Can I Get a Mortgage If I am Self Employed?

Self Employed or a Contractor?

Are you either of the above? Whether you are a freelancer, contractor or operating as a sole trader, there is still a mortgage opportunity. In fact there are plenty. Don’t let working for yourself put you off of applying for a mortgage deal in 2020. Things have moved on significantly over the years. You don’t have to jump through hoops in order to find a lender that will offer you a great deal. Being self employed certainly doesn’t mean that you are at the bottom of the pile and have to accept any deal on offer and be grateful for it either.

Sure, there are rules that apply. All lenders will want to see proof in income of course, but this is the same for an employed person or couple looking for a mortgage deal.

Your Earnings Meet Your Housing Expectations

Providing you are earning enough to cover your mortgage payments comfortably and there are no mitigating factors, getting a self-employed mortgage shouldn’t be an issue. A growing proportion of people in the UK work for themselves in one capacity or another. It allows flexibility when it comes to the working week, you set your own rules and hours. In an ever changing landscape, people are looking to do something different. Especially in these challenging times. Some have seen it as a chance to finally do it themselves.

Then they want to up-grade, remortgage or buy their first home and they suddenly panic. Banks don’t like the self-employed is the misguided belief.

The first step is to gather your information together. You will need at least two years worth of accounts, some banks may want more.

Net Income

It’s your net income that will be used not your gross income. A lender will generally take an average over a three year period in order to calculate your loan amount.

Chat to a broker, or have a really good read online. Do you earn enough and can you prove it? That’s the first step. After that it’s much like any other mortgage application. 

 

Share this article:
Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp
Other recent news articles
mortgage comparison

Mortgage Comparisons

Different Mortgages and Lenders Mortgage comparison – It’s really important to compare mortgages and rates. If you see what you...
mortgage rates

We Have A Mortgage Calculator

Free Mortgage Rate Calculator Tool – Know Your Mortgage Rates There are so many mortgage rates available. Some that will...
mortgage deals 2020

Mortgage Rates in 2020

Rising Mortgage Rates in 2020 Average rates on two and five year fixed mortgage deals have risen for the fourth...

Excellent service, highly recommended. Great communicators and very helpful for us as first-time buyers.

CJS

Always there to help with helpful and honest advice, would recommend to anyone. We are first time buyers and they really helped with simplifying all the jargon and giving us great advice.

Chris M

Great communication and customer service throughout the process.

Customer

A very helpful, trustworthy and straight,-talking service that got us the result we wanted

First time buyer

Very informative personnel, happy to help and easy to communicate with. I would definitely recommend

Customer

Excellent service!
Couldn’t ask for.more. thank you so much !!

Mr&Mrs Martin
Request a
call back
Preferred day*
Preferred time*

Arrange a callback

Please complete the form below and one of our specialist mortgage advisers will call you back.
Preferred day*
Preferred time*
Call us on
0333 340 8888

Arrange a callback

Please complete the form below and a member of our team will call you back.
Preferred day*
Preferred time*

We use cookies on this website. You are free to manage cookies settings via your browser at any time. To learn more about how (and why) we use cookies, take a look at our Privacy Policy.