Best Mortgage Lenders For Self Employed in the UK

The struggle to find the best lender for a self-employed is not easy. After all, it is about a big decision that has a vital long-term effect on your finances. Already, the people with their earning source face many difficulties when they apply for a mortgage. One big issue is, the lenders do not understand the nature of their business. You do not want to face any such issue in your case.

A lender can change your complete borrowing experience. A good one can make you feel proud for taking the best decision while the wrong one fills you with regret. Isn’t it easy if you get to know beforehand about a list of choice of the best lenders? You can explore and exploit the possibilities they provide with their mortgage products.

Here are several mortgage lenders that are considered advisable–

Santander –

This name needs no introduction, as it is one of the most renowned leaders of the UK mortgage market. Santander is known for its flexible and new aged approach. It has a wide variety of mortgage products to offer. There is no clash on the type of business or source of income, and the lender wants the borrower to qualify on its essential criteria of average monthly income. If that is fine, the bumpy nature of the earning of a person is not an issue.

Mortgage types in the offer are:

Fixed-rate mortgages
Tracker rate mortgages
Lifetime Tracker Mortgages

With the help of its advanced tools like mortgage calculators and comparison tools, it gives you a fair chance to decide what is best. Currently, due to corona, the lender can offer the LTV of 60 to 65% depending on the individual case. But this is temporary as when the normalcy comes back the lender has expressed the intention to get back to its previous capacity to offer 85% to 95% LTV.

Barclays

It is another name that enjoys the trust of the countless self-employed borrowers for its uncompromised mortgage services. The lender has lucrative deals on property loans that come with sundry features like instant approval decision, high approval rate, no upfront fee, speedy procedures, etc.

Mortgage types in the offer are:

Fixed-rate mortgages
Offset mortgages
Tracker mortgages
Interest-only mortgage

The lender is known for its customer-friendly approach on application fee, valuation fee as well as a standard legal fee. It means there is no fee. Barclays also provides top-up loans to help you meet the need for that extra bunch of Pounds.

Virgin money –

Another industry giant with the tag of responsible lending that earned it the trust of the countless borrowers. The lender deserves attention due to its true nature and capacity to serve the self-employed mortgage lenders with the best deals.

Mortgage types in the offer are:

Fixed-rate mortgages
Variable-rate mortgages
Tracker mortgages

Many reasons can explain why a self-employed should borrow funds from the lender. The borrower gets his adviser, the customer service is available 24x7, and there is no valuation fee. Above all, the terms suit to the needs of the borrower. The lender gives equal and unbiased attention to new as well as existing customers.

NatWest

A lender that is known for its friendly approach to the young generation is also perfect for the self-employed for the start-ups. Its mortgage products are available for those above 18. The lender acts big and liberal in its approach.

Mortgage types in the offer are:

Fixed-rate mortgages
Tracker mortgages
Offset mortgages
Standard-variable rate
Interest-only mortgages
Variable-rate mortgages

NatWest has recently sent messages to all of its borrowers to apply for a mortgage payment holiday if they need it during COVID-19. The tools that the lender facilitates are – Agreement in Principle and Mortgage calculators. The borrower can stay stress-free on the interest rates as they always remain pocket-friendly.

The above lenders are most reliable and deserve the tag of the best lenders for self-employed in the UK. All the above names understand the challenges that a self-employed applicant goes through.

Now the question is….

How to ensure a smooth approach to all the lenders and handle the documentation work? The lengthy procedures are not suitable for a self-employed person as it reduces business productivity due to giving less time to the actual work.

The advisable solution to this can be a mortgage broker for self-employed in the UK that has the reach to all the renowned lenders. The brokers such as Shinemortgages.co.uk, John Charcol, etc. can do this for the fund seekers.

Conclusion

For any need on self-employed mortgages, you can easily trust on any of the above lenders. However, to know which one provides the most suitable option according to your needs, you can hire a broker. Let it tackle all the mess of documentation and you enjoy the lucrative mortgage deal offered by the mortgage provider. Isn’t that a great deal? Yes, it is.