It’s increasingly possible to get self-employed mortgages. As more and more people set up on their own, or work in more flexible ways, being self-employed is no longer a niche thing. You will, however, need to show a reliable income. You will need to demonstrate that you pass the lender’s affordability criteria and provide evidence of your income.
The good news is that lenders are very in tune with this now. Below are the main ways you may be set up and broadly how lenders look at your income when considering self-employed mortgages.
The two most common ways to evidence your income will be:
Much as for Limited companies, your net profit will be averaged over the last few years to determine your income and as above, if on an upward curve, the most recent year can be used.
As you can see above, the more complex the income, the more help you often need to be approved for self-employed mortgages.
We specialise in this area, so would encourage you to speak to one of the The Team just to see what your options are before progressing too far with an application. This will ensure you get a smooth experience when applying for self-employed mortgages.
A fee of up to 1% of the mortgage amount may be charged depending on your circumstances (ie. £1000 on a £100,000 mortgage). A typical fee is £495 plus we will receive commission from the lender.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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