Self Employed Mortgages
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Self Employed Mortgages Chesterfield
Being self-employed doesn’t mean you can’t get a mortgage, but the way your income is assessed can be different from someone who receives a regular salary.
Whether you’re a sole trader, company director, contractor, partner or business owner, lenders have different ways of assessing self-employed income. Some may look at your salary and dividends, while others may consider your share of business profits or other forms of income.
As a mortgage broker in Chesterfield, we can help you understand how your income is likely to be viewed by different lenders and find mortgage options that fit your circumstances.
Can You Get a Mortgage If You’re Self-Employed?
Yes. There are many mortgage lenders that consider applications from self-employed borrowers.
The important thing is understanding how each lender assesses your particular type of income. Two lenders may look at exactly the same set of accounts and arrive at very different affordability figures.
This is one of the reasons speaking to a mortgage broker can be useful if you’re self-employed. Rather than simply applying to your own bank, we can look at your circumstances first and identify lenders whose criteria are more appropriate for the way you earn your income.
How Do Lenders Assess Self-Employed Income?
There isn’t one universal way for lenders to assess self-employed income. The approach can depend on how your business is structured, how long you’ve been trading and how your income has changed over time.
Some lenders may use an average of your income over several years, while others may place more weight on your most recent figures. If your income has increased, this difference in lender criteria can be particularly important.
We’ll look at your individual circumstances and help identify lenders whose approach is suitable for your income.
Why Use a Mortgage Broker When You’re Self-Employed?
Going directly to your bank means you’re limited to that lender’s own criteria and mortgage products. If their approach to self-employed income doesn’t work in your favour, you may be offered less than you expected or find that your application doesn’t fit their criteria.
As a mortgage broker, we can consider a wider range of lenders and look for one whose approach to assessing your income is suitable for your circumstances.
We’ll also guide you through the application process, helping you understand what information is required and dealing with the lender on your behalf.
Speak to Us About a Self-Employed Mortgage
If you’re self-employed and considering buying a property or remortgaging, we’d be happy to discuss your circumstances.
Whether you’re a sole trader, limited company director, contractor, partner or business owner, get in touch for an initial conversation about your mortgage options.
Your property may be repossessed if you do not keep up with your mortgage repayments.
Ready to get free initial mortgage advice? Get started here.
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Mortgages for Sole Traders
If you’re a sole trader, lenders will generally look at the income generated through your business when assessing affordability.
Your accounts and tax documentation can be used to demonstrate your earnings, with lenders having different requirements around the number of years of trading history they want to see.
If you’ve been self-employed for a relatively short period, don’t automatically assume that you won’t qualify for a mortgage. Some lenders have criteria for applicants with less trading history than others.
Mortgages for Limited Company Directors
Limited company directors can sometimes find mortgage applications more complicated because your personal income may not tell the full story of how much your business earns.
Depending on the lender, your income could include your salary and dividends, while some lenders may also consider your share of the company’s retained profits.
This can make a significant difference to how much you may be able to borrow, particularly if you keep profits within your company rather than taking them as personal income.
Not every lender treats company directors in the same way, which is why choosing the right lender before submitting an application can be important.
Self-Employed Mortgages With One or Two Years’ Accounts
Many people assume that you need three years of accounts before you can apply for a mortgage. This isn’t necessarily the case.
Some lenders will consider applicants with one or two years of trading history, although their criteria can vary depending on the nature of the business, income and circumstances.
If you’re newly self-employed or have recently started trading through a limited company, we’ll look at your situation and explain which options may be available.
Self-Employed Mortgage FAQs
1What Documents Will I Need for a Self-Employed Mortgage?
The documents you need will depend on how you're self-employed and the requirements of the lender. You may need to provide accounts, SA302s, Tax Year Overviews, bank statements or information relating to your limited company.
We'll explain what documents are required for your application and help you understand what the lender needs before your application is submitted.
2Can I Get a Mortgage If My Self-Employed Income Has Increased?
Yes, although lenders can assess increasing income in different ways. Some may use your latest year's figures, while others may look at an average of your income over several years.
If your business has grown and your income has increased, we'll look at your recent figures and consider lenders whose affordability criteria are appropriate for your circumstances.
3Can I Get a Mortgage If My Self-Employed Income Has Fallen?
A reduction in self-employed income doesn't automatically mean you won't be able to get a mortgage, but it can affect which lenders may be suitable.
Lenders will want to understand your current financial position and may assess your income differently depending on your circumstances. If your income has fluctuated, it's worth speaking to us before making an application so we can consider your situation and explain the options available.
4Can I Get a Mortgage If I'm a Company Director?
Yes. Company directors can apply for residential mortgages, although lenders can assess their income in different ways.
Some lenders may primarily consider your salary and dividends, while others may also take your share of the company's retained profits into account. We'll look at how your company operates and consider lenders whose criteria are suitable for your circumstances.