Self Employed Mortgages

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.