Mortgages for Taxi Drivers
Published 2nd April 2018
Getting a mortgage for a house if you’re a taxi driver can be challenging. Where most employed drivers have no problem evidencing their income with a few payslips, many self-employed drivers have difficulty proving what they can afford in order to satisfy a lender. This is where a taxi driver mortgage broker will come in hand, especially if you’re a first time buyer.
We’ve worked with and introduced many taxi drivers to specialist advisors who have arranged their mortgages throughout the years and we know how it works. If you’re employed, some lenders don’t understand how your income can ebb and flow at different times of the year. In the same way, many lenders often don't understand how self-employed taxi drivers earn a living, where large sums can be legitimately declared as expenses for things like car maintenance, fuel, fees to taxi companies, insurance etc. As these are all tax deductible, claiming for them can reduce your net profits and make it challenging to borrow what you need, as it is the net profit figure lenders will use to calculate affordability.
We also know that credit history plays a part, and if you’ve had credit issues in the past many high street lenders will have declined and ushered you out the door before you sit down.
How to get the maximum mortgage amount available
Unfortunately, gone are the days of self-cert mortgages where a lender will take you on your word that you can afford what you’re applying for. Now, evidencing your income is mandatory (unless you are purchasing a buy to let, when we can sometimes secure lending with no income proof). We know that what you earn each week is not necessarily what you’ll declare to the tax man, and therefore often we need to find lenders with the most generous lending criteria and income multiples. Some lenders are very strict and only fork out 3x your net profit or salary, some go to 4x and there are a select few we work closely with, that stretch up to 5x income.
We are specialists in taxi driver mortgages and can help you get not only the best possible minicab driver mortgage and re-mortgage deals across the whole of the market but also we have the specialist knowledge to help those that are struggling to find a mortgage to get one accepted. We can help those struggling to prove a consistent income and those with a lack of accounts.
- A first time buyer taxi driver?
- A taxi driver looking to get a buy to let mortgage?
- A self-employed taxi driver with 1 years accounts only?
- A self-employed taxi driver with 2 years accounts?
We are a taxi driver mortgage specialist. We can help those with only one year’s worth of accounts. So, even if you have only been working for 9 - 12 months, get in touch and we can start preparing your mortgage application to ensure acceptance and a good rate once you've reached your first years accounts. We will give you clear advice so you can choose the best option from fixed rate to tracker, flexible mortgages to buy to let and discount.
Are you a taxi driver or private hire company looking to take card payments?
Our partners, Merchant Advice Service, specialise in helping businesses and individuals in taking card payments. To get the best deals taking card payments in taxis, get in touch with them today. They can help with beat your current rates, help you get the right card payment machine including contactless, set up a merchant account and even help with online booking apps.
If you're ready to make an enquiry please fill out our quick form below and a taxi driver mortgage expert will be in touch ASAP. If you require immediate assistance please give us a call