Mortgages for Actors
Everything you need to know about Mortgages for Actors.
Can you get mortgages for Actors and Entertainers?
There’s not actually a specific Actor Mortgages, as an Actor you have access to the same products as everyone else. That said, there are products and lenders that will fit better for your situation.
This may mean that your required lender is not on the High Street.
Do lenders understand how my job works?
As an Actor your job isn’t new, but it can be complicated for a Lender. Whilst they know what you do, they may not understand how you do it.
How is an Actor Paid?
There are a few different ways you get paid when you’re an Actor. If you have a large recurring role on a television show you may have a longer term contract. You may work on a daily rate basis as a contractor. Depending on how you work you may be paid differently and you may be eligible for different types of mortgage.
You may also have different revenue streams from Live events/ticket sales or Merchandise which will make your income even more complicated.
How Do Mortgage Lenders Treat an Actor’s Income?
This depends on how you set yourself up, and your type of contracts. You may be a contractor working short contract 3/6/12 months, or a rolling contract. This actually can work in your favour and allow you to borrow higher sums.
It’s slightly different if you are a Sole trader or Limited Company Director. Generally lenders will want to see your latest years tax calculation and tax year overview, most will want 2 years worth. You can find out how to get these here. Some lenders are happy with taking your salary and dividends or net profits.
Can you get mortgages for actors with 1 years accounts?
If you have 1 year of accounts it is slightly harder to get an Actor mortgage. Having 2 or 3 years accounts would be ideal.
The good news is that whilst you may find it more difficult to get Actors or Entertainers Mortgage with 1 years accounts, it’s still very much possible! We have an article on this here.
Can you be an actor and pay a mortgage?
Absolutely! Actors can take out a mortgage, and of course pay it. You are probably self employed which is a hurdle itself. Added in short term contracts potentially and things may get complicated. Speak to a specialist mortgage advisor about it first.
How much deposit will you need?
This depends on what you want to do, but generally at the moment a minimum 10 – 15% would be normal. You even have the option of the Government Help to Buy scheme, which would only require a 5% deposit, see our Help to buy article for more information on this. You also have the recently announced First Homes scheme. This scheme will see properties at a minimum of 30% discount for first time buyers and key workers, however this isn’t in use yet, but we hope to hear more details by the end of 2020.
How can you improve your chances of getting mortgages for Actors when you’re self employed?
- Speak to a mortgage broker, they can find the right lender to suit your situation and therefore get you the best deal.
- Have a chartered accountant prepare your accounts – Lender’s like this a lot.
- Check your credit rating, there’s lots of free services out there.
- Save as much deposit as you can.
Can you get mortgages for Actors with Bad Credit?
You can usually get an Actor Mortgage with Bad credit. Depending on what is is, when it was registered, and how much it is you will have options. However if you have some Bad credit and want some more information there is an article here.
Can First Time Buyers Get Mortgages For Actors?
Absolutely! Being an Actor your income may be complicated, and as a First time buyer it may be overwhelming. However you still have options, it will depend on a lot of variables and very from Lender to Lender. Best to speak to a specialist advisor to get more information.