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

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SELF- EMPLOYED

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• Most lenders require a minimum of 2 years’ accounts, but I have access to lenders where only 1 year’s accounts are required.

• For sole traders/partnerships - Net Profit figures are used as the income verification

• For Company Directors who are more than 20% shareholders – director’s remuneration and dividends are normally the verified income used, but some lenders will allow company Net Profit.

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CONTRACTORS

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• 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

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PROFESSIONALS OCCUPATIONS

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• 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.   I have expertise in this area and I am able to liaise with lenders who understand this type of income.

• Higher income multiples can be obtained for certain professionals.