Self Employed Mortgages

If you’re self-employed, you may be wondering if you’re able to get a mortgage. The good news is you are. Self-employed mortgages are available, they’re just not as straightforward as if you have a typical salary.

Proving What You Can Afford

The main stumbling block for self-employed mortgages is being able to supply proof of affordability.

Being self-employed, you may find your income differs month-on-month. In a lenders eyes, this could be an issue when determining whether you’re able to make consistent mortgage repayments.

Lenders typically want you to have been trading for 2-3 years, and look for 2 years accounts as proof of sustained income and with most other mortgages. These accounts will determine what a lender will let you borrow.

• If you are a limited company, lenders may look at dividends and salary. They may also look at the company’s net profit.
• For sole traders and partnerships, lenders will look at net profit as the means for income.

You may find demonstrating sufficient net profit difficult, especially if an accountant has put measures in place to make your accounts tax efficient.

Self-Employed Mortgage Products

Many self-employed applicants have access to similar rates to employed applicants. The products are often similar, but it is the affordability that is the differentiating factor. If you’re self-employed, you’re not limited by the number of products available.

How Can I Improve My Chances of Getting A Self-Employed Mortgage?

• Make sure you have complete, up to date records of all your business paperwork.
• Complete a SA302 self-assessment
• Make use of an independent mortgage broker

Independent mortgage brokers are often well versed in dealing with self-employed mortgage applications. They often have access to a number of lenders and will know where to place your application to give the best chance of being accepted.
Mortgage brokers have the benefit of taking the leg work out of searching an often large number of lenders. You’re also more likely to get a cheaper mortgage deal and not waste time with lenders that may not approve your application.

What Mortgage Will I get?

There so many mortgage deals out there, it can be like trying to find a needle in a haystack identifying the best mortgage deal for you, especially if you are self-employed. However, we are on hand to provide you with our advice and guidance to help you find the best mortgage deal.

We have over 25 years combined experience in helping to provide self-employed mortgages to individuals that need it the most. So rest assured, we know exactly how we can help secure you the best mortgage for your needs.

We will do all the legwork on researching products on the market from the hundreds available, to save you the time and the hassle, so you can spend your time searching for your dream home. We will also walk you through the application and settlement process so we are with you every step of the way.

Trust us, we’re on your side. We’ll give you unbiased advice so you that you can choose from a range of lenders and products, rather than being restricted by the lender you go to directly.

Self-Employed and Want To Remortgage?

As well as helping to provide self-employed mortgages, we also help with remortgaging too.

So if you already have a home loan and wish to remortgage to move to a bigger home or get a better deal, we can guide you in the right direction. You might not be aware, but your existing lender may be more sympathetic if you’re looking to remortgage, especially if you have a good history of making repayments on time.