Self-Employed Mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage

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Self-employed mortgages made simple

Are you self-employed and don’t know where to start when it comes to mortgages?

We’ll get you moving. We can help find mortgage solutions for you by using specialist lenders and making use of lesser-known criteria when dealing with the main high street lenders.

We’re one step ahead

We ensure the lender receives all the documents (including accounts and tax returns) that’ll reassure them about your ability to make self-employed mortgage repayments.

Mortgage broking isn’t just about finding the most competitive rate for you, it’s also about matching your circumstances to the best lender and submitting your application in its best light to help ensure its success.

Helping you find a mortgage that works for you

We’ll guide you through the application process and support you through your mortgage arrangement. Here’s a step-by-step guide to help you prepare:

FAQs: Self-employed mortgages

As long as you have been self-employed for over a year, you shouldn’t come up against too many issues.

Lenders look at self-employed income in different ways. Some will take an average of your last 2 year’s salary plus dividends. For others, it’ll be 3 years and some only consider the most recent year.

Sometimes it’s more beneficial to use a lender that uses salary plus net profit as you may have chosen to not take as much in dividends as you could have. Whatever your circumstances, we’ll help find the best route for you.

Mortgage deals may not be available, and lending is subject to individual circumstances and status.

There are now many lenders that are sympathetic to the needs of the self-employed, where previously it would have been hard to get a mortgage. Here are some examples of scenarios that in the past might have prevented you from getting a mortgage but are now considered acceptable:

  • Decreasing profits
  • Recently changed from sole trader to Ltd Co.
  • Use net profit even if personal drawings are low
  • Lend up to 5.5 x income
  • Use income from more than one business
  • Can use the latest year’s profit if necessary

As with all mortgages, the amount you can borrow depends on your credit history and the assessment lenders make of your ability to make mortgage repayments. They’ll look at your earnings in a different way than they would for an applicant for a standard mortgage, but their basic approach remains the same.

We can provide you with a ‘Decision in Principle’ which will give you the most accurate approximation of how much you can borrow and puts you in a strong position if you’re looking to purchase a property. 

Simon Deeming is here to help

Simon, a Mortgage Advisor here at Mortgage Style, has been in financial services for more than 15 years and understands how best to navigate the market when sourcing mortgages for clients who are self-employed. He embraces our team approach to think outside usual solutions and knows where to look for the right deals when a client’s income is more challenging to prove or report.

Your home may be repossessed if you do not keep up repayments on your mortgage