There is a misconception in the mortgage market that it is harder to obtain a mortgage if you are self-employed. At The Mortgage Library, we don’t discriminate and have helped many self-employed clients in achieving their ambitions.
Specialist mortgages for self employed customers
Sole Traders, Partnerships, Company Directors and Limited Companies all fall under the Self-Employed category. Generally, you will be classed as self-employed if you own more than 20-25% of the company although this may vary depending which lender you approach.
If you are on a contract and you pay your tax annually, you could also be classed as self-employed.
Rumours have it that obtaining a mortgage when you are self-employed is a complicated and stressful ordeal, however this is just a misconception.
At The Mortgage Library, our experts have years of experience and know the hacks behind sourcing you the best deal in the quickest possible time. We believe that self-employed people have just a good a chance at obtaining a mortgage as once else. As with any other form of income being used, having a healthy deposit and a good credit rating will really help your chances of securing the product you want.
In order to prove your income, you will need to demonstrate a history of your earnings. Typically, most lenders will need to see at least a two/three-year track record, however there are a small number who will consider lending on just one year’s income.
You will need to provide either:
In most cases, you will need to have had your accounts prepared by a fully qualified chartered accountant.
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