Self-Employed Bad Credit Mortgages in Sheffield
Specialist help for self-employed Sheffield buyers and homeowners whose credit history has a few bumps in it. Whole-of-market advice from a regulated broker who understands variable income.
- Lenders who accept one year of accounts, retained profit or day rate
- Free, no-obligation initial chat about your situation
- An enquiry here leaves no mark on your credit file
Plenty of Sheffield business owners assume that one rocky trading year, or a default from a lean period, ends the conversation about owning a home. It usually does not. Lenders in the specialist space are used to income that moves and credit that has wobbled, and they assess the whole story rather than stopping at a single figure or a single mark.
We help you present accounts, contracts and bank statements in the way these lenders expect, so your application reflects the health of your business rather than its worst month.
What counts as your income when you work for yourself
The figure a lender uses is rarely the figure you think of as your income, so it pays to understand the options.
Net profit
For sole traders and partnerships, most lenders use net profit, often averaged over two years or based on the latest year if rising.
Salary and dividends
Company directors are commonly assessed on the salary they draw plus dividends taken from the business.
Retained profit
A smaller group of lenders will add retained profit left in the company, which can lift borrowing power for directors significantly.
Contract value
Contractors are often assessed on day rate annualised, which can be more generous than accounts suggest.
We help Sheffield clients in situations like these
Your route to a self-employed mortgage
Understand your numbers
We look at accounts, tax calculations and bank statements together.
Read your credit file
We see exactly what lenders will see and plan around it.
Place the case
We approach lenders who underwrite self-employed adverse credit by hand.
Guide you in
We stay with you from agreement in principle through to keys.
A regulated broker who does this every day
Adverse credit lending is not a sideline for us, it is a core part of what we do. We have helped thousands of clients secure mortgages across the full range of credit situations, from a single missed payment to bankruptcy discharge.
You will work with qualified, named advisors who explain things honestly, including when the timing is not yet right. We would rather give you a straight answer than send you towards a rejection.
Adverse credit situations we cover
Bad credit mortgages
Our core service for any kind of adverse credit history. Start here if you are not sure which applies to you.
Mortgage with a CCJ
How a County Court Judgment affects your application, and which lenders will still consider you.
Mortgage with an IVA
Options during and after an Individual Voluntary Arrangement.
Mortgage with a default
Why the type, age and status of a default matters more than its existence.
Mortgage after bankruptcy
Routes back to home ownership once you have been discharged.
Self-employed with bad credit
Combining variable income with an imperfect credit file.
Self-employed mortgages with adverse credit in Sheffield: your questions
Where is your office, and do I need to visit?
Our office is in Nottingham, at Park Lane Business Centre, NG6 0DW. You do not need to visit us. We help Sheffield clients by phone and video, which is how most adverse credit advice is handled, so you get the same level of service wherever you are.
Which income figure will a lender use for my application?
It depends on how you trade. Sole traders are usually assessed on net profit, company directors on salary plus dividends, and some lenders will also add retained profit left in the company. Contractors are often judged on day rate annualised. Choosing the right basis can materially change what you can borrow, and it is one of the first things we work out with you.
Will I pay a higher interest rate?
Usually a little higher than a borrower with a clean file, because specialist lenders price for the added risk. The gap shrinks as your issues age and your credit recovers, and remortgaging onto a better rate later is often possible.
Can a broker really get me a better outcome than going direct?
A specialist broker knows which lenders look favourably on which kinds of adverse credit, so your application goes to the right place first time. Going direct often means repeated hard searches and rejections, each of which can further dent your score.
How many years of accounts do I need if I also have bad credit?
Most lenders prefer two or three years, but some specialists will consider one full year where the business looks healthy and the credit issues are explained and ageing. With only one year, the rest of the case, deposit, income evidence and the recency of any credit marks, carries more weight. We will tell you honestly whether your file is ready or whether a short wait improves it.
Talk to us
Ready to see what is possible?
A short, free conversation is the quickest way to find out where you stand. No pressure, no jargon, and no mark on your credit file.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
My Mortgage Specialist Ltd is registered with the Data Protection Act 1998 registration No. ZB679050 and is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 1002905, an Appointed Representative of TMG Direct Limited which is authorised and regulated by the Financial Conduct Authority under Firm Reference Number 786245 and registered with the Data Protection Act 1998 registration No. ZA178200. The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
My Mortgage Specialist Ltd. Registered Office: 11a Park Lane Business Centre, Park Lane, Nottingham, NG6 0DW. Registered in England Number: 14430556.
Some types of buy to let mortgages are not regulated by the Financial Conduct Authority. As a mortgage is secured against your property, it could be repossessed if you do not keep up the mortgage repayments.