Self Employed Mortgage

The simple answer is yes. It may be more difficult and more may be required from the lenders in terms of history of your income compared to an employed person.

Self-employed people are those who are either sole traders, limited company directors, contractors or other self-employed individuals all count as self-employed.

You get a self-employed mortgage in the same way that an employed individual would do, you can either go to your bank or speak to a mortgage broker. The best way is to go to a qualified mortgage advisor who can help you find the most appropriate solution for your situation.

No, you’ll be eligible for the same products that are available to employed individuals, but different lenders will have different criteria. You may have to go to different lenders to an employed person to get the most suitable deal for you.

The way to get a great deal for you is to go to a mortgage broker. My service will be able to assess your situation and find the most suitable products for you.

Yes, if you’re a limited company director, lenders will use the salary you draw from the company combined with any dividend that you draw. This will be used to calculate your total income, most lenders will take the last two years and average these out, or the latest year if it’s lower.

Yes, although not common there are some lenders who will lend to self-employed individuals with just one year of accounts in certain circumstances. Contact me and I can help you find out if you’ll be eligible.

Yes, the majority of lenders will require self employed applicants to have two years of accounts. They will typically use an average of the latest two years unless the latest year is lower then this will be used.

Yes, there are some lenders who will use a limited company director’s share of the net profit along with the salary that they take to make up their income. This may allow you to borrow more if you do not take all the money out of the business.

You will need the same size of deposit as an employed individual. That means a minimum of 5% will be required.