Getting A Mortgage Self Employed

Minimum of 1 Year Accounts.
Use PAYE & Dividends.
Use Retained Profit.
Use Contractor Day Rate.
Bad Credit Accepted.
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Getting A Mortgage Self Employed

By the start of 2020, there were over five million self-employed people in the United Kingdom. In 2000, there were 3.2 million, so there has been considerable uptake in the proportion of self-employed people. This group represents 15.3% of the UK employment market *.

Therefore, companies cannot afford to overlook the self-employed sector, which is true for the mortgage market. Getting a mortgage while being self-employed has been challenging, but it isn’t an impossible task. Also, an increasing range of self-employed mortgage products is available to choose from, and arranging a mortgage while you are self-employed is a more straightforward task.

Therefore, the full range of self-employed mortgage UK options should offer confidence to any professional looking to buy their first home, arrange a Remortgage, Secured Loan or a Buy to Let property.


What counts as being self-employed?

Mortgage lenders will classify a person as self-employed if they own over 20% to 25% of a business. This includes those classed as a sole trader, a company director, partnership, a freelancer or contractor.


Freelancer Mortgages & Contractor Mortgages

With studies indicating close to 73% ** of freelancers believing their employment status might jeopardise their chances of arranging a mortgage, there is a need for specialist freelancer mortgages. The same study suggests 21% of freelancers have considered their employment status due to concerns over arranging a Mortgage.

Knowing that additional challenges involved with the mortgage application process for these professionals is a good starting point. It might sound like a daunting task, but when you are aware of the challenges you face, it is easier to overcome them.

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Self Employed Mortgage FAQ's

How many years do you have to be self employed to get a mortgage?
Most high street lenders require you to be self employed for 2-3 years, however there are a few high street lenders that are willing to accept 1 year’s accounts plus there are more specialist lenders available through mortgage brokers who can help.
How do I prove my income when self employed?

You will be required to provide these documents:

  • Accounts.
  • Tax Calculations & Tax Overviews.
  • Business Bank Statements
  • Current Contract Details (if you are a contractor).
Self Employed Mortgages
The Money Hub

Product Name: Mortgages

Product Description: Self Employed Mortgages

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Kavita

Gary has been great from the start, very professional and friendly. this was my first commercial finance and he answered all of my questions no matter how small & explained everything very well, for me to understand the whole process. I would definitely recommend TMH & if needed use their services again.