We’re here to help. As mortgage advisers, we can assist you in understanding the self-employed mortgage market and any challenges you may face.
What is a self-employed mortgage?
There isn’t a specific product called a self-employed mortgage; you will be applying for the same mortgages as those who are employed. The key difference is that lenders assess self-employed earnings differently and have lending criteria that consider borrowers who do not have an employer to validate their income.
So, when it comes to applying for a mortgage, you will need to prove your income will cover your monthly mortgage payments.
How do I prove my self-employed income?
The documents lenders require as proof of income will depend on how you run your business and will vary for sole traders, partnerships, limited company directors, and contractors. These proof of income documents could include SA302 forms, tax returns, business accounts, and bank statements.
You will usually be required to provide at least two to three years of business accounts and bank statements to prove that you have been earning consistently for some time. But if you haven’t, don’t feel you’re automatically written off, even if you’ve only been trading for a year -it’s possible we can source a mortgage for you.
Seeking advice is a good thing
If you’re self-employed, it makes sense to get a helping hand from a mortgage adviser. We’ll help you compile all the documents you need and access a wide range of mortgages, including those that are only available from specialists who may offer more flexible options. An expert in your corner can find a solution that’s completely tailored to your needs.
Ready to get started?
Speak to an expert self-employed adviser today.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Approved by the Openwork Partnership 8th June 2024
