Out & About Autumn 2018

Flexible working hours and the desire to ‘be your own boss’ has bolstered the UK’s self-employment community to 4.77 million – nearly 15 percent of the workforce. However, the self-employed, contractors and freelancers, PD\ ¿QG LW KDUGHU WR JHW RQ WKH SURSHUW\ ODGGHU DV JHWWLQJ a mortgage can be challenging. It doesn’t need to be. With the right amount of preparation and planning, obtaining a mortgage can be easier than you think. Let’s start with step one: Getting your paperwork in order. It may sound like we’re teaching you to suck eggs, but ensuring you keep up-to-date records and accounts is vitally important - self-employed workers still need to prove income to any mortgage lender you apply to. Our top tip is to provide more information than you think necessary, for example: • Two to three years’ accounts prepared by a chartered or FHUWL¿HG DFFRXQWDQW • 7KH DYHUDJH RI \RXU ODVW WZR \HDUV¶ QHW SUR¿W RU • A track record of regular work. Accounts should be up-to-date and in order before you apply – otherwise the application will be delayed or declined. 6WHS WZR 8QGHUVWDQG \RXU RZQ ¿JXUHV Knowing your numbers and being able to talk the lender through them is equally as important as providing the paperwork. If you have a dip in your income at a certain point, you will need to be able to clarify what happened and ZK\ %\ SLQ SRLQWLQJ DQG H[SODLQLQJ DQ\ ÀXFWXDWLRQV \RX ZLOO seem more credible to the lender and therefore, increase your chances of getting your mortgage application approved. If you don’t have two years’ accounts, don’t panic. Some mortgage lenders will still consider your application, especially if you can prove a track record of regular work, you have left employment to work as a contractor in the same industry, or you have evidence of work lined up for the future. Step three: Consider if remortgaging is right for you If you already have a mortgage and want to re-mortgage to save money or move home, your existing lender may be able to help. If they have a history with you, they will be more likely to help than a lender who doesn’t know you. ,¶P D VHOI HPSOR\HG ÀRULVW DQG ZLVK WR JHW D PRUWJDJH +RZHYHU ,¶YH EHHQ WROG LW FDQ EH D YHU\ GLI¿FXOW DQG lengthy process. I’m worried I won’t be successful. Can you help? Mrs Michaels Being your own boss needn’t make it harder to get a mortgage

Are you a Director of a limited company? If so, the same rules apply. Some mortgage lenders will FRQVLGHU UHWDLQHG SUR¿WV ZKHQ DVVHVVLQJ DQ DSSOLFDWLRQ ,Q VRPH VLWXDWLRQV WKLV FDQ PHDQ FRPSDQ\ GLUHFWRUV ¿QG LW PRUH GLI¿FXOW WR JHW D PRUWJDJH WKDQ WKHLU HPSOR\HHV The key is to not assume it’s impossible to get a mortgage if you’re self-employed – it’s not. You just need a lender that understands the world of the self-employed. Good luck! If like Mrs Michaels, you are self-employed, a contractor or freelancer and would like to talk to us about a mortgage, please contact us and arrange an appointment in a branch local to you or by telephone. Newbury branch: 105b Northbrook Street, Newbury, RG14 1AA Call: 01635 522588 or email newbury@newbury.co.uk Thatcham branch: 4 High Street, Thatcham, RG19 3JD Call: 01635 864996 or email thatcham@newbury.co.uk Hungerford branch: 127 High Street, Hungerford, RG17 0DL Call: 01488 684705 or email hungerford@newbury.co.uk

-DQH %RVKHU 6HQLRU %UDQFK 0DQDJHU RI 1HZEXU\ Building Society’s Newbury, Thatcham and Hungerford branch.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPLAYMENTS ON YOUR MORTGAGE.

Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). 6916

Newbury Building Society

6