment to you.
So dealing with banks and building societies is the biggest pain for us as independent mortgage brokers…and let me tell you why…it’s because we care. But don’t worry, this is for us to worry about and deal with, not you!
As I said, the reality is sometimes one lender is doing well, then they drop the ball and are absolutely useless.
So don’t worry, it’s not you who is crazy, it’s us! After all, we are the ones dealing with these lenders!
Buy to let mortgage for the self-employed – the dull reality!
Okay, this is where I tell you the truth…
I know it’s a pain, but you have to get your paperwork up to date and organised. I know, I know…most of you hate paperwork.
But trust me, if you like more headaches and frustrations, do what you normally do, because that's exactly what will happen!
If you can just make a bit of effort to get stuff done, trust me it will be worth it. Because after all if you want a mortgage, you have to do it. So you either do it the easy way or the hard way. Either way, you have to do it, so you might as well do it right the first time.
Oh and just a reminder, it’s not me that’s making your life a pain…it’s the banks and building societies, so don’t shoot the messenger. I just want to tell you how it is!
So it's usually a good idea to speak to an independent mortgage adviser (like us) to help with this process and make sure it runs smoothly after all self-employed mortgages are not always straightforward.
Tip for the self-employed getting a buy to let mortgage:
But as a little tip, I do genuinely think it is beneficial to work with a firm who are experienced and regulated in a wide cross-section of mortgages as they will be able to help with any future need you may have. It helps you to keep continuity and build a close and trustworthy working relationship with them.
They also might be able to think more outside the box, if you have a complex scenario. For example, an adviser who only deals with buy to lets, won’t be able to think holistically. Whereas an adviser who deals with residential, buy to let, holiday lets, HMO, commercial, etc, will have a broader perspective and is better equipped to help not just now, but in the future too.