Most lenders will average a self employed applicant’s earnings over 2 years but there are those that will go off your latest year if your profit is increasing. The most common way for a company director’s income to be assessed is salary plus dividends but it is also possible to go off their share of their firm’s net profit.
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You will not be asked to put down a higher deposit than an employed applicant and you will be classed as self employed by most lenders if you own >20-25% of your business. If you are a sole trader, you will be assessed using your net profits. If you need to speak with a mortgage broker about your self employed mortgage situation, book a free mortgage appointment and we can talk you through your options.
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You will typically need to have been self employed for at least two years, as most lenders will ask to see evidence of that time frame. In some cases, there may be lenders who only need one year.
Self employed applicants have access to the same mortgage rates as employed applicants. The only aspect of the application that changes is the way that your income is assessed.
If you own 20-25% or more of a business, a lender will typically class you as self employed.
There are no special requirements in place or extra barriers for self employed applicants. The reason that many self employed mortgage applicants may find the process difficult, is usually down to income. A lender will only count taxable income, and they will need sufficient proof that your income is reliable.
To prove your income as a self employed mortgage applicant, you need to give the lender either full accounts or SA302 year-end tax calculations (often presented with the corresponding tax year overview) from HM Revenue & Customs. Some lenders will accept a certificate from your accountant confirming income if they are suitably qualified. In some cases, lenders will request to see both of these together. Regarding SA302s, you will commonly find that the lender will need at least 2, maybe 3 years' worth of these. Some lenders will also look at retained profits within a business and take this into account when assessing affordability.
Unfortunately, as a self employed mortgage applicant, it can often be a struggle to get a mortgage. This is where a mortgage broker can come in handy. We have helped many different self employed customers obtain a mortgage, even when they thought all of the odds were against them. Now is your chance for us to help you secure a mortgage as a self employed applicant.
Our team are here 7 days a week early in the morning until late at night to answer any questions or enquiries you may have.
We don't ask for any payment until we have gone through the mortgage process successfully.
Throughout the mortgage journey, you will have an allocated case manager by your side.
Our service is tailored to the customer and their situation as we believe our customers are the heart of the company.
We want to make sure that our customers are protecting their future and taking out the correct insurance policies.
We have worked with many self employed customers through searching 1000s of mortgage products to find the best deal for you as a self employed applicant.
Our team are experienced in dealing with many self-employed cases and can provide you with the support and advice you need to help back up your application.
Going through the mortgage journey as a self employed applicant can be quite a challenge. Our mortgage advisors utilise their experience within the mortgage industry to overcome any obstacles you may experience.
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4.97 Rating285 Reviews
Hannah
The whole team at UK Moneyman have been so friendly and helpful, whilst also providing an excellent service and securing me a mortgage offer really quickly. Even when there were questions and changes, they went over and above to help and always came...
Sarah
Fantastic service from Tom Bowes
Brooke
Excellent service, great communication & highly professional
Khristopher
Malcolm and Meghan did a great job with my application which due to a chain breaking down had to be done for two different properties, was kept informed throughout and they made me aware of changes in the market i didn't know about. Would...
Hilary
Matt and Wendy worked tirelessly and creatively to reach a great mortgage outcome for me in what was a less than straightforward journey. The commitment and advocacy was fist class and communication, always excellent. Matt really earned his broker...
Nina
I'm very happy with the services UK Moneyman have been providing during my buying process so far. I'm a first-time buyer so it was very important to me to have a mortgage broker who could answer all my questions in a timely and...
Stuart
Great team who works to get you exactly what you need, they made the whole process smooth and painless, so I would highly recommend them.
Danielle
I honestly couldn't have asked for a better service with UK Moneyman! I have been working with Charlie and Wendy! They have been SO helpful throughout the whole process and so supportive, never a hassle for them when I've been bombarding...
Clair
Informative, friendly, helpful and efficient service.
Katie
Really glad I went with UK Moneyman for my first mortgage, explained everything to me so well and was always on hand when I needed them as I work long hours at weekdays so having appointments on the weekends was so helpful for me, would definitely...
Natalie
Tom and Chloe were super helpful with our first time mortgage. We had a couple of properties fall through but Tom was there to help and guided us through the whole process.
paul
I think anyone would have difficulty finding a more helpful and friendly Financial Advisor. We used them to find a suitable later life mortgage and their effort and persistence in the face of some difficulties (caused by our particular...
Anonymous
Good advice and a professional hand both made the process seem effortless. Full marks for a service and result!!
Christopher
Wayne and Paula have been very helpful in helping me purchase my first house would highly recommend them to anyone wanting a mortgage advisor! Wayne was also very flexible with time as I have very odd working hours and worked out a time for phone...
Carol
Excellent service, Tom and Lynsey were responsive and extremely helpful including in resolving issues of transferring the offer to another property when the seller of the first property I was buying pulled out.
Marco
It's the 3rd time I've dealt with the team at UK Moneyman, as before they have been informative, punctual, detailed and a pleasure to deal with. I couldn't reccomend them more highly.
Suzanna
Excellent communication from start to finish. Highly recommend.
Rasheda
Very friendly and provided all the information I needed.
Pauline
Very pleased with Allen’s professionalism , he was able to answer all my questions to my satisfaction
Paul
Excellent experience all around, used for two mortgages and will use again
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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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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
