MortgagesForSelfEmployed.co.uk

MortgagesForSelfEmployed.co.uk: mortgages for self-employed workers in the UK

MortgagesForSelfEmployed.co.uk is a trading style of New Wave Financial Services Limited, an entity authorised and regulated by the Financial Conduct Authority (FCA) with reference number (FRN) 779395. The firm presents itself as part of the Newwave group of brokers and defines itself as a specialist in self-employed mortgages, with the aim of facilitating access to finance for limited company directors, sole traders, contractors and LLP partners, among other profiles.

Fast pre-approval and up to 95% loan to value

The service is geared towards obtaining mortgage pre-approval in as little as 24 hours, thanks to an in-house underwriting team. The firm states that it seeks lending decisions on the same day the enquiry is registered. Financing can reach up to 95% of the property value (Loan To Value, LTV), which implies a minimum deposit of 5%. Among the requirements it highlights is a trading history of at least one year, although for contractors with previous experience in the same field the required length may be 12 months.

Self-employed profiles served

The company targets a variety of situations within self-employment. Among the groups mentioned are limited company directors, sole traders, contractors, LLP partners and other similar profiles. The site stresses that, although many banks reduce the amount they can lend to self-employed people, its service seeks to reverse that situation and allow even larger loans than those available to an employed person.

Focus on affordability

The firm explains that, in the case of limited company directors who pay themselves a low salary and top up their income with dividends, it works with lenders to use income in various ways and maximise affordability. It also notes that, in the event of a significant increase in profits, it is possible to use the latest year's figures instead of an average, thanks to arrangements with lenders that accept this criterion. For those with an adverse credit history or who have been declined by their bank, the company states that the specialist lenders it works with are more flexible and that its advisers review the situation before submitting any application.

Lender panel and mortgage comparison

MortgagesForSelfEmployed.co.uk states that it compares thousands of mortgages and has a large panel of lenders including banks and building societies throughout the UK, as well as specialist lenders for specific circumstances. The company maintains that its knowledge of the self-employed market improves the chances of acceptance and of obtaining the best terms.

No-obligation advice and application process

The service includes mortgage advice with no obligation to proceed. According to the information published, there are no upfront fees: once a solution has been found and the work involved assessed, a broker fee is agreed. This fee is only payable once the mortgage has been formally approved and the client receives the formal offer. The firm also offers an online quiz taking less than two minutes, with no credit check, to find out about the available options.

Contact and regulation

Telephone support is available on 0203 794 5455, from 9:00 to 17:30 Monday to Friday. For email enquiries, the address is hello@newwavefs.co.uk. The company operates under FCA supervision and reminds clients that some types of buy to let mortgages are not regulated by this body. It also warns that the property may be repossessed in the event of non-payment.

Location and contact

First Floor Astra House, Christy Way, Basildon, Essex SS15 6TQ · Phone: 0203 7945455 · Email: hello@newwavefs.co.uk