This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.
As a taxi driver, getting the right mortgage can seem challenging, where it is far more complicated to prove your income.
However, by working with a professional mortgage broker, you have expert support at your fingertips to ensure you achieve a mortgage at competitive borrowing rates - which becomes even more crucial as a first-time buyer!
The Revolution Finance guide will explain how to apply for a mortgage, how much you are likely to be able to borrow, why your self-employment history counts, and how we can help.
For more detailed and bespoke advice about finding the mortgage lending you need, give us a ring on 0330 304 3040 or send over an enquiry at info@revolutionfinance.co.uk.
You certainly can - and a lot of decisions about which lenders to apply to will depend on how you trade.
As a specialist self-employment mortgage broker, Revolution regularly works with cab drivers who have found it difficult to achieve competitive lending rates from mainstream mortgage providers.
Mainstream lenders can find it challenging to accept taxi driver mortgage applications. There are multiple reasons for this, such as:
Understanding the expenses system, whereby you might be claiming back tax-deductibles such as fuel, taxi company fees, insurance costs and vehicle maintenance expenses, is vital to secure a competitive mortgage.
Your credit history is also a factor. Where your income structure is more complicated, many high street lenders will reject an application showing any adverse credit issues on your file.
When applying for a self-employed mortgage, you will need to present the following documentation to substantiate your income:
Lenders also prefer self-employed mortgage applicants to produce accounts prepared by a trained, chartered accountant, if available, as this ensures their trustworthiness.
They're more than likely to focus on your average profit over the last few trading periods than to look at the latest year in isolation to get an overall picture of your average profits.
It may be difficult to persuade a lender that you can afford to repay a mortgage if you only have accounts for a year or less, but it is not impossible with support from an experienced broker.
It can help to show that you have regular work or provide proof of upcoming commissions. Still, some lenders have strict policies about minimum work periods, so it's essential to apply to the right mortgage provider from the first step.
When you're self-employed, having a solid deposit and a decent credit history will also assist you in securing a mortgage.
You must produce the following documents in addition to proof of income:
Lenders will look at your bank accounts to see how much you spend on bills and other expenses to make sure you can afford your mortgage payments. They might ask for information about:
Note that this information is all part of the standard affordability assessment to ensure you have the income to manage your repayments. It's a normal part of the application process if you have a variable self-employed income.
Yes, with the same criteria as you'd find on any self-employed mortgage or home loan criteria for a sole trader.
The Revolution Brokers guide to mortgages for sole traders and partnerships provides more information about this type of lending.
Every mortgage lender will assess your income to arrive at a maximum amount they can offer to lend. This assessment process means having to demonstrate your income.
In the past, self-cert mortgages enabled self-employed people to declare what they were earning and mortgage lenders to use this information in their calculations.
Now, this type of mortgage no longer exists, and you must be able to prove what you are earning, backed up with official accounts and records.
There are cases where proof of income isn't required. However, this is usually restricted to specific mortgages such as a buy-to-let.
When you're self-employed, you can take a variety of steps to improve your chances of getting a mortgage, including:
Ultimately, the best way to find affordable borrowing with competitive terms is to work with an experienced, independent self-employment mortgage broker who will advocate for you and negotiate terms with the best lenders on the market.
Calculating your income can itself be a complicated process.
Besides, even if you know your average weekly or monthly income, this will not match your self-assessment tax return, where all of your tax-deductible business expenses have been taken off before your net profit is calculated.
Some lenders will lend up to a maximum of four times your average annual salary. Others will lend up to five times your earnings, and a small number of specialist lenders will offer up to six times your annual income.
Revolution Brokers works to secure the best rates on a range of mortgages for taxi drivers, including minicab drivers and remortgage applications.
Our experience means that we can find suitable lenders to apply to and provide help with demonstrating your income and putting your application together to meet the lender's criteria.
Generally, mainstream lenders like to see at least two to three years of trading history. However, working with a niche broker can mean securing a mortgage after a much shorter period.
The team at Revolution can negotiate terms for taxi drivers who have been working for as little as nine to twelve months, so if you fall into this category give us a call, and we'll get to work.
Mortgage options for taxi drivers include:
If you need a mortgage and struggle to find the right lending, Revolution Brokers are here to help.
We can also offer general advice and support, whether you are considering purchasing a property or would like to understand more about the application process.
Give our team a call on 0330 304 3040 or send us a message to info@revolutionbrokers.co.uk, and we'll be in touch!
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature. We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.
Revolution Brokers understands that mortgages can be complex and confusing!
Ask us any question you might have, and one of our skilled consultants will come back to you as quickly as possible.
