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Getting a Mortgage as a Taxi Driver

How will a mortgage lender assess your application for affordability if you're a taxi driver? All your questions answered!

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Almas Uddin

Founder and Mortgage Advisor

2023-05-09

Getting a Mortgage as a Taxi Driver

As a taxi driver, getting the right mortgage can seem challenging, where it is far more complicated to prove your income.

However, by working with a professional mortgage broker, you have expert support at your fingertips to ensure you achieve a mortgage at competitive borrowing rates - which becomes even more crucial as a first-time buyer!

The Revolution Finance guide will explain how to apply for a mortgage, how much you are likely to be able to borrow, why your self-employment history counts, and how we can help.

For more detailed and bespoke advice about finding the mortgage lending you need, give us a ring on 0330 304 3040 or send over an enquiry at [email protected].

Can I get a mortgage as a taxi driver?

You certainly can - and a lot of decisions about which lenders to apply to will depend on how you trade.

As a specialist self employment mortgage, Revolution Brokers regularly works with cab drivers who have found it difficult to achieve competitive lending rates from mainstream mortgage providers.

Mainstream lenders can find it challenging to accept taxi driver mortgage applications. There are multiple reasons for this, such as:

Having a variable income that changes throughout the year.
Using tax-deductible expenses as permitted, but which then impact your declared net profit that mortgage lenders used in their affordability assessments.

Understanding the expenses system, whereby you might be claiming back tax-deductibles such as fuel, taxi company fees, insurance costs and vehicle maintenance expenses, is vital to secure a competitive mortgage.

Your credit history is also a factor. Where your income structure is more complicated, many high street lenders will reject an application showing any adverse credit issues on your file.

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About

your mortgage

Single or joint mortgage?

Single

Joint

What’s your yearly income?

Error: Yearly income income must be between £1 and £10,000,000.

Do you receive a regular bonus?

Error: Regular bonus must be between £1 and £10,000,000.

Based on your yearly income,

you may be able to borrow

This calculator is an estimation of how much you could borrow. If you’re ready to take out a mortgage, speak to a Revolution brokers to see what options are available.

£0

Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

£0

Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

£0

Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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What Self-Employed Mortgage Evidence Do I Need?

When applying for a self-employed mortgage, you will need to present the following documentation to substantiate your income:

Accounts certified for at least two years
Evidence of upcoming contracts (if you're a contractor)
SA302 forms or a tax year overview from HMRC for the previous two or three years
Proof of dividend payments or retained profits (if you're a director of a limited business.

Lenders also prefer self-employed mortgage applicants to produce accounts prepared by a trained, chartered accountant, if available, as this ensures their trustworthiness.

They're more than likely to focus on your average profit over the last few trading periods than to look at the latest year in isolation to get an overall picture of your average profits.

It may be difficult to persuade a lender that you can afford to repay a mortgage if you only have accounts for a year or less, but it is not impossible with support from an experienced broker.

It can help to show that you have regular work or provide proof of upcoming commissions. Still, some lenders have strict policies about minimum work periods, so it's essential to apply to the right mortgage provider from the first step.

How Can I Improve My Self-Employed Mortgage Approval Prospects?

When you're self-employed, having a solid deposit and a decent credit history will also assist you in securing a mortgage.

You must produce the following documents in addition to proof of income:

ID documents - passport or driving license
Income paperwork - six months of bank statements
Address verification - utility bills within the last three months, usually plus a council tax bill

Lenders will look at your bank accounts to see how much you spend on bills and other expenses to make sure you can afford your mortgage payments. They might ask for information about:

General household expenses.
Your regular outgoings on things like childcare, travel, commuting, credit card repayments, loans, car finance and other credit accounts.

Note that this information is all part of the standard affordability assessment to ensure you have the income to manage your repayments. It's a normal part of the application process if you have a variable self-employed income.

Can Uber drivers get a mortgage?

Yes, with the same criteria as you'd find on any self-employed mortgage or home loan criteria for a sole trader.

The Revolution Brokers guide to mortgages for sole traders and partnerships provides more information about this type of lending.

How Can I Borrow More Than Indicated on a Self-Employed Mortgage Calculator?

Every mortgage lender will assess your income to arrive at a maximum amount they can offer to lend. This assessment process means having to demonstrate your income.

In the past, self-cert mortgages enabled self-employed people to declare what they were earning and mortgage lenders to use this information in their calculations.

Now, this type of mortgage no longer exists, and you must be able to prove what you are earning, backed up with official accounts and records.

There are cases where proof of income isn't required. However, this is usually restricted to specific mortgages such as a buy-to-let.

When you're self-employed, you can take a variety of steps to improve your chances of getting a mortgage, including:

Saving as much as possible as a deposit.
Reviewing your credit rating and correcting any errors.
Registering to vote on the electoral roll.
Choosing a property that isn't considered higher risk (such as a renovation project that isn't currently inhabitable or a flat about a shop that can be harder to mortgage).

Ultimately, the best way to find affordable borrowing with competitive terms is to work with an experienced, independent self-employment mortgage broker who will advocate for you and negotiate terms with the best lenders on the market.

How Does a Self-Employed Mortgage Calculator Work?

Calculating your income can itself be a complicated process.

Besides, even if you know your average weekly or monthly income, this will not match your self-assessment tax return, where all of your tax-deductible business expenses have been taken off before your net profit is calculated.

Some lenders will lend up to a maximum of four times your average annual salary. Others will lend up to five times your earnings, and a small number of specialist lenders will offer up to six times your annual income.

Revolution Brokers works to secure the best rates on a range of mortgages for taxi drivers, including minicab drivers and remortgage applications.

Our experience means that we can find suitable lenders to apply to and provide help with demonstrating your income and putting your application together to meet the lender's criteria.

How many years do I have to have been trading as a taxi driver to apply for a mortgage?

Generally, mainstream lenders like to see at least two to three years of trading history. However, working with a niche broker can mean securing a mortgage after a much shorter period.

The team at Revolution can negotiate terms for taxi drivers who have been working for as little as nine to twelve months, so if you fall into this category give us a call, and we'll get to work.

Mortgage options for taxi drivers include:

Fixed-rate and tracker mortgages
Flexible repayment mortgages
Buy to let mortgages
Discount mortgages

Expert Help With Self-Employed Mortgage Evidence

If you need a mortgage and struggle to find the right lending, Revolution Brokers are here to help.

We can also offer general advice and support, whether you are considering purchasing a property or would like to understand more about the application process.

Give our team a call on 0330 304 3040 or send us a message to [email protected], and we'll be in touch!

Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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Getting a Mortgage as a Taxi Driver