The simple answer here is yes. In most cases, lenders will either use your net profit (if you’re a sole trader), or your salary and dividends taken (if you’re a director of a limited company) to verify your annual income. Some lenders however will allow you to use retained profit in your business to determine how much you can borrow.

There are two main types of mortgages – Fixed Rate Mortgages and Variable Rate Mortgages.

The main things that determine how much you can borrow is your annual income and current credit commitments (loans, credit cards, hire purchase agreements and so on). All lenders have different ways to calculate how much someone can borrow, but on average this is usually between 4.5 and 5 times your annual income.

You will need a minimum of 5% deposit. Most of the time, the bigger deposit that you put in, the better the interest rate will be. For example, if you put in a 15% deposit this will get you a better interest rate than a 10% deposit.

Normally a minimum of 25% deposit, but there are some lenders where only a 20% deposit is needed.

Yes. You can “remortgage” to another lender to take advantage of their better interest rates. As part of our ongoing service we will contact you as you approach the final few months of your existing mortgage deal to provide you with details of the options available to you.

This will not prevent you from getting a mortgage. Our advisors have great success in helping clients with adverse credit. There are a number of lenders that we work closely with who are more favourable to clients who have previously had trouble sourcing finance. Talk to one of our advisors today for further information.