Self employed mortgage advice

Can you get a self employed mortgage?

There is a common misconception in the UK that it is difficult to get a self employed mortgage. If you think this then you will be surprised to hear that the chances are still very high!

When looking at a self employed mortgage, you will have access to almost every product that would be available to those who are employed. The only difference is that you will need to prove your income with two years’ worth of accounts. Usually an employed person would only need a few recent pay slips.

Occasionally you won’t even need two years’ accounts. If you can prove that you have regular contracted work then some lenders may look on this favourably instead.

What will you need when looking for a self employed mortgage?

Lenders do like to see proof of a steady income when you are applying for a mortgage. When you talk to our mortgage broker in Derby you will likely need the following documents.

  • Photo ID such as a passport or driving licence
  • Proof of address such as a bank statement or utility bill
  • Proof of funds for a deposit
  • 2-3 years SA302

What happens when you apply for a mortgage

When talking to a mortgage broker, we will try to find you one of the best deals available based on your income. From there, we will get an Agreement In Principle from the lender. This is a document which states the lender should lend you the money. You can use this document to make offers on properties.

When you have an offer accepted your broker will apply for the full mortgage for you and handle most of the paperwork. It should be fairly straightforward!

Remember, our recommended brokers are not affiliated to any particular lender. This means that we only have your interests at heart.

Get in touch

If you are looking for a self employed mortgage then get in touch. Initial advice is free of charge. You can use the form below or call us by going to our contact page.

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