Sometimes it’s not straightforward when it comes to showing your income to lenders and it can heavily impact how much you can borrow. For example if you’re newly self employed, you leave a lot of your profit within your business, you’re working through another company as a contractor or you hold a very small percentage in a Partnership.
Then when it comes to getting a mortgage with your bank, you think it won’t be a problem as they’ve held your money for years, your income is healthy and you have your savings with them. However, the problems start when your bank doesn’t look at your income if you only have one tax return or you’ve just made partner at your firm or perhaps you’ve recently changed over to being self employed, even if your contracted job role remains the same and your income has even increased!
And just like that, your bank caps what you can borrow or even declines your application!
As brokers we know that income is rarely straightforward and because we’re not tied to just one lender we can look at more than just your bank for an answer.
