If you think it’s almost impossible to get a mortgage as a self-employed taxi driver – THINK AGAIN!
You may have been turned down in the past and you can be forgiven for thinking that it’s not easy finding a lender who is prepared to offer a mortgage to a self-employed taxi driver. You may feel that you have regular earnings that should be more than enough to pay for a mortgage but have found that lenders don’t seem to see it that way and they appear to prefer to offer home loans to people in contracted employment.
Those in contracted jobs can easily supply payslips in order to prove their income to a mortgage lender, whereas for you it’s not that straightforward.
It’s true that some lenders lack either the expertise or desire to lend to people that appear to have variable income that is not guaranteed. But there are a growing number of lenders who specialise in lending to the self-employed and understand the complexities behind proving income . With the support of specialist taxi driver mortgage adviser, you can succeed.
Our panel of mortgage advisers can help you to;
- Collate the evidence of income in a format that will be acceptable to the lender.
- Correctly present an application based on your self-employed status.
- Submit your application to the mortgage lender most likely to accept you.
The types of taxi drivers that our mortgage advisers can help include, but are not limited to:
- Self-employed taxi drivers
- Self-employed mini cab drivers
- Self-employed Uber drivers (yes, Uber drivers can get a mortgage!)
- Drivers with only 1 to 2 years’ worth of accounts
- First time buyers, re-mortgaging, or buy to let purchasers
A specialist mortgage adviser will look in the right place
Within our panel of advisers, there is the expertise, track record, and know how, to get your mortgage approved.
To get started, simply call or email us.
You might have already been knocked back, but our advisers our here to help you make that step onto the property ladder as a first-time buyer, or in re-mortgaging or buy to let situations.
The reasons you might have faced previous difficulty when applying for a mortgage in the past or have been told that it’s not possible will down to a variety of reasons.
1. Mainstream mortgage lenders don’t understand your income
With income that can vary from month to month and tax-deductible and work-related expenses that can reduce your net profits, many mortgage lenders will consider your earnings too variable.
As an example, you could have large expenses such as a vehicle purchase, maintenance or repair bills, insurances, fuel, and taxi company fees that will all cut into your annual net profits.
That can impact how much a lender is prepared to lend you when set against their in-house affordability criteria.
As a default, mortgage lenders will always have to assess your income when applying for a residential or first-time buyer mortgage.
However, with the help of a specialist adviser, there’s no reason why all this financial information can’t be presented and calculated properly, and then submitted to a lender more inclined to accept you.
2. Sufficient historical accounts
You might not have more than a year’s worth of accounts to present to a mortgage lender.
Whilst this may prove a stumbling block with many lenders, but a specialist adviser can help you even if you have only been in self-employment for a short period of time, perhaps with just 1 years trading record. There are lenders who will lend based on as little as just one year’s worth of business accounts, whereas the standard high street lender may require a two or three-year accounting period.
It’s likely that our adviser asks you to provide:
- SA302 year-end tax calculations
Your SA302 will help to provide the evidence of your income from all sources including your taxi driving income plus how much you have paid in income tax and National Insurance contributions.
3. You might have a bad credit history
It’s not unusual to have bad credit, but this can present a challenge when applying for mortgages.
Taxi drivers like anybody else can sometimes experience credit problems. In many cases if your credit report shows an unfavourable history, a high street lender may automatically decline the application.
Successfully applying for a mortgage in these conditions doesn’t have to be impossible.
Our advisers are experts at helping people with bad credit history find a suitable lender who will be prepared to offer you a mortgage.
How much can you borrow on a taxi driver mortgage?
Every mortgage application will be different.
You may have heard that it used to be possible to self-certify your income, which meant the lender would accept your word on how much you could afford to borrow. The UK mortgage market no longer works in that way, with regulation used to ensure that mortgages are only approved where there is proof that the borrower can afford the repayments, and rightly so.
This is why you will have to prove your income, but also present that proof so that it is an accurate representation of what you can afford to pay.
Because of that, they will help you to find a suitable lender that offers a flexible lending criteria that understands your profession and realistic income calculations.
Our advisers have access to lenders that will not automatically use a multiple of your annual income to work out how much they are prepared to lend you, they will calculate accurately your monthly income and expense and realistically lend you what you can afford to repay.
Based on that, it might be that you could be in the position to borrow more than you thought possible.
Our advisers will never recommend that you take on a mortgage that you can’t afford to repay.
What’s the best mortgage for taxi drivers?
Our advisers have the expertise and knowledge to approach niche mortgage lenders as well as mainstream high street names.
The mortgage company they recommend will have the flexibility to accept applications from self-employed taxi drivers, minicab drivers, and even those working under the Uber brand.
When you work with one of our advisers, they will give you clear and expert advice on what type of mortgage to choose.
This might be a fixed rate mortgage, tracker-based mortgage, a discounted rate or a flexible mortgage to help you purchase a buy to let property.
Each application will be different, and your adviser will recommend the best mortgages to suit your individual circumstances.
Can taxi drivers get a buy to let mortgage?
A simple YES! Our advisers have access to lenders who will approve a buy to let mortgage based on the rental income that the property generates. In order to obtain a buy to let mortgage you will normally need to have a mortgage on your own home.
When looking to borrow for the buy to let market, it’s important to approach the right lender who have a track record in lending to the self-employed.
Our advisers will ensure that any application is only submitted to the right lenders who will work off rental income, in addition to your self-employed earnings.
Mortgages for London taxi drivers
Living and working in the capital city doesn’t come cheaply, but with the right adviser and application, there’s no reason why you can get a suitable taxi driver mortgage in London.
By calling us, our team will take some simple details from you, and then introduce you to one of our advisers who have particular expertise in the self-employed mortgage market.
We understand you might need a larger loan than other areas in the UK, so it’s important to work with a specialist who can help you prepare an application to suit London property prices.
How we can help
Our advisers are specialists in mortgages for taxi drivers and can support you in finding the best deals and rates across the whole of the UK market.
They are also experts at helping self-employed workers and those with bad credit history in getting accepted. They will assist in finding the right type of mortgage for you that considers the reality of your earnings as a self-employed taxi driver.
Contact us today so one of our specialists can help you to work through the complexities of irregular income, expenses, and net profit to ensure your application goes to the right lender.
With years of experience in successfully completing non-standard mortgages, we are confident that our advisers could help you on the way to getting a great deal.