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.
Apply NowHow many years do you have to be self employed to get a mortgage?
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?
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?
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?
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?
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.
I'm self employed, how can a mortgage broker help?
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.
We're flexible around your work and family, we'll be there when you need us.
No upfront fees payable, we are paid on results only.
You'll always know who you are dealing with.
Getting a new mortgage or porting an existing mortgage isn’t always easy. We’ll be here to answer all your questions throughout the whole process.
Meaning you're safe and protected by our process, providing peace of mind. We take all the responsibility for the advice.
We shop around for the cheapest deal for you, saving you time and money.
There isn't a situation we haven't come across before, we fully understand your needs.
We'll help you overcome hurdles that you face along the way, for example, removing the stress of property survey and valuation problems.
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UK Moneyman's recent financial health check was incredibly thorough, well-communicated and professional and had a very positive outcome in terms of excellent income protection cover. They have also sourced two excellent mortgages for me on my...
I have used ukmoneyman's services for two mortgages and they have been absolutely amazing! My case had particular challanges, complexities and some technical misfortunes here and there. However Lyndsey and Leo have always kept me up to date,...
the staff are extremely supportive, friendly and helpful. I highly recommend them.
It was nice talking to moneyman this morning and I managed to book my first appointment on the same day, how amazing is that
We needed a specialised mortgage so using a broker was a no brainer. We didn't know what to expect but UK moneyman made the whole process smooth for us. Communication was amazing. Thankyou to Leo and Kerry.
Could not have been more helpful. Friendly and approachable and worked really hard to get us what we needed. Withdrawn highly recommend and will be using Moneyman in the future.
Brilliant service from the start and throughout!
This team really are fantastic, I carried out a RTB mortgage and they have executed perfectly, thanks again to the whole team. Very professional and fast acting.
Very smooth service
We contacted UK moneyman as our first mortgage advisor didn’t work out. After our first conversation things moved quickly, they were thorough with what information we needed to give them, which meant when it came to applying for the mortgage...
IT WAS LOVELY TALKING TO Helen today She was very professional and friendly and very helpful I am looking forward to her colleague Thomas calling me back at 3:30 as a range from conversation on telephone
Everyone at UK Moneyman was really helpful, polite and efficient throughout the process of getting our mortgage offer. As first-time buyers, the process seemed very overwhelming at the beginning but Charlie talked us through each step at the...
Dale was very good and very prompt thank your for your help dale
I spoke to Leaghne and she was very helpful and very patient and polite in all discussions we did. It was very easy to get through.
Really helpful and friendly team that got us the mortgage we wanted.
The service from Charlie and Chloe was outstanding! Charlie was by our side through all the start of the process and Chloe took over later on and helped with every issue we had to make sure everything ran smoothly. They both went above and beyond...
Warm Welcome. Understandi
Just spoke to Aaron very thorough good lad
Seemed a nice, friendly guy. Seemed to understand and actually interested in our application.
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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.
