We Specialise in helping you secure a mortgage as a self employed Individual
Your property may be repossessed if you do not keep up repayments on your mortgage.
How Self Employed Mortgages Compare to Employed Mortgages
Getting a self employed mortgage is actually much the same as getting a mortgage when you are an employee. The only real difference is how you go about proving your income. If you are in employment, you will be able to show P60s and wage slips. If you are self-employed then you will need to show tax documents.
The fact that the self employed do not have a guaranteed income is not necessarily the huge hurdle it might seem. The fact is that modern lenders are well aware that there is no such thing as a “job for life”. This means that, in reality, some people in self employment might actually have far more financial stability and security than some people in employment.
Overcoming Mortgage Challenges as a New Self-Employed Individual
It is fair to say that people who are new to self-employment will probably find it more of a challenge to get a mortgage than people with three or more years of trading under their belt. The same, however, holds true of people in employment. Those who are at the start of their careers may find it more difficult to get a mortgage than those who can demonstrate a steady work history.
This is not necessarily an insurmountable barrier. For example, if you can put together a large deposit, a lender may be more likely to look favourably on your application.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
