Looking for a Self-Employed Mortgage? Part 1
Caz Blake-Symes • February 11, 2020
Let Bristol & Bath Mortgages Online help you get a mortgage
Is it harder to get a mortgage if you are Self-Employed?
If you’re self-employed, it can be more of a challenge to get a mortgage because you’ll need to prove you have a reliable income. But getting a mortgage when self-employed is certainly not impossible. There are plenty of ways to prove to a mortgage lender that you have a reliable income, it’s usually just a case of jumping through a few extra hoops.
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 self-employed mortgage?
If you’re self-employed and looking for a mortgage, you will, in theory, 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 far more evidence of their income than other borrowers.
Since the introduction of the Mortgage Market Review in 2014, mortgage providers have considerably tightened up their lending criteria and need to be convinced you can afford your mortgage before they agree to lend you the money.
What will I need to provide for a self-employed mortgage?
To prove your income when you apply for a self-employed mortgage, you will need to provide. 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 mortgages to those with only 1 year’s proof of income.
Other specific evidence will be:
- SA302 forms and a tax year overview (from HMRC) for the past two or three years
- Evidence of upcoming contracts (if you’re a contractor)
- Evidence of dividend payments or retained profits (if you’re a company director)
For further details and to book your FREE CONSULTATION
with one of our expert Mortgage Advisers please contact us
Bristol Mortgages Online www.bristolmortgagesonline.com
Tel 0117 325 1511
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Tel 01225 584 888
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Tel 01392 690 888
Email info@swmortgages.com
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