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Mortgages for Taxi Drivers

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 5th December 2019 *

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 specialist mortgage broker will come in hand, especially if you’re a first-time buyer.

Our guide to mortgages for taxi drivers covers the following topics...

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Can taxi drivers get a mortgage?

Yes, absolutely, but how straightforward it is for a taxi driver to get a mortgage often comes down to the way they trade.

We’ve worked with and introduced many taxi drivers to specialist self-employed mortgage advisors who have arranged their mortgages throughout the years and we know how it works.

If you’re self-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.

Do Uber drivers qualify for a mortgage?

Yes, but the standard criteria for all self-employed and sole trader mortgages will apply to Uber drivers, the same as it would for any other type of professional who trades this way.

Read our guide to sole trader and partnership mortgages for more information.

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 4x your net profit or salary, some go to 5x and there are a select few we work closely with, that stretch up to 6x 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.

How long do I need to have been working as a taxi driver to get a mortgage?

Most mortgage lenders prefer self-employed taxi drivers to have been trading this way for 2-3 years, but with the right advice, it may be possible to get a mortgage with less working history under your belt.

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 favourable rate once you've completed your first year.

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.

Speak to an expert about taxi driver mortgages

If you're ready to proceed with your mortgage application or simply want to find out more, please make an enquiry. We'll put you in touch with a taxi driver mortgage expert for a free, no-obligation chat that won't leave any marks on your credit report.

Updated: 5th December 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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