Contractors / Self Employed / Professional Occupations

Borrowing for any of the above situations can be a lot more complex, and lenders often restrict borrowing or have specialist underwriting requirements.  Here at Jackson Potter we have extensive knowledge of these requirements having advised in these sectors for many years.

Contractors

• This can be fixed term i.e. 12 months 
• Daily pay rate 
• Usually required to have a track record in the same line of work or have a contract renewed.
• Usually a minimum of 6 months left on contract

Self-Employed

• Most lenders require a minimum of 2 years’ accounts, but we have access where only 1 year’s accounts are acceptable.
• For sole traders/partnerships - Net Profit figures are used as the income verification
• For Company Directors who are more than 25% shareholders – director’s remuneration and dividends are normally the verified income used, but some lenders will allow company Net Profit.

Professional Occupations

• Clients within the professions i.e. doctors, solicitors, accountants etc. are sometimes offered preferential rates
• Barristers income is remunerated in a specialist way by HMRC and some lenders have difficulty assessing their valid income.   We have expertise in this area and are able to liaise with lenders to resolve this.
• Higher income multiples can be obtained for certain professionals.