To be deemed self employed, it means you will own 25% or more of a business. Typically, to secure a self employed mortgage you will need to provide your lender with at least two years’ worth of company accounts and tax returns. Being able to prove that you have an income plentiful enough to make the necessary repayments is crucial. If you're a contractor, you may have to evidence future work, to show that your level of income will be sustained. Each lender and their criteria will differ, but a solid track record of regular contract work may be to your advantage.
Asides from providing sturdy, accurate and reliable evidence of accounts and future work loads, there are a few other things you could do to strengthen your application. Aspects such as your deposit, like in any mortgage, will play a big factor (as always, the bigger, the better). You could also perform a credit check on yourself to ensure everything is legitimate, beforehand. The amount you can borrow depends on each lender and the way they choose to calculate it. If you’re a limited company, lenders tend to look at your salary and dividends. Whereas, if you’re a sole trader, the net profit will be taken into account. Another way of improving your chances are to shop around and seek advice from a mortgage broker before you take action.
Some lenders do specialise in self employed mortgages alone but the majority work under the impression that being self employed should not limit the mortgage options available to you. Most lenders will gain you access to a range of mortgage deals which include fixed, variable and tracker mortgages. The good news is that the market is improving and more and more self employed people are being approved mortgages.
Our mortgage advisors are available Mon-Fri from 9am to 8pm, giving you plenty of opportunity to seek a quick overview of what your mortgage deal could potentially look like.
A dedicated team of mortgage experts will answer your questions, queries and provide quality advice for your personal circumstances and the specific mortgage product suited to you.
We’ll take care of your application to your chosen lender from start to finish, in record time. All for free.
What Information Do I Need To Remortgage?
At MortgageKey, our mortgage advisors are expertly placed to assess your circumstances and inform you […]Read More
The 5 most FAQ’s about Tax on a Buy to Let Property
Unsurprisingly, when tackling the topic of tax, everybody wants to know how to either pay […]Read More
8 Iconic Christmas Movie Homes – How much they cost today & their estimated mortgage rates
For millions of fortunate people around the world, Christmas-time is often spent in a family […]Read More
The Benefits of a Let to Buy Mortgage
Moving home but don’t want to sell? A Let to Buy Mortgage could be the […]Read More
7 Things to Know About Shared Ownership Mortgages
Shared Ownership mortgages are often seen as the lifeline for those on low or middle […]Read More
Moving Home Mortgages – Porting A Mortgage
Porting a Mortgage. Moving home is something that can be a lot more familiar for […]Read More
Help to Buy Scheme Explained
The Help to Buy Scheme. ‘Generation rent’ are looking for a way out. Young couples […]Read More
5 FAQ’s on First Time Buyer Mortgages
First Time Buyer Mortgages. It’s not unusual as a first time buyer to be feeling […]Read More
6 Points About Getting A Mortgage With A CCJ
Getting a Mortgage with a CCJ. Due to bad credit, many of you will have […]Read More