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.

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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Self Employed Mortgages 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.

I'm self employed, how can a mortgage broker help?

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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.

8 Reasons to choose UK Moneyman

Open 7 days a week until late.

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.

Take advantage of our free mortgage appointment.

We don't ask for any payment until we have gone through the mortgage process successfully.

Speak with your own dedicated case manager.

Throughout the mortgage journey, you will have an allocated case manager by your side.

By your side, to provide self-employed mortgage advice.

Our service is tailored to the customer and their situation as we believe our customers are the heart of the company.

Beyond the mortgage to protect your future.

We want to make sure that our customers are protecting their future and taking out the correct insurance policies.

1000s of potential options.

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.

We have years of experience in the mortgage industry.

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.

Helping you overcome mortgage obstacles.

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.

We search 1000s of self employed mortgage deals

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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

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