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A complex income mortgage is designed for individuals whose income isn’t straightforward, such as freelancers, company directors, or those with multiple income streams.
Lenders offering these mortgages look beyond traditional salary criteria, considering factors like dividends, retained profits, or fluctuating self employment earnings.
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Yes, you can get a mortgage with a complex income.
As a specialist mortgage broker, we work with lenders who understand unique financial situations, offering tailored solutions to help secure a mortgage based on your overall financial picture.
Providing detailed documentation of your income can strengthen your application and improve your chances of approval.
Speak to an Advisor - It's Free!Lenders can accept a variety of complex incomes when assessing mortgage applications.
This may include self employment income, dividends from limited companies, income from multiple jobs, freelance earnings, contract work, bonuses, overtime and rental income.
Mortgage lenders will review your full financial situation to find a mortgage solution that suits your unique income structure.
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It can be more challenging to secure a mortgage with complex income, as many high street lenders prefer applicants with straightforward, salaried earnings.
However, specialist lenders and mortgage brokers are well-equipped to assess unique income structures and offer tailored mortgage solutions.
With the right documentation and advice, getting a mortgage with a complex income is certainly possible.
Complex income refers to earnings that fall outside traditional salaried employment.
This includes self employment income, freelance work, multiple job incomes, dividends from a limited company, rental income, bonuses, commissions, and investment income.
Lenders take a closer look at these types of income to determine mortgage affordability.
Mortgage lenders typically prefer applicants with stable, predictable incomes to assess affordability and minimise risk.
Complex incomes, such as fluctuating self-employment earnings or irregular bonuses, can make it harder for lenders to determine long-term repayment ability.
Specialist lenders, however, are experienced in handling these cases and can consider more detailed financial information.
Some lenders may not accept certain types of income, such as cash payments that aren’t declared on tax returns, occasional freelance work without a track record, or investment income that isn’t regular or guaranteed.
It varies between lenders, so speaking with a mortgage advisor can help you identify which lenders are most likely to accept your specific income sources.
The amount you can borrow depends on several factors, including the type and stability of your income, your credit history, and the lender’s criteria.
Specialist lenders can often consider a larger portion of your income, including bonuses, dividends, or rental earnings, potentially allowing you to borrow more than you might with a traditional lender.
The deposit required typically depends on the lender and your overall financial situation.
Some lenders may require a larger deposit for complex income cases, ranging from 10% to 25% of the property’s value.
A larger deposit can also strengthen your application and potentially give you access to better mortgage rates.
Yes, having complex income can affect your mortgage application, but not necessarily in a negative way.
While some lenders may view complex income as higher risk, specialist lenders have the expertise to assess your full financial picture.
Providing comprehensive income documentation can help smooth the application process and increase your chances of approval.
Yes, you may need to provide more detailed documentation, such as tax returns, bank statements, dividend vouchers, and accounts from your business.
Lenders will want to see a clear record of your income over the past two to three years to assess your affordability accurately.
Some specialist lenders are willing to consider retained profits in a limited company when assessing a mortgage application.
This can be beneficial for those looking for a limited company director mortgage, especially for those who prefer to keep earnings within the business rather than drawing a higher salary or dividend.
Yes, many lenders will consider bonus or commission income, although they may not take 100% of these earnings into account.
Typically, lenders will average this income over several years to get a more reliable picture of affordability.
When it comes to self employed mortgages, your income is usually assesed by reviewing tax returns, specifically your SA302 forms and accounts for the last two to three years.
They may take an average of your annual income over this period or consider the most recent year’s figures if they show consistent growth.
Yes, remortgaging with a complex income is possible. With the right preparation and guidance, you can secure a new mortgage deal that aligns with your unique financial circumstances.
To start your remortgage process, book an appointment with one of our experts. We have access to specialist lenders that offer remortgage products to applicants with complex incomes.
Absolutely, a mortgage broker experienced in complex income cases can identify lenders that are more flexible and open to non-traditional income streams.
They can also guide you through the application process, ensuring you present your income in the best possible light.
We understand that managing complex income can make finding time to explore mortgage options difficult. That’s why we're available 7 days a week!
Getting the right mortgage with a complex income starts with understanding your unique financial situation.
Our team specialises in finding mortgage solutions for applicants with complex incomes.
No two complex income situations are the same, which is why our approach is always tailored to your specific circumstances.
You’ll have a personal case manager to guide you through the entire mortgage process, ensuring that your application is presented to lenders accurately and efficiently.
We have access to thousands of mortgage products from specialist lenders who understand complex income scenarios.
With over 20 years of experience in the mortgage industry, we’ve helped countless clients with complex incomes secure the right mortgage.
Our established relationships with specialist mortgage lenders mean we know who to approach for complex income cases.
Self employment income can be varied and unpredictable, often making it more complex for traditional lenders to assess.
Typically, lenders will require at least two to three years of accounts, usually focusing on your net profit or salary and dividends if you run a limited company.
Getting mortgage advice and speaking to a professional is recommended if you have a complex income. Don’t hesitate to get in touch with our team and book your free appointment online today.
Freelancers often have fluctuating monthly earnings depending on the nature and frequency of their work.
Lenders usually look at an average of your income over the past two to three years to gauge stability.
Providing detailed records, such as tax returns, bank statements, and contracts, can strengthen your application.
If you have multiple part-time jobs or side gigs, your overall income can be substantial but varied.
Lenders will generally consider income from multiple jobs, especially if they have been held consistently over a long period.
When applying for a mortgage, having payslips, P60s, or contracts for each role can demonstrate to lenders that your income is reliable and ongoing.
Company directors often rely on dividends from their limited company as part of their income.
While traditional lenders may only consider salary, some specialist lenders will factor in both salary and dividends when assessing affordability.
In some cases, they may also take into account retained profits in your business, providing a more comprehensive view of your financial situation.
Rental income from buy to let properties or lodgers can be used to support your mortgage application.
Lenders may consider a percentage of your rental income, typically around 50-75%, when calculating affordability.
To include rental income, you’ll need to provide documentation such as tenancy agreements, tax returns, and evidence of consistent rental payments.
If a significant portion of your income comes from bonuses or commissions, some lenders will factor these into their assessment.
They often take an average over the past two to three years to establish a reliable income level.
Income from investments, such as stocks, bonds, or savings accounts, can also be considered by some lenders.
This income is often variable, so lenders will usually look at a consistent pattern of withdrawals or interest payments over several years.
Providing clear documentation of your investments, including bank statements and tax returns, can support your application and demonstrate your financial stability.
Seasonal workers, such as those in agriculture or tourism, can also have complex incomes due to fluctuations throughout the year.
Lenders may average out your seasonal income over two to three years to get an accurate picture of your overall earnings.
Submitting records of past seasonal earnings can help show a reliable pattern to potential lenders.
Contractors working on fixed-term or short-term contracts often face challenges in securing a contractor mortgage due to the perceived lack of income stability.
Some lenders, though, are more flexible and will assess your income based on contract rates, contract history, and future job prospects.
Keeping detailed records of contracts and payment history can be key to a successful application.
For those who regularly receive overtime pay or work shifts with variable rates, some lenders are willing to consider this income.
Typically, they will average the additional earnings over a period of time, usually the last 6 to 12 months, to gauge how reliable it is.
Providing payslips and employment contracts can help demonstrate the consistency of this extra income.
For retirees, pension income can be considered as part of a mortgage application, especially for later life mortgages or remortgages.
Examples of later life mortgage options include retirement interest-only mortgages, equity release, lifetime mortgages and home reversion plans.
Lenders will look at your pension statements to assess the stability and amount of income you receive, potentially allowing you to borrow against your retirement income.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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