Self-employed mortgages
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Self-employed mortgages
There are millions of self-employed workers in the UK, and it’s easy to see why. Being self-employed offers flexibility, independence and the ability to be your own boss. But, when it comes to getting a mortgage, being self-employed can make the process slightly more complicated. That doesn’t mean getting a self-employed mortgage is an impossible task, not if you work with an expert self-employed mortgage broker.
At Everest Mortgages, we specialise in helping self-employed professionals to secure the right mortgage in a straightforward, simple and stress-free way.
How does a self-employed mortgage work?
A self-employed mortgage works the same way as a standard mortgage, regardless of whether you’re a first time buyer or someone who’s adding to an existing property portfolio. There are various self-employed mortgages available – ranging from first time buyer mortgages for residential homes to buy-to-let mortgages for investments – and you’ll even have the choice between a fixed rate mortgage and a flexible mortgage.
The main difference for self-employed applicants comes when you’re trying to prove your income. Unlike employees who receive regular payslips from a steady employer and can easily show that they earn the same amount each month, you’re likely to have variable income, multiple revenue streams or profits drawn differently through salaries and dividends. This means lenders need more detailed evidence to assess your affordability, as they can’t risk basing their decision on a particularly lucrative month.
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Self employed mortgages vs. employed mortgages
Though the mortgage itself is the same as for an employed borrower, the application process is where things differ. Lenders are typically more careful because self-employed income can fluctuate and be slightly more difficult to verify. Self-employment covers a wide range of working arrangements including being a business owner, sole trader, contractor, freelancer or limited company director, and the category you fall into will determine the type of evidence lenders want.
- Proof of Income – 12 to 36 months’ accounts, SA302 tax returns, bank statements or accountant certificates.
- Minimum Trading History – Usually 2 to 3 years.
- Income Verification – Accounts, dividends, salary or current year projections.
Who can get a self-employed mortgage?
Being self-employed doesn’t mean you can’t get a mortgage, but it does mean you’ll need to focus your attention on specialist self-employed mortgages and working with an experienced broker. To determine if you’re in with a chance of being approved, ensure the following:
- You will need to have at least 12 months of accounts or trading history to get a self-employed mortgage.
- You will need to provide evidence of your income, which can be in the form of accounts, bank statements, dividends, wage slips or SA302s.
- You will need to make sure your accounts are up to date, as lenders will want accurate and recent information to base their decision on.
- You will need to prove your income, whether that’s in the form of salary or dividends, and show that it’s consistent.
- Unless you’re looking at no deposit mortgages, you will need to have funds readily available to put down as a deposit.
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The challenges of getting a mortgage when you work for yourself
Securing a mortgage when you’re self-employed is possible, but you might run into a roadblock or two along the way, all of which Everest Mortgages can help you to overcome.
Irregular or variable income
Many self-employed people earn fluctuating monthly income and, with lenders preferring stability, it’s beneficial to provide consistent profits or earnings trends over 2 or 3 years. Though your monthly income might change, you’ll need to show that you earn enough on average, over an extended period of time.
Multiple income streams
If you’re paid a salary, dividends or have other sources of business income, lenders will calculate affordability based on each income type. This can be more complicated than a straightforward employee salary that’s a fixed amount and paid into an account once a month.
Limited trading history
If you’re a relatively new self-employed worker, limited trading history might hold you back.
Lenders usually prefer at least two years of trading history, but three years is best. If your business is younger, we can help you to find a specialist lender with flexible options.
Complex business structures
If you have multiple businesses or partnerships, you might need to provide separate accounts, tax returns and projections for each entity. This can be complex and time-consuming in terms of paperwork.
Credit history
Outstanding debts, CCJs or defaults can affect borrowing potential, just as they can an employed applicant. It’s a good idea to review your credit report and resolve issues before applying for a mortgage.
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Give yourself the best shot of securing a self-employed mortgage
Here are a few things you can do to increase the chances of a successful application:
- Prepare Your Accounts – Make sure your trading history, accounts and tax returns are up to date. Lenders need to be able to base their decision on recent, accurate information.
- Review Your Credit Report – Check for errors and resolve any outstanding issues. Otherwise, you might find yourself being turned down when you shouldn’t have been.
- Reduce Debts – Clear as much personal and business debt as possible to show you’re in a financially healthy, stable position.
- Save a Deposit – A larger deposit often improves your chances of better rates, so save as much as you can before applying.
- Enlist a Mortgage Specialist – A mortgage broker experienced with self-employed applicants can match you with the most suitable lenders and guide you through documentation. This is where we come in.
Why work with a self-employed mortgage broker
Navigating self-employed mortgages can be time-consuming and complex, not to mention daunting if you’re buying for the first time. By working with a mortgage broker, you benefit from:
- Expert knowledge of lenders who specialise in self-employed mortgages.
- Professional advice tailored to your business structure and income type.
- Help with maximising how much you can borrow and accessing the best mortgage rates available.
At Everest Mortgages, we understand the challenges that self-employment brings when it comes to buying a property, which is why we work to simplify the mortgage process. You can focus on growing your business, keeping on top of projects and finding new contracts, and we’ll focus on securing the right mortgage for your needs.
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John Everest
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John is a CeMAP-qualified, whole-of-market mortgage adviser and Director of Everest Mortgage Services. With over 21 years in financial services, and a track record of 1,000+ mortgages arranged.
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FAQs
Frequently asked questions
How much can I borrow?
The amount you can borrow is calculated using a multiple of your income. Most lenders for standard self-employed applicants will let you borrow 4 – 4.5x your income, though this does vary.
What If I only have 1 year of accounts?
The majority of self-employed mortgage lenders will require you to have 2 to 3 years worth of accounts. But, it’s still possible to be approved if you’ve been trading for less than that, though your options may be limited.
Can first time buyers get self-employed mortgages?
Yes, you can get a self-employed mortgage as a first time buyer. At Everest Mortgages, we can help you to find the ideal first time buyer mortgage for you.
How big does my deposit need to be?
Most lenders require higher deposits for self-employed borrowers, with standard self-employed deposits being around 15%. Some lenders may accept a 10% deposit if you have a strong, lengthy trading history and a high income.