Self-employed doesn't mean mortgage impossible
Getting a mortgage when you're self-employed is more straightforward than most people think if you go to the right lenders. Debbie knows which ones work best for sole traders, contractors and company directors.
How lenders assess self-employed income
Sole trader
Lenders use your net profit from your tax returns (SA302s). Most want 2 years' accounts. Some will consider 1 year if the income is strong and consistent.
Limited company director
Most lenders use salary plus dividends. Some more flexible lenders will use salary plus net profit, which can significantly increase what you can borrow.
Contractor
If you work on day-rate contracts, some lenders will use your daily rate × 5 days × 48 weeks to calculate your income regardless of your accounts.
What you'll need to provide
The more organised you are with your documents, the faster the process. Here's what most lenders will want to see:
You can download your SA302s directly from your HMRC online account.
Self-employed mortgage FAQs
Do I need 2 years of accounts?
Most lenders ask for 2 years. However, some specialist lenders will consider 1 year if you can show consistent income and have a strong overall application.
My profits are low because I reinvest in my business does that affect me?
Yes, unfortunately. Most lenders base the mortgage on the profits you've declared. If you want to maximise borrowing, it helps to speak to Debbie early so she can advise on timing.
I've just gone self-employed can I still get a mortgage?
It's difficult below 12 months' trading, but not impossible. Some lenders will consider contractors or those who have moved from employed to self-employed in the same field.
Will I pay a higher rate because I'm self-employed?
No rates are the same. What changes is which lenders are available to you and how much you can borrow. Debbie's job is to find the best rate from the lenders who work best with your income type.
What our clients say
Real, verified reviews from Google and Facebook, from people Debbie has helped across the UK.
Been told no by your bank?
High street banks aren't always the right fit for self-employed borrowers. Debbie knows the lenders who are.
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