Self Employed Mortgages In Mansfield

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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. 

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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.