Self-Employed Mortgages

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What is a self-employed mortgage?

If you are self-employed then getting a mortgage can sometimes be problematic. While there is no such thing as a ‘self-employed’ mortgage per se, it will just be a standard mortgage, but the difficulty comes in being able to provide adequate assurance or evidence to lenders that you can afford the mortgage.

Getting a mortgage as a self-employed person can seem like hard work, and might take a little longer, but with the right advice, we can help you secure a mortgage even if you have been turned down in the past or have limited accounts.

What are my chances of getting a self-employed mortgage?

If you’re looking for a mortgage as a self-employed person then there’s no reason that lenders should automatically turn down your application. Your chances are boosted if you can prove you have a regular income stream that demonstrates to the lender that you could afford the mortgage.

It helps if you can put up a decent sized deposit and that you have a good credit score or credit report to show your reliability. In order to get the best rates for a self-employed mortgage, ideally you should have at least three years of accounts to prove your income.

The more information you can provide to the lenders to reassure them that the risk to them lending to you is minimal, the better choice of mortgage deals you will have to choose from. One of our expert advisors will ensure that you have everything in order to satisfy the majority of lenders. 

Self-employed mortgage lenders we typically work with...

By speaking to one of our specialist advisors, they can review your circumstances and find the most suitable lender for you.

Self-employed mortgage deals

An estimated 15% of all workers make up the self employed workforce. Whilst many lenders like customers do have the security of employment, that does not mean there aren’t lenders willing to assist the self employed.

You may be looking for a lender who can consider you with just one years accounts. Or your business might have grown significantly over the last year and you want a lender who will take your most recent years figures. You might also work as a contractor, or want a lender to consider the retained profit you hold in your business.

By speaking to one of our specialist brokers, they can review your circumstances and find the most suitable lender for you.

What are my self-employed mortgage options?

Your self-employed mortgage options will be better the more information you are able to provide in support of your application. Self employed people with at least 3 years self-employed accounts should have access to most lenders, but your options can get narrower the less number of years of accounts you have.

Every lender has their own criteria for working out your income and judging whether you are eligible for a self-employed mortgage. Lenders may require additional information, to support your application, and by engaging with one of our mortgage advisors you can ensure you have everything in order to secure the best possible rate for your mortgage.

What sort of self-employed mortgage deal am I likely to get?

Our mortgage advisors have helped thousands of self-employed people successfully secure a mortgage. Aside from your own business accounts, your credit history will also be taken into account and will impact on the deals you could be offered.If you only have a year’s worth of account then you will probably be relying on a good credit history to secure a mortgage.

The longer your business has been trading, the better. The maximum loan to value generally reduces depending on the number of years of self-employed accounts available, so that if you have 2 years accounts your loan to value will be 95%; for 1 year’s accounts – 85% loan to value; and for less than 1 year’s accounts, 75% loan to value.

While you may have less choice if you have been trading less than 3 years, we are confident that with the help of one of our mortgage advisors they can find you a good deal, even if you may have been declined in the past. Because of the extensive network of lenders accessible to our advisors you can often get approval from lenders when you might not have previously been able to.