Mortgage Income Certification
One of the downsides to being self-employed is when you come to get a mortgage. For someone who is employed, it’s generally easy to get a decision in principle and proof of income is often a matter of producing past payslips. When you are self-employed (whether as a sole trader or a limited company) the lenders are often much more cautious. You can’t always get a decision in principle over the phone and when it comes to proof of income, what is required can vary widely, particularly for limited company directors.
The variation in what is required for proof of income means that your income level can vary depending on what the mortgage lenders are looking at. You may have worked out what you can afford, but your mortgage lender may use a different calculation and this can be frustrating. Different lenders will take a different number of past years into account which may be beneficial or detrimental to your figures.
As Chartered Certified Accountants, Omer Adam & Co could get involved in the mortgage applications process for our clients by providing the various documents and figures necessary for proof of income
We could prepare your financial Statements and provide a detailed review of your past three income for mortgage certification
