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How To Get a Mortgage When Self-Employed

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Self-Employment Mortgage Specialists.

We regularly help people facing mortgage difficulties caused by:

Inconsistent profits.
Financial projections.
Profit before tax.
Income from investments.
Limited companies.
Company director loans.
Sole traders.
Profit being retained.



We will be in touch to seek further information about your case and discuss options available to you. 

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Getting a mortgage as a self-employed person:

It is often harder to get a mortgage as a self-employed person as it can be difficult to prove your income and it is deemed a more risky investment by lenders. Normally lenders will only be able to accept applicants who have been self-employed for 2 years and have at least 2 years of accounts.


Lenders will usually average your income over 2 years to work out how much you can borrow, however some lenders will use the latest year figures only. Additionally, certain lenders can use an accountant's projection. 


Types of self-employed persons

Sole traderLenders will use your tax calculation to determine affordability


Limited company owner/directorLenders will take into a account a number of factors when determining affordability:
Net and gross profit
Percentage ownership of the business


Documents required: 
1, 2 or 3 years of accounts
1, 2 or 3 years of tax calculations (SA302s) and tax year overviews


Lenders will consider contract value, time left on your current contract, and future / previous contracts. 
Or, they will use your day rate multiplied by five days a week, multiplied by the number of weeks worked (usually this is 48 weeks).


Documents required:
A current and previous contract (including day rate), or a HMRC tax calculation, or financial accounts.  


Important tips for every self-employed person

​Mortgage lenders normally do not have skilled staff to understand financial accounts and simply work on tax calculations instead. Sometimes this is not enough. Often it is necessary to use retained profits/ average figures over 2 years / only 1 years' accounts.

The following requires more understanding than lenders generally possess:

  • Dividends.

  • Directors loans.

  • Directors salaries.

  • Change from partnership to limited company.

  • Bad debts.  


Accounts can be simple or complex, but they always need a degree of experience and understanding. We have spent over 25 years helping the self employed borrow more than they would elsewhere. 


We want to hear your story and so do our lenders.  

What if I have already had a mortgage application rejected?

​Due to FCA regulation, lenders nowadays have adopted much stricter applicant criteria. This means it is harder for self employed people to be successful with their mortgage applications. Especially if you have written off profit through higher expenses, and ultimately declared less income. Therefore, it is becoming more frequent that self employed mortgage applicants are being rejected. 

However, if you have been rejected already, there are still many opportunities available to you. Our specialist mortgage advisors have access to lenders and products that are more flexible for self employed people. 

What will I need while making my mortgage application?

Lenders normally require you to supply the following documentation or demonstrate the following:

  • Financial accounts of the last two/three years.

  • Good credit history.

  • Proof of regular work.


However, if there are difficulties in attaining all of these, it is important to seek specialist mortgage advice. ​We have lenders whose underwriters understand Accounts, know how to read them and will offer competitive rates. 


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