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.Get Started
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 Now
How 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.
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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Megan and Wayne have been great throughout. Both really easy to work with and on top of things at every step of the process. Thanks a lot.
Excellent service by Malcolm, Paula & Meghan. We completed our purchase last week in what was supposed to be a very difficult case due to my bad credit and limited trading history as a director of LTD company. UKmoneyman dug out a lender that...
Very good service received. Wayne is very knowledgeable and helpful especially with me been a first time buyer. Also very accommodating with timings and I was able to have chats later on a night to fit my schedule. Very supportive all the way...
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Absolutely fantastic service from the start, in helping getting a mortgage. Charlie always replied to my messages as quickly as possible and was very clear, thorough and calming through the whole process, cutting out a lot of worries had I not used...
Great help from the team, helped find exactly what we were after, and was an easy straight forward process. Being self employed it can be tricky however there were no problems with the help and advice we received.
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