The biggest misconception about the mortgage market is that it is very difficult for self-employed people to get a self employed mortgage loan in order to buy a home.
Self-employed borrowers potentially have access to exactly the same range of mortgage products as everyone else.
The key is that you will have to be able to evidence you have the income necessary to make the repayments on the loan for which you are applying, which is exactly the same as if you were employed.
The normal requirements are that you have at least two years’ worth of company accounts, SA302s or tax returns – (though a few may request three years’ worth and some lenders only require one years accounts). If you are self employed as a Contractor you could also have to provide evidence of work you have already lined up for the future by way of contracts, in order to show that your current income can be maintained.
There are a handful of specialist lenders who offer products designed specifically with the self-employed in mind. However, mainstream mortgage lenders routinely lend to the self-employed too and the chances are that as long as you are able to show sufficient accounts this is not a bar to any normal mortgage range.
Given the other challenges you may face when applying for a mortgage – it’s really useful for self-employed workers to take impartial and expert advice on getting the best possible mortgage deal
We are independent mortgage brokers covering Nottinghamshire and Derbyshire.
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Getting a mortgage if you're self-employed isn't as easy, but that doesn't mean it's impossible
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Terms & Conditions
Shaw Financial Services is a trading name of King Mortgages Ltd which is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference number 803561.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £499 but will be no more than 3% of the mortgage amount
Think carefully about securing other debts against your home
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. The guidance &/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers in the UK. As with all insurance policies, conditions & exclusions will apply.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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