Self Employed Mortgages

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How will lenders assess my earnings for my self employed mortgage application?

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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Why is my self employed application different to an employed application?

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.

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Most popular FAQs

How many years do you have to be self employed to get a mortgage?

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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.

Do self employed people have to pay higher rates for their mortgage?

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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.

What qualifies as self employed?

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If you own 20-25% or more of a business, a lender will typically class you as self employed.

Why is it hard for self employed applicants to get a mortgage?

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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.

How do I prove my income when self employed?

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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.

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UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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