Self Employed Mortgages

Firstly, there is no such thing as a self-employed mortgage. However, it can be a challenge to get a mortgage because you will need to prove you have a reliable income. But getting a mortgage when self-employed is certainly not impossible.
How to get a mortgage when you are self employed
You should have access to the same range of mortgages as everybody else and will still need to pass an affordability test in the same way. The only difference is, that as you are your own employer you will need to provide more evidence of your income than others.
What will you need to provide?
This can vary on lender, however, generally you will need:
• Two or more years certified accounts;
• SA302 forms or a tax year overview from HMRC for the past two or three years;
• Evidence of upcoming contracts – if you are a contractor;
• Evidence of dividend payments or retained profits if you are a company director.

Self-Employed Mortgage with One Years Accounts

They are not widely available, but it is certainly possible to get a mortgage with just one year of accounting history. Whilst most Mortgage Lenders will expect Self-Employed mortgage applicants to be able to show three year’s worth of accounts, some specialist lenders will be able to help you.

You should be aware that due to minimal lenders offering this type of mortgage, the interest rates on your mortgage are likely to be less competitive. As high street lenders won’t usually be able to consider your application, speak to Mortgage Brokers like ourselves to find out which lenders are more accepting of your situation.