Getting a mortgage when you are self-employed can be tricky, but it certainly isn’t impossible.
There isn’t such a thing as a “self-employed mortgage” - you will be applying for the same mortgages as anyone else. The main difference is you will be required to provide more evidence of a reliable income.
What will I need to provide for a self-employed mortgage?
You will be required to provide the same documents as anyone else applying for a mortgage, these include:
Proving your income
Different lenders ask for different documents for self-employed applicants, these could include:
Will I need to pay a higher mortgage rate?
If you can provide proof of your income, and a mortgage lender is confident you are able to make the repayments, you should qualify for the same mortgage as anyone else who is in a permanent role.
The interest rate will depend on other things and not your employment status. A larger deposit generally means a lower mortgage rate, as will a good credit score. The better your credit rating, the more mortgage deals you could be eligible for.
How will my mortgage earnings be calculated?
Sole trader
Lenders will generally look at your net profit over the past two to three years and take an average from those figures.
Limited company
Lenders will look at your share of net profit or your salary and dividends, or sometimes both
Contractor
Some lenders will use your daily rate, subject to your contract meeting their criteria
What can you do to improve your chances of getting a mortgage
How to find the best mortgage deals for those who are self-employed?
Using a mortgage broker can be a great idea as they have access to more products than you would if you were to go online or through a bank.
The team at Mortgage Required are specialists in self-employed mortgages, and would be happy to help. Give them a call on: 01628 507477, or email: team@mortgagerequired.com.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
5 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
14 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
18 Jun 2025
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.