Question 1

Common Myths

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Question 2

Can an SEISS grantee receive a mortgage?

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Question 3

How long should you wait?

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Question 4

Qualifications

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Question 5

Do any lenders accept applications that includes using SEISS earnings for a mortgage?

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Question 6

Can I get a mortgage if I claimed the support grant?

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Yes, however your options for mortgage lenders may be limited compared to if you had maintained trading throughout the COVID-19 outbreak. Some mortgage lenders are hesitant of lending to those who have applied for SEISS assistance since it may indicate job insecurity or financial hardship. Since the SEISS award is technically considered income, some lenders won't mind if you can show you've returned to work and are earning enough to pass their affordability tests. Other lenders, however, are scrutinising SEISS applicants with greater vigilance. Getting a mortgage after claiming SEISS may depend on which lender you approach. As previously said, some will overlook SEISS usage, some will proceed with caution, and a few may outright reject you. Thus, it is critical that you discover the finest mortgage lender, one that will approve your application quickly and at the best rates possible, and our specialist advisors can help you find just that. We work with self-employed mortgage brokers who know which lenders will accept SEISS claims and understand their demands.

Question 7

How long do I have to wait after my last grant payment?

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Most mortgage experts advise waiting three months after you commence trade again before applying for a mortgage. Because some lenders need proof that the applicant has resumed normal business operations since seeking SEISS assistance, such as three months' worth of business bank statements. Waiting this short time will give you more options when it comes to choosing the right lender.

Question 8

Criteria

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Applications from self-employed who have received the grant will be looked at with the same criteria as a self-employed person, although some lenders are adding additional checks and conditions, which vary between lenders, but the type of additional information required is: Evidence that your business has returned to pre covid trading Reason why the grant was needed Additional questions regarding the accounts. Confirmation of grants not being used as deposits Lenders look at applications on a case-by-case basis, so it is difficult for you as an individual know which lender is more likely to approve a mortgage, which is where we can help.   We know which lender will look at your application favourably.

Question 9

SEISS-accepting mortgage lenders

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Others will only consider mortgage applications from clients who have used SEISS with additional conditions, such as Furness Building Society, Foundation Home Loans, and Accord Mortgages. Like... Dudley Building Society - needs regular income and no longer receiving benefits. To determine the impact of Covid-19 and the danger to future income, Aldermore evaluates each application individually. Harpenden Building Society – depends on an accountant to verify projection eligibility. However, the applicant must have returned to work before to receiving an offer from Vida Home loans. Some mortgage providers will not currently consider applications from SEISS claimants; however, this is changing. In short, lenders who will and won't consider mortgage applications from clients who claim SEISS. It is not advised to approach a lender solely on this information as criteria can change at any time.

Question 10

Using SEISS earnings for a mortgage

Accepted Answer

There aren't many mortgage lenders who will enable you to declare SEISS income and include it in the affordability assessment, so you'll have to shop around. However, under some conditions, a few mortgage lenders will allow you to report 100% of your SEISS income as well as other declarable incomes. It will help if you have been trading for at least three months since claiming your last grant. Using SEISS funds as a mortgage deposit is a similar storey. Some lenders won't allow it, so you'll need to consult a broker who specialises in self-employed mortgages. Finding a lender who will accept this deposit source may be achievable with their market knowledge. If you apply for a mortgage after using the government's SEISS programme, there are additional risks and disappointments. But don't fret, there's a simple approach to improve your mortgage possibilities.

Mortgages, SEISS and the Self Employed