How to Get a Self Employed Mortgage

I'm self-employed, so more of a challenge, but the mortgage process has been seamless every time. They consistently find better deals and does more research than I could hope for. Highly recommend!

The Great Mortgage Myth – Self Employed Mortgages are Not More Expensive and Not Harder to Get.

A lot of people think it is much harder to get a self employed mortgage. This is simply not true. Yes of course, you have to structure your income properly and it can be more complex in providing documentation. However, with the right guidance and advice you can understand your affordability quickly and access very competitive self employed mortgage rates.

You have a far higher chance of approval if you structure your financial position properly.

Accessing documentation needs to be understood, and depending how long you have been self employed, you need to know how to structure yourself to get mortgage ready. The Mortgage Broker can remove the complications, explain exactly what is required, and get your a self employed mortgage rate

In practice it isn’t! Yes, it is slightly more complex in providing documentation, understanding affordability and providing proof of income. But don’t worry, we have specialists who can transparently advise you and The Mortgage Broker has access to mortgage lenders that offer the best self employed mortgage rates. Let us remove all of that leg work and get you the mortgage you need!

How do you get a self-employed mortgage?

It’s a common misconception that there’s a specific type of mortgage for self-employed individuals. The reality is, you’re applying for the same mortgages as anyone else, with the same criteria for 90% of the mortgage. The key difference? You’ll need to provide clear proof of income to show lenders that your income is steady and reliable, with additional documentation to evidence it.

We understand that this can seem overwhelming, but don’t worry – just because you’re self-employed doesn’t mean you’re automatically going to be rejected or face much higher mortgage rates. With the right preparation, you can absolutely be approved for a mortgage and you will be able to get an affordable and sustainable monthly payment.

It’s natural that all self employed assume there are higher mortgage costs, but the good news is, there simply isn’t.

As long as you can provide clear evidence of your income and demonstrate that you can afford the repayments, there’s no reason why you shouldn’t qualify for the same competitive mortgage rates available to those in permanent employment.

There are, of course, other factors that influence your mortgage rate. Your deposit size and credit score will also play a big role. Generally, the larger your deposit, the better your rate, and a strong credit score opens up more options for you.

What can I do to improve my chances of securing a self employed mortgage?

At The Mortgage Broker, we’re here to help you through every step of the process, making sure you have the best possible chance of success. There are several ways you can strengthen your application:

Gather your SA302 forms – These forms show your income tax calculation for the year and are vital evidence of your earnings. Having the last two years ready before applying will keep the process smooth. Your adviser can assess tyour affordability indicatively before hand, but you will need to give as much guidance as possible on your earnings. However, you cannot proceed to a mortgage application without them.

Get an accountant – Certified accounts and structure advice from an accountant can be the best way to ensure a clear and smooth mortgage application. Whether you work with a mortgage broker who does the heavy lifting, or go directly to the lender yourself, there is no way of getting around the evidence of earnings that the mortgage lender requires.

Save as large a deposit as possible – A larger deposit can of course improve your chances of getting the best mortgage possible. The general rule is, the larger the deposit, the lower the rate, but of course you may want to increase your borrowing.

Improve your credit score – Like any mortgage application, a self employed mortgage is supported with a strong credit score.  There are simple steps you can take to improve your credit, like checking for mistakes, getting on the electoral roll, and paying off old debts.

How long do you need to be self-employed to get a mortgage?

While many lenders prefer you to have at least two years of self-employed income, it’s still possible to get a mortgage with less than that. If you’ve been self-employed for a shorter period, showing that you have experience in a similar role beforehand can help, but you will need to speak to your self employed mortgage advisor to understand the best lenders to approach.

Be prepared to provide as much information as you can, and don’t worry if you’re asked additional questions – we’re here to help you through it.

Why should I speak to a Self Employed Mortgage Broker

We know that a mortgage is a big commitment, and even a small difference in rates can cost you a lot of money over the life of your loan. At The Mortgage Broker, we’ll help you navigate the market, ensuring you find the best possible deal for your unique situation. Furthermore, we work with a number of mortgage lenders and we know how to structure self employed mortgage applications.

Our award winning self employed mortgage brokers can search and compare thousands of rates, work for you and ensure you have the best chance of success.

Our mission is to make the mortgage application process as easy as possible and enable you to access the best rates across the market and off the high street. You’ve already shown tremendous resilience and hard work in running your own business. Let us help you take that next step and secure the home you deserve.

Contact The Mortgage Broker for a Decision in Principle Today

0800 0320 316

Get started today with the mortgage broker. Don’t waste your time on self employed mortgage calculators, speak to an expert, understand your circumstances and access the best mortgage rates today.

How to get a Self Employed Mortgage!

Quick questions and answers to understanding self employed mortgages.

Richard and his team were absolutely fantastic. They swiftly secured me an excellent deal with the bank and provided a really personal service, keeping me updated at every step and discussing my unique needs in great detail. My situation is particularly tricky as I am self employed and work extensively abroad, a fact that the banks generally cannot and will not deal with. Superb service.