Understanding Complex Income and Mortgages: What You Need to Know
Are you self-employed, a freelancer, or earning from multiple income streams? Getting a mortgage with complex income doesn’t have to be complicated! Here’s how it works:
What is Complex Income?
Lenders see “complex income” as anything beyond a straightforward salary. This could include:
1.Self-employment earnings
2.Bonuses or commissions
3.Dividends from your business
4.Rental income from properties
5.Agency Income/Zero Hour Contracts
6.Income from multiple jobs
How Lenders Assess Complex Income
Unlike traditional 9-to-5 salaries, complex income may require extra documentation. Here’s what lenders typically look for:
Self-Employed? Lenders often require 2-3 years of tax returns or accounts. A good track record of consistent income is key.
Bonuses or Overtime? They may use an average of the last 2-3 years, especially if these fluctuate.
Multiple Sources? Be ready to show proof of all income streams, like rental agreements, dividend statements, or additional payslips.
Tips for Securing a Mortgage:
Work with us, we are experienced in complex income cases.
Keep your accounts and paperwork in order—lenders love clarity!
Aim for a larger deposit if possible. It can make lenders more willing to work with you.
Maintain a healthy credit score to strengthen your application.
Don’t Stress: Complex income doesn’t mean you can’t get a great mortgage deal—it just means finding the right lender who understands your unique situation.
Are you self-employed or juggling multiple income streams? Let’s talk about how to make your dream home a reality! Comment below or send us a message.
Emily's Mortgage Services LTD 