How to get a mortgage when you’re self-employed

How to get a mortgage when you’re self-employed

Mortgages for the self employed may be more competitve than you think.....

If you’re self-employed and looking for a new mortgage deal, you may be worried that your employment status could limit your borrowing options. But with the bank rate at an all-time low and more lenders looking at how they cater for the self-employed, you may have more choice than you think.

Mortgages for the self-employed is gradually improving and there is a growing appetite to lend to this previously under-served proportion of the workforce. Initially driven by specialist providers, over recent months there have been more lenders looking at improving the way they look at borrowers who are self-employed.

Going through a mortgage adviser will give you access to a wider range of products but there are some other things to consider.

For established businesses, such as those who have a two year proven track record there should be no issue at all, however, those who have moved to this basis more recently may still have a handful of choices available, providing they have previous experience in their chosen field.

Lenders find it difficult to assess people who are self-employed so keeping comprehensive records will help to evidence your financial position. If you’re struggling to record a long history of your accounts then try to save as much deposit as you can to increase the rates that are available to you.

It’s also worth speaking to your accountant as the way they structure accounts for tax purposes will materially affect the size of the mortgage you can access. Ask them to plan for your remortgage or house purchase so that income and accounts reflect your true ability to afford the mortgage you want.

Mortgage Advice Bureau has access to mortgage products from more than 90 lenders. If you are looking to buy your first home, move house or remortgage, our advisers are on hand to offer our expert advice, whether it’s face-to-face or over the phone. Get in touch with us today to book an appointment.

Paul Wood is from Pygott and Crone Estate Agents and Financial Services- for further information call: 0800 917 7404

Email: info@pygott-crone.com or visit: www.pygott-crone.com

You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice.  The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

Live HelpChat live

How can we help?

CLOSE  X Live help

< Go back

We'd be happy to provide a valuation for you. The best way to arrange one is to book it online. We'll check our availability and you can book a date and time of your choice.

Click here to get started

Great, we'll need to take a few details before you can view a property. The quickest way to do this is online.

Find the property on our website, click Full Details, then click Book a Viewing.

Click here to search

If this is a general enquiry about a property or our lettings services, our lettings team will be pleased to assist you. Email letting@pygott-crone.com or call your local branch.

If you have a problem with a property you are renting through us, use our online Report a Fault system.

Report a Fault

No problem, sometimes the For Sale board goes up before the property photos and details have been put live.

If you've not already done so, why not register with us to get notified about this and similar properties matching your criteria?

Click here to register

You can find a list of all our branches and department phone numbers by clicking the button below. If you need to speak to a specific member of staff, you can find which branch they are at by clicking Full details next to the branch

Find a branch number

By registering online you can give us precise details of your circumstances and property requirements. We can then match suitable properties to you, and will be able to proactively alert you to new properties before they come on the market.

Click here to register

Introduce yourself

Please provide your name and email address to continue.

Chat live with our staff

Our staff are standing by to answer any questions. If you would like to chat live to them now, click Start below
Live Chat
Please wait while we connect you to an advisor.
Website - 8.39pm
Operator is typing a message
To chat simply type your message below, then click Send or press the return key. Do you wish to be emailed a transcript at the end of the chat?
Show Chat - 0 new message(s)