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Mortgages for Self Employed

Southern Mortgages

1. Get started

After speaking to one of our self employed specialist mortgage brokers, we will get to know your situation and discuss what the best options for you are.

Southern Mortgages

2. Your offer

Upon receiving your Decision in Principal, we will work with you to get all of the paperwork together. We can even talk directly to your accountant, to ensure you have a stress free mortgage application.

Southern Mortgages

3. Completion

Before you know it, you’ll be ready to move in to your new place with your mortgage secured and our tailored advice to you will continue long after your application.

Mortgage differences for Self Employed

Your Accounts

When it comes to the accounts you have to provide as a self employed individual, there’s no clear answer as to how many years you need. This is dependent on your situation and even the lender you choose. Generally speaking though, two years' worth of accounts will secure you the best mortgage deal.

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Your Deposit

Regardless of what you’ve heard, securing a mortgage if you’re self employed is not much different to being employed, aside from the income documents that you have to provide. When it comes to your deposit, we recommend having between 5-20% of the purchase price, irrespective of your employment status - the more deposit you have, the cheaper the interest rate!.

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Sole Trader | Contractor | Limited Company

Under the “self employed” mortgage umbrella, there are three main branches that you could fall under: sole trader, contractor and limited company/director. If you are a sole trader, your “profits” will be calculated during your mortgage application, based on your tax returns. As a director of a limited company, usually the total of your salary and dividends is used to work out your income in order to prove that you are able to make your monthly mortgage payments, and this works in the same way for a partnership too. There are also specialist lenders for contractors, where your contract history, the remainder of your contract and many other factors are assessed. Specialist lenders will also take into account your company’s profit, rather than your income, in certain circumstances. The most important thing if you’re looking to move home, buy your first home or buy to let as a self employed worker is to consult a professional first to ensure you are getting the best deal possible for your situation.

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Questions about Self Employed Mortgages

The self employed mortgage process is never straight forward, so don’t worry if you still have some questions to ask. Take a look at our handy FAQ’s, and if you can’t find what you’re looking for, give us a call today.

Not as such – but it does help to know the usual type of client the lender is looking for before applying to avoid unnecessary applications and credit searches. Both the big High Street banks and building societies as well as the smaller, more specialist lenders do lend to self employed individuals with various employment and credit histories, so it’s important to explore your options and speak to a specialist mortgage adviser if you have any questions.

No, but it is necessary to have some HMRC documents to prove your income. If you have an accountant we can contact them directly. If not, we can help you download the relevant documents from HMRC’s website. We are always happy to work with you to make things as simple as possible and to make it as easy as possible to get the documents required, giving you time to focus on the things that really matter – like moving home!

Remortgaging as a self employed individual is very similar to remortgaging under full-time employment, with the only real difference being the income documents that you will have to provide. For self employed remortgaging, the deal you will get relies on your specific situation and what lender you choose to borrow from, so make sure you talk to an expert adviser before you apply to make sure you get the best deal for you.

Adverse Credit for Self Employed Mortgages

Getting a mortgage when you are self employed can seem stressful enough, but securing one if you have a bad credit history can seem impossible. Here at Southern Mortgages, we have specialist mortgage brokers ready to tackle your mortgage application and secure the best deal for you. With whole of market access we’ll have a wide range of lenders to consider and we provide free initial advice specific to you.

Get your Self Employed Mortgage

Speak to one of our advisers today and see how we can help you get a mortgage  stress free.

Call us now on

01702 746811