Self Employed Mortgages
If you are self employed and want a mortgage, then you may find it difficult to find the right one. Mortgage providers like to see evidence of a long history of steady income and a good indication that the steady income will carry on.
You'll get it immediately to help you get the best valuation possible.
We value your privacy and will not share your details
This is often difficult for some people to prove as, to legally minimise tax, some of the self-employed tend to 'shelter' their income and so lower the income they can show.
If you are unable to produce full proof of your income (thereby going down the ‘Self Certified Mortgage’ route) then you could well find it difficult to get a mortgage. Even a lot of the more well-known mortgage loan providers will not be willing to help.
And even if you can prove your income (this is normally by providing two or three years’ accounts), this does not necessarily mean you’ll be offered a self employed mortgage. There mortgage providers who will not be prepared to offer you any borrowing – just because you are self-employed!
However, the good news is that there are lenders who specialise in mortgages for the self employed and who will be willing to help. It’s simply a case of knowing what the criteria are for these specialised mortgage providers to lend you money.
For example, there are a few lenders that do not require a minimum trading period. Most ask that you are self employed for a minimum period which may be 6, 12 or 24 months.
It is possible to be self employed and get a mortgage that fits your circumstances and budget, it’s a case of getting independent help and advice from people who have a thorough knowledge of the marketplace.
