Self Employed

MORTGAGE

Advice

Our expert team can assist you in finding the perfect Mortgage. We conduct a whole of market search to match you with the perfect lender.

Self Employed Mortgage Advice

As self employment becomes a viable and attractive proposition in a wide range of industries, lenders are offering a greater selection of options to those applicable.

Whether you are a sole trader, director of a limited company, or partner of an LLP we have you covered all the way.

Is it difficult to get a mortgage when you’re self-employed?

Being self-employed can cause some challenges whilst trying to get a mortgage as you’ll need to be able to show you have a regular and reliable income, which is not always straightforward. There are many steps that can be taken to show a mortgage lender your income is reliable, but most commonly this will involve your annual tax return and your latest bank statements to demonstrate the recent income

You’ll be pleased to know that getting a mortgage when you are self-employed is far from impossible.  The important thing to bear in mind is that all mortgages are the same and you will be treated no differently to somebody on PAYE.

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What will I need to provide to apply?

As above, the key to an application is demonstrating an accurate portrayal of your income.  This may include:

  • Evidence of historic and ongoing contracts.
  • Certified accounts for a limited company/partnership
  • Accountants certificate/reference
  • Tax Year Calculation
  • Tax Year Overview

Most lenders will also expect applicants accounts and returns to have been prepared by a qualified accountant where a member of a partnership or limited company.

How much deposit will I need?

As the range of products are available to all candidates, the level of deposit required will match the current market.  As it stands a minimum of 5% would be applicable, however by obtaining 10% or 15% deposit you will find a greater scope of option.

Naturally this will also depend on the overall circumstances of the case, such as history of self-employment, affordability of the loan, as well as credit profile.

How can I find the best deal for me?

With so many different criteria between different lenders, it can feel overwhelming for you trying to find a mortgage when you are self-employed.

Reach out to one of our brokers today who will assist you every step of the way from initial phone call, market research, finding a lender and thereafter. Pinnacle have multiple years of experience dealing with all types of mortgages and are ready to assist you today.