Self Employed Mortgages

No matter how you're employed, we can help you find a mortgage

How difficult is it to get a mortgage if you are self-employed?

Over the years it has become increasingly difficult for first-time buyers and existing homeowners to obtain a mortgage, however, the group that has suffered more than the rest is those that are self-employed.

Prior to the credit crunch, those that were self-employed could apply for a self-cert or self-certification mortgage, where the borrowers didn’t have to prove income in the standard way of bank statements and payslips. In place of these, they advised the bank of their earnings and their applications were often fast-tracked through with minimal to no checks being made.

Unfortunately abuse of this system led to the self-certification mortgages being banned, making it much more difficult to get a mortgage if you are self-employed.

Read more about getting a mortgage when you are self-employed.

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Who can get a self employed mortgage?

Self-employed mortgages are no different to a normal mortgage, however, the requirements are far greater than needed for those that are simply employees and employed.

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Getting a Mortgage if you are self employed

If you own your own business or around 25% or more of a business, you are classified as self-employed. Sole traders and those in a partnership are treated the same. It is not impossible to get a mortgage if you are self-employed, although it is rather difficult. If you work for yourself and are looking to re-mortgage or buy a new home, our mortgage partners specialise in self-employed mortgages and have access to lenders immediately.

What you need to get a self employed mortgage

Normally the key for self-employed workers is the need to prove income to lenders you apply to, because lenders will want to make sure you can afford the monthly payments.

Proving your income when self-employed can sometimes be a little more difficult, but you should be able to do this if you can get the right paperwork together.

To apply for a self employed mortgage, normally you will require:

  • 2 years accounts or HMRC self-assessment proof (although some lenders may look at 1-years’ worth of accounts)
  • Continuity of work
  • Deposit
  • Acceptable credit rating

Key benefits

Key benefits of Evolves mortgage partners:

  • Self Employed mortgage specialists
  • Free initial appointment
  • No obligation quotes
  • Access to lenders that provide mortgages for the self-employed
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