22nd February 2019
Actors, Musicians and Mortgages
Here at The Finance Roome, we are renowned for helping clients with non-standard, often quirky, mortgage needs. However, many of our readers will not be aware that we also specialise in finding mortgages for musicians, actors and those involved in the theatre world.
Many Lenders treat these applicants as self-employed. This means they take into account applicants’ net incomes, as on their tax returns, when calculating how much can be borrowed. Actual gross income earned (via contracts) is far greater. We have considerable experience and in-depth knowledge of this very different employment sector. This means we are often in a position to help find the most suitable and the best deals. Thus allowing you to borrow much more than when using Net Profit.
A Mortgage For An Actor
For example, only very recently we were contacted by an actor whose income as per last year’s tax return was lower than £25,000. However, this new client had recently started a six month contract with a major London musical and is being paid in excess of £2,000 a week. This equates to much greater borrowing power. She came to us as we were recommended. She was hoping that we would be able to assist her with her London based purchase and we are pretty sure we can!
A Mortgage For A Musician
Another fairly typical example is that of a touring musician with a big show. He might have struggled to get the mortgage he required with a traditional Lender. His Net Profit as per his accounts was considerably lower then his actual contract income. However, we were able to find a Lender who took into consideration his contract income which was approximately £80,000 across 6 months.
If you are involved in this sector or know someone who is, please do get in touch with us when you decide to buy a house. It might be an easier process than you think – and you could find yourself in a much stronger position when it comes to buying the home of your choice. Simply give us a call for more information.