Are you Self-Employed and looking for a Mortgage? – We can help!
At Bristol, Weston, Bath and Exeter Mortgages Online we deal with a great many clients who have their own businesses and will gladly discuss all the options available to you if you are self-employed, even if you only have one year’s accounts.
Is it harder to get a mortgage if you are self-employed?
If you’re self-employed, when you apply for a mortgage, you’ll need to prove that you have a reliable income. There are plenty of ways to prove to a mortgage lender that you have a reliable income, it’s usually just a case of getting the required documentation.
What counts as self-employed?
Lenders will view you as self-employed if you own more than 20% to 25% of a business, from which you earn your main income. You could be a sole trader, a partner, a company director, or a contractor.
How do you get a mortgage, if self-employed?
If you’re self-employed and looking for a mortgage, you will have access to the same range of mortgages as everybody else and you’ll need to pass the lender’s affordability tests in the same way as any other borrower.
But because there is no employer to vouch for your wage, self-employed people are required to provide different types of evidence of their income than other borrowers.
What will I need to provide?
To prove your income, when self-employed when you apply for a mortgage, you will need to provide additional information regarding the trading history of the business. Most banks and lenders will want to see a minimum of 2 or more years’ proof of income.
However, subject to meeting the lender’s criteria, we can offer options for lenders who will consider those applicants with only 1 year’s proof of income.
Other specific evidence may be:
- Self-assessment returns and a tax year overview (from HMRC).
- Evidence of upcoming contracts (if you’re a contractor)
- Evidence of dividend payments or retained profits (if you’re a company director)
Some lenders also prefer self-employed mortgage applicants to provide accounts that have been prepared by a qualified, chartered accountant; that way they can be sure of your reliability. It’s likely that they will focus on the average profit you’ve earned over the past few years.
Regardless of your situation, our expert team will help you from the very start.
Click here to view our guide for further information
As a fully independent broker we will search the whole of the market for you including many specialist lenders, to ensure we can offer the most competitive and suitable deal and rate.
Contact Us
For further details about the mortgage and protection products we offer as a fully independent mortgage broker, or any other mortgage information, book your FREE CONSULTATION with one of our expert Mortgage and Protection Advisers.
Bristol Mortgages Online www.bristolmortgagesonline.com Tel 0117 325 1511
Bath Mortgages Online www.bathmortgagesonline.com Tel 01225 584 888
Weston Mortgages Online www.westonmortgagesonline.com Tel 01934 442 023
Exeter Mortgages Online www.exetermortgagesonline.com Tel 01392 690 888
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