Self Employed Mortgages

Are you self-employed and looking to secure a mortgage?

Securing a mortgage as a self-employed individual is often perceived as challenging compared to those with traditional employment. However, we believe otherwise and take pride in assisting self-employed clients.

There isn’t a specific mortgage product labeled ‘self-employed’, but for self-employed individuals, additional steps and validations of financial status may be necessary before receiving an offer.

The Mortgage Choice can help you navigate a mortgage if you are self employed and will supply you with tailored mortgage advice for your unique circumstances. 

Can I get a mortgage if I am self-employed?

Absolutely. Self-employed individuals can obtain mortgages provided they have the required documentation and a reasonable credit history.

Are there minimum requirements for self-employed mortgages?

Self-employed mortgage criteria are similar to standard mortgages, but sole traders or freelancers may need to furnish more information than employed applicants. If you operate as a Limited Company with a 10-20% shareholding, you’re also classified as self-employed. While most lenders prefer a two-year trading history, many now consider applicants with just one year of trading.

What information do I need to supply to a mortgage lender if I am self-employed?

Self-employed applicants typically need to submit their last 2-3 years of accounts, alongside Tax calculations and Tax Year Overview documents. Some lenders may accept only the latest year’s accounts, which is beneficial for those who recently started their business.

You’ll also need to present your credit report to showcase a positive credit history during the mortgage application.

The documents most lenders require include:

• Bank statements
• Tax returns (SA300)
• Tax Calculations (HMRC SA302) or Accountants Tax Computations
• HMRC tax year overview
• Reference from a qualified accountant
• Signed contracts and day-rate evidence (for contractors)
• Finalised and certified limited company or sole trader accounts

What is the application process for a self-employed mortgage?

When applying for a mortgage, lenders consider you self-employed if you own more than 10-20% of the business generating your primary income. Lending criteria may vary based on whether you’re a sole trader, limited company director, or contractor.

The Mortgage Choice are specialists in the self-employed mortgage market and can pinpoint potential lenders and optimise your mortgage application for success.

THE MORTGAGE CHOICE CAN HELP YOU FIND THE RIGHT SELF EMPLOYED MORTGAGE.  

Don’t navigate the complexities alone. Trust us to help you and find you the most suitable mortgage lender.

OUR PROMISE TO YOU

We will carefully assess your personal circumstances, your mortgage requirements and based on this we will make a recommendation giving you the most suitable mortgage advice.

themortgagechoice is located in Byfleet, Surrey. We have clients in Guildford, Woking and across the UK.

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