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Freelancer Mortgages

Getting a mortgage as a freelancer doesn't have to be difficult – Let a specialist mortgage broker help guide you through the process.

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Can I get a mortgage if I am a freelancer?

Yes, you can get a mortgage as a freelancer.

Lenders will look at your income history, usually requiring at least one to three years of accounts, tax returns, or bank statements to assess affordability.

Although the process might seem more complex than for salaried applicants, there are lenders who specialise in offering mortgages to self-employed individuals.

Working with a mortgage broker like us can help you find the best deal tailored to your freelance income.

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How long do you have to be a freelancer before getting a mortgage?

Most lenders typically prefer freelancers to have at least one to three years of trading history before offering a mortgage.

This allows them to see a stable income pattern and assess your financial reliability. However, some lenders may consider applicants with only one year of accounts, especially if they have a strong financial background.

A mortgage broker like us can help find lenders that suit your specific situation.

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How much can I borrow for a mortgage as a freelancer?

As a freelancer, the amount you can borrow typically depends on your annual income and overall financial situation.

Lenders usually consider your average income over the past two to three years, along with your expenses and existing debts. Most lenders may offer around 4 to 5 times your annual income, but this can vary based on their criteria and how they assess freelance earnings.

Working with a mortgage broker can help identify lenders who offer more flexibility in borrowing.

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Freelancer Mortgages FAQs

What is a freelancer mortgage?

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A freelancer mortgage isn’t a specific mortgage product but rather a term used to describe mortgages tailored to individuals who work for themselves.

Lenders typically view freelancers differently from salaried employees due to fluctuating income and lack of a fixed contract.

However, many lenders offer mortgage options designed to accommodate self employed professionals.

With the right preparation and mortgage advice, securing a mortgage as a freelancer is achievable.

How do I prove my income as a freelancer?

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To prove your income as a freelancer, lenders usually require at least one to three years of accounts, typically in the form of SA302 tax returns, HMRC documents, and bank statements.

You may also need to provide an accountant’s certificate that details your income and expenses.

Showing consistent and stable earnings can strengthen your application, making it easier for lenders to assess your affordability.

How many months of freelance income do I need?

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Most lenders require at least 12 to 36 months of freelance income to consider your mortgage application.

They generally look for a track record of consistent earnings over this period to get a clearer picture of your financial stability.

However, some specialist lenders may be willing to work with you if you have only one year of accounts, particularly if you can demonstrate a strong financial background or have previous experience in the same field.

How much deposit do I need as a freelancer?

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The deposit amount required for freelancers is typically similar to that of other borrowers.

Most lenders prefer at least a 5% deposit for a standard residential mortgage, though having a larger deposit (10% or more) can open up access to better rates and improve your chances of approval, especially if your income is variable.

Can I get a mortgage if I’ve recently become a freelancer?

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Yes, but options may be more limited.

Lenders usually prefer at least one year of accounts, though some may accept applications from those with six months of trading if they have a strong financial background or a previous stable income.

How will my income be assessed as a freelancer?

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Lenders typically assess your freelance income by taking an average of your earnings over the past few years, usually using your net profit if you’re a sole trader or your salary and dividends if you’re a limited company director.

They’ll also look at any additional sources of income and consider factors like expenses, outstanding debts, and fluctuations in earnings to determine how much you can afford to borrow.

What documents do I need for a freelancer mortgage?

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For a freelancer mortgage, you’ll need SA302 tax calculations, tax year overviews, business accounts, bank statements, savings account statements, a gifted deposit letter (if applicable), photo ID, utility bills, a council tax statement, a credit report, loan or credit card statements, contract details (if applicable), and company documents if you’re a limited company director.

Gathering these documents in advance can help speed up the mortgage process.

Will my contract work be considered for a mortgage?

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Yes, if you work on a contract basis, lenders may take your contract rates into account.

You may need to provide details of your current and previous contracts to show a consistent income stream.

Some lenders will consider your day rate and project this over a full year, which can work in your favour when calculating affordability.

What are the rates for freelancer mortgages?

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The rates for freelancer mortgages can vary depending on your financial history, the size of your deposit, and the lender’s risk assessment.

In general, freelancers might face slightly higher rates compared to salaried employees, particularly if their income is irregular.

However, with a good credit score, stable income, and a substantial deposit, you can still access competitive rates.

A mortgage broker can help you find the best deals suited to your situation.

How can I improve my chances of getting a freelancer mortgage?

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Maintaining a good credit score, providing a larger deposit, having a longer trading history, and working with an accountant to prepare clear financial records can all improve your chances of getting a mortgage as a freelancer.

Can I get a mortgage as a freelancer with bad credit?

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Yes, it is possible to get a mortgage as a freelancer with bad credit, but it may be more challenging.

Lenders will scrutinise your credit history, and those with missed payments, defaults, or other adverse credit may face higher interest rates or stricter lending criteria.

Working with a mortgage broker like us who specialises in bad credit mortgages can improve your chances by connecting you with lenders who are more open to self employed applicants with less-than-perfect credit.

Can I consolidate debt as a freelancer?

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Yes, you can consolidate debt as a freelancer, often through a remortgage for debt consolidation. This involves combining multiple debts into a single mortgage payment, potentially lowering your monthly outgoings.

Lenders will assess your financial situation, including your income, expenses, and credit history, to ensure you can manage the new mortgage payments.

Speak with a mortgage advisor to explore your remortgage options and to find a deal that meets your needs.

How does the remortgage process work as a freelancer?

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The remortgage process for a freelancer is similar to that for other borrowers but requires a focus on proving your income.

You’ll need to gather documents such as your SA302 tax calculations, tax year overviews, business accounts, and recent bank statements to showcase your earnings.

Lenders will assess these documents, looking at your average income over the past few years, along with factors like your expenses, debts, and credit history.

If you’re looking to release equity, consolidate debt, or secure a better rate, a mortgage broker can help you find a lender more accommodating to freelancers and guide you through the application, valuation, and completion stages.

Can I get a bridging loan as a freelancer?

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Yes, freelancers can obtain a bridging loan, though approval will depend on your ability to repay the loan within a set timeframe.

Bridging loans are short-term loans used to bridge financial gaps, often when buying a new property before selling the current one.

Lenders will look at your income, assets, and exit strategy, such as selling a property or securing a long-term mortgage, to assess whether a bridging loan is suitable for you.

Reasons to Choose UK Moneyman

Open 7 days a week until late

We're here when you need us, offering flexible hours to fit around your busy freelance lifestyle.

You can reach out any day of the week, from morning to late evening.

Take advantage of our free mortgage appointment

Book a free mortgage appointment to discuss your needs and explore your options with no obligation.

Our goal is to make the process as stress-free as possible from the start.

Speak with your own dedicated case manager

You’ll have a dedicated case manager guiding you through each step of the mortgage process.

They’ll keep you updated and ensure everything runs smoothly.

By your side, to provide freelancer mortgage advice

Our team specialises in freelancer mortgages, offering tailored advice to suit your unique income situation.

We’re here to support you through the entire journey.

Beyond the mortgage to protect your future

We don’t just stop at securing your mortgage; we help you plan for the future.

From insurance options to mortgage protection, we've got you covered.

1000s of potential options

We search through 1000s of mortgage deals to find the one that best matches your circumstances.

Our wide range of options means you're more likely to find a suitable lender.

We have 20+ years of experience in the mortgage industry

With over 20 years of industry experience, our team has the knowledge to handle even the most complex cases.

You can trust that you're in capable hands.

Helping you overcome mortgage obstacles

If you face challenges such as fluctuating income or limited trading history, we’re here to help.

We work to overcome these obstacles and find a mortgage solution that works for you.

Types of Mortgages Available to Freelancers

Fixed Rate Mortgages for Freelancers

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A fixed-rate mortgage ensures that your interest rate stays the same for a set period, usually 2, 5, or even 10 years.

This can be beneficial for freelancers with fluctuating incomes, as it provides consistent monthly payments, helping you budget more effectively.

With a fixed rate mortgage, you won’t be affected by market changes, offering peace of mind.

Tracker Mortgages for Freelancers

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Tracker mortgages follow the Bank of England’s base rate, meaning your monthly payments can rise or fall depending on the market.

While this can lead to lower payments if rates drop, you need to be prepared for potential increases.

Freelancers with a flexible budget might find tracker mortgages suitable, especially if they anticipate future drops in interest rates.

Discount Rate Mortgages for Freelancers

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A discount rate mortgage offers a variable interest rate that is lower than the lender’s standard variable rate for a set period.

This option can provide initial cost savings, which may be helpful for freelancers managing varying income levels.

However, payments can change, so it’s important to be prepared for fluctuations in monthly costs.

Offset Mortgages for Freelancers

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Offset mortgages link your savings account to your mortgage, reducing the amount of interest you pay.

This can be particularly useful for freelancers who maintain significant savings, as it allows you to reduce your mortgage balance without directly paying it off.

It’s a flexible option that can help you save on interest and potentially shorten your mortgage term.

Interest-Only Mortgages for Freelancers

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With an interest-only mortgage, you pay only the interest each month, with the loan amount due at the end of the term.

This can lower your monthly payments, making it an attractive option for freelancers with irregular income.

However, you need a robust repayment plan in place for when the term ends, as you will still owe the original loan amount.

Buy to Let Mortgages for Freelancers

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If you’re considering property investment, a buy to let mortgage allows you to purchase a property to rent out.

Lenders often base their decision on the potential rental income rather than personal earnings, which can benefit freelancers.

However, a larger deposit (usually 25% or more) is typically required, along with a solid financial profile.

Variable Rate Mortgages for Freelancers

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Variable rate mortgages can change throughout the mortgage term based on the lender’s standard variable rate (SVR).

Payments may rise or fall, so this option suits freelancers who have a flexible budget and can handle potential increases.

It’s a good choice if you want flexibility and potentially lower initial payments but be prepared for possible rate hikes.

Specialist Mortgages for Freelancers

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Specialist mortgages are designed for freelancers with unique income patterns, such as those with multiple income streams or short trading histories.

Some lenders offer tailored mortgage products that account for your individual circumstances, considering factors beyond standard income assessments.

A mortgage broker can help identify these niche lenders who are more accommodating to freelance workers.

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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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