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Specialist Mortgages for:

Self-Employed

Self-employed individuals often face additional challenges when applying for a mortgage, as lenders seek reassurance about the stability of their income. However, specialist self-employed mortgages cater to the unique needs of business owners, contractors, and freelancers.

Application Process:

  1. Prepare Financial Documents: Gather your last two to three years of tax returns (SA302 forms), bank statements, and business accounts.

  2. Find a Specialist Lender: Some lenders have more flexible criteria for self-employed applicants. A broker can help match you with the right lender.

  3. Submit Your Application: You’ll need to provide details of your business income, expenses, and personal finances.

  4. Affordability Assessment: The lender will assess your average income over the last few years. If your income fluctuates, they may take the average or use the most recent year’s figures.

  5. Business Stability Evaluation: Lenders will also look at the longevity and profitability of your business to ensure it can support the mortgage.

  6. Receive Your Mortgage Offer: Once satisfied with your financial stability, the lender will issue an offer.

Factors Lenders Consider:

  • Income History: Lenders typically require two to three years of accounts or tax returns to assess your average income.

  • Profitability & Stability: The health of your business will be evaluated to ensure it can provide reliable income.

  • Deposit Size: A larger deposit can help improve your chances of approval, especially if your income varies from year to year.

  • Accountant’s Credentials: Some lenders prefer accounts prepared by a certified or chartered accountant for added assurance.
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Top Tips

  • Keep Accounts Up to Date: Ensure your accounts and tax returns are in order before applying. Lenders will scrutinise your business records.

  • Plan Ahead: If your income fluctuates, consider delaying your application until you have a strong financial year.

  • Use a Specialist Broker: They can find self-employed-friendly lenders who offer more flexible criteria.

Mortgage repayment calculator

Work out your repayment

£

10%

1%

5.25%

£1421

Monthly Payment

Principal & Interest £1421

Monthly Taxes £1421

These results are for a repayment mortgage and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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