Navigating the minefield of self employed mortgages for you
Whether you’re looking to buy your first UK property, invest in property, remortgage a property you already own be that your residential home or your buy to let property, we help you navigate the mortgage process.
Getting a mortgage when you are self employed can seem difficult due to the way lenders assess your income, some lenders will use salary and dividends, some will use salary and net profit, you may have had a change in business structure and changed from sole trader to limited company. Some lenders may be comfortable with your circumstances, whilst others may not be.
That is where specialist advice can make a difference.
We understand how mortgages work if you are self employed and can help you navigate the mortgage market and find you the best option that fits your circumstances.
We can help with:
- Sole Traders
- Limited companies
- Partnerships
- Contractors
- CIS Contractors
- Recently changed your business structure from sole trader to limited company
- Utilising your self employed income to maximise your borrowing.
How we help
1 – Understand your circumstances
We start the process by getting to know your full situation, income, employment, expenditure, existing properties and plans for the future.
2 – Identify suitable lenders
Not every lender treats expat applications in the same way. We look at the details of your circumstances and identify mortgage options available to you.
3 – Submit your application
We understand what documents are required and present your application to the lender clearly.
4 – Manage the process
From your initial enquiry through to completion, we help guide you through the process and keep you informed along the way.
Frequently Asked Questions
Can I get a mortgage if I’m self-employed?
Yes, self-employed applicants can apply for a mortgage. However, lenders can assess self-employed income differently, so the mortgage options available will depend on your circumstances and the lender’s criteria.
How do lenders calculate self-employed income?
Lenders can use different methods to assess self-employed income. Depending on your circumstances, they may consider salary, dividends, net profit or other forms of eligible income.
Can I get a mortgage as a sole trader?
Yes, sole traders can apply for mortgages. Lenders may assess your business income and trading history when considering your application.
Can I get a mortgage through my limited company?
Limited company directors can apply for mortgages, although lenders can differ in how they assess salary, dividends and company profits.
Can I get a mortgage if I’ve recently become self-employed?
Some lenders may consider applicants with a shorter period of self-employment, although the requirements can vary. Your previous employment, business accounts, income and circumstances may all be relevant.
Can I get a mortgage after changing from sole trader to limited company?
It may be possible to obtain a mortgage after changing your business structure. Lenders can take different approaches to assessing income following a change from sole trader to limited company.
Can contractors get a mortgage?
Yes, contractors can apply for mortgages. The way your income is assessed can depend on the type of contract, length of contract, income and the lender’s criteria.
Can CIS contractors get a mortgage?
Yes, CIS contractors can apply for mortgages. Some lenders have specific approaches to assessing CIS income, so the options available can vary between lenders.