The biggest misconception about the mortgage market is that it is challenging for self-employed people to get a self-employed mortgage loan to buy a home. This is because self-employed borrowers potentially have access to precisely 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 precisely the same as if you were employed. The problems can arise with evidencing income as most self-employed people don't have payslips. So you need tax documents, along with business bank statements and possibly a reference from your accountant.
The standard requirements are that you have at least two years' worth of business accounts, SA302s or tax returns – (though a few mortgage lenders may request three years' worth, and some lenders only require one year's trading and tax documents). In addition, 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 to show that your current income can be maintained.
A handful of specialist lenders offer products designed 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 can 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 beneficial for self-employed workers to take impartial and expert advice on getting the best possible mortgage deal. We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Getting a mortgage if you're self-employed isn't as easy, but that doesn't mean it's impossible
If you need a self-employed mortgage, talk to us.
We love our customers, so contact us to ask for an initial telephone chat about your mortgage needs.
We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield. So if you need a mortgage broker in Mansfield or a mortgage broker in Sutton-in-Ashfield, we're here to help.
Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
09:00 – 20:00
Terms & Conditions
Lewis Shaw, FCA registration number 927754, trading as Shaw Financial Services, is an appointed representative of King Mortgages Ltd, which is authorised & regulated by the Financial Conduct Authority, FCA registration number 803561.
There may be a fee for arranging a mortgage. A typical fee is £499; however, this could be up to £998. Any fees will be discussed with you and agreed, in writing, prior to any work commencing.
You may have to pay an early repayment charge to your existing lender if you remortgage.
Some forms of Buy To Let mortgages are not regulated by the Financial Conduct Authority. There is no guarantee that it will be possible to arrange continuous letting of the property nor that rental income will be sufficient to meet the cost of the mortgage.
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.
THINK CAREFULLY ABOUT SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME (OR PROPERTY) MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Registered Office Address - Mansfield Business Centre, Ashfield Avenue, Mansfield, NG18 2AE
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