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3Mortgage Completion

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Back | Insurance

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Your Mortgage Position

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Back|Bad Credit

Bad Credit Mortgages

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Finding a Mortgage with Poor Credit

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Getting a Mortgage After Payday Loans

Avoiding Repossession

Subprime Mortgages

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Adverse Credit Mortgage Online

Self-Employed Mortgage with Bad Credit

Shared Ownership Mortgage with Adverse Credit

Right to Buy as a Bad Credit Applicant

Commercial Mortgages for Bad Credit Borrowers

Deposit Requirements for Bad Credit Mortgages

Finding a Mortgage Offer After Rental Arrears

How Can I Repair my Credit Score to Get a Mortgage?

How Does the Help to Buy Scheme Work for Bad Credit Applicants?

How to Decipher Your UK Credit Reports

How to Qualify for a Mortgage with Zero Credit Score

How to Secure a Bad Credit Buy to Let Mortgage

Is it Possible to Find a Mortgage After Bankruptcy?

Joint Mortgage Applicant Has Bad Credit

Back|Bridging

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Finding Regional UK Bridging Loans

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Back|Buy to Let

Buy to lets

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Best Buy to Let Mortgages: 75% LTV

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Back|Development Finance

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Back|Self Employed

Self Employed Mortgages

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Back|Mortgage for Professionals

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Back|Equity Release

Lifetime Mortgages

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Back|Expat Mortgage

Expat Remortgages for UK Nationals

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Mortgage Calculator Guide for Expats

Back|Interest Only

Interest-Only Lifetime Mortgages

Switching Your Mortgage to Interest-Only

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Interest-Only Mortgage for First-Time Buyers

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Back|Mortgage Affordability

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Back|Income Types

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Back|Residential Mortgages

Back|Commercial Mortgages

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Back|Property Types

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Back|Remortgages

Back|Mortgage Declined

How To Deal With Having A Mortgage Declined On Affordability

Finding a Solution When You Have Had a Mortgage Declined Post-Valuation

Help for Homebuyers Who Have Had a Mortgage Declined After Agreement in Principle

Tips and Advice on Proceeding If You Get Declined for a Mortgage After Exchanging Contracts

What to Do if You Have Had a Mortgage Application Declined

Back|First Time Buyers

First Time Buyers

Deposit Requirements

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Finding a First Time Buyer Mortgage With a 5% Deposit

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Back|Offset Mortgage

How To Find the Lowest Fixed Rates on Offset Mortgages

What is a Flexible Mortgage - And Who is It Best Suited To?

Offset Mortgages Rated - Pros and Cons

Average Rates on UK Offset Mortgages

What Are Cashback Mortgages - and How Do They Work?

Guide to Understanding UK Offset Mortgages

Is a UK Current Account Mortgage Right For You?

Guide to Offset Mortgage Online Calculators

How Family Offset Mortgages Work

Mortgage Reserves - How an Offset Works

Back|Other Mortgages

Second Charge Mortgages

Applying for a Mortgage With a New Job

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Can I Mortgage a Contaminated Land Investment?

Can I Mortgage a Listed Grade Two Property?

Can I Get a Mortgage While on Maternity Leave from Work?

How Does a Public Footpath Impact My Mortgage Chances?

How Many Mortgage Products Can I Have Simultaneously?

What Deposit Sources are Acceptable in the UK?

What Sort of Homeowner Loan Am I Eligible For?

Complete Guide to the UK Mortgage Process

How Can a Broker Improve My Mortgage Eligibility Assessment?

Mortgages for Self-Employed Applicants with Bad Credit

Affordability assessments for self-employed mortgage applicants are a little different than for employed people – how does a bad credit score impact your eligibility, and what can you do to improve your mortgage approval prospects?

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About your mortgage

Single or joint mortgage?

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What’s your yearly income?

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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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Almas Uddin

Founder and Mortgage Advisor

2023-05-09

Mortgages for Self-Employed Applicants with Bad Credit

Self-employed mortgage applications are always a little trickier than for employed people since there is the added challenge of proving your average income. If you also have a bad credit history, it can feel impossible to find mortgage approval.

In this guide, the mortgage brokers team explains how your credit file impacts your ability to find a mortgage as a self-employed applicant - and what you can do to improve your chances!

For assistance with your bad credit mortgage as a self-employed person, give us a call on 0330 304 3040 or email us at [email protected].

Are There Bad Credit Mortgages for Self-Employed Applicants?

There are indeed, although we'd always recommend applying with the help of an experienced broker. Your application will be assessed depending on:

Your self-employment history.
The deposit you have available.
When and why the bad credit issues occurred.
Whether you meet the other lending criteria.

Using a whole-of-market broker is critical since we can independently assess your circumstances and ensure you only apply to a lender whose eligibility criteria you meet.

If you apply directly, you run a high risk of being rejected or offered uncompetitive interest rates. Being turned down will rack up more hard credit searches on your file and further damage your mortgage approval chances.

Already Interested, Let’s Get Started!

The following

topics are

covered below

What are the Criteria for a Self-Employed Bad Credit Mortgage?

Can I Improve my Chances of Getting a Bad Credit Mortgage as a Self-Employed Person?

Is There a Maximum Bad Credit Mortgage for Self-employed People?

Expert Support with Self-Employed Mortgages for Bad Credit Applicants

Show less

Why Revolution Brokers?

Whole of market brokers

Mortgage that suits you

On time customer support

What are the Criteria for a Self-Employed Bad Credit Mortgage?

The criteria depend on the lender and their individual policies. For example:

Most lenders will require two to three years of self-employed accounts, although some will accept less.
The lender will analyse the reasons for your credit problems - if these occurred due to a life event rather than ongoing bad credit management, you are more likely to be approved.
When your credit problems happened, and whether they are due to expire from your credit file shortly.
What sort of credit issues exist in your report. Some lenders will reject even minor credit problems, whereas others will accept even severe flags, provided you have the deposit to offset the increased risk.

Can I Improve my Chances of Getting a Bad Credit Mortgage as a Self-Employed Person?

This scenario hits two major risk profiles, and so if you can do anything to mitigate that risk and make your mortgage application more appealing, it can help.

For example:

A larger deposit will immediately boost your approval chances. There are mortgages from 5% deposits, but if you can offer at least 10% to 15%, it would be beneficial.
Produce three years of trading accounts or tax returns - the longer your trading history, the better.
Use an experienced broker who can negotiate with the lender and perhaps recommend other solutions (such as indemnity policies) to help them feel comfortable with your application.

There are also things you can do before applying:

Pay off any remaining short-term debts, or as much as you can.
Check your credit report and ensure it is up to date and any queries have been rectified.

Is There a Maximum Bad Credit Mortgage for Self-employed People?

Not as such, no. The lender will usually place a cap on what they are willing to lend you, depending on the average of how much you earn a year.

The standard multiple is around 4.5 times, although some lenders will offer more generous calculations.

If you are applying for a joint mortgage, then the maximum will be based on both of your annual salaries.

Expert Support with Self-Employed Mortgages for Bad Credit Applicants

Being self-employed and having a poor credit record may make it seem extremely difficult to find a mortgage - but with the help of an independent, whole-of-market broker, you have the best possible chances of success!

Give the Revolution team a call on 0330 304 3040, or email us at [email protected] for more help with self-employed bad credit mortgages.

Almas Uddin

Founder and Mortgage Advisor

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As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.

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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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Mortgages for Self-Employed Applicants with Bad Credit

Discover What Our Customers

About your mortgage

Based on your yearly income, you may be able to borrow

Mortgages for Self-Employed Applicants with Bad Credit

Are There Bad Credit Mortgages for Self-Employed Applicants?

What are the Criteria for a Self-Employed Bad Credit Mortgage?

Can I Improve my Chances of Getting a Bad Credit Mortgage as a Self-Employed Person?

Is There a Maximum Bad Credit Mortgage for Self-employed People?

Expert Support with Self-Employed Mortgages for Bad Credit Applicants

Whole of market brokers

Mortgage that suits you

On time customer support

What are the Criteria for a Self-Employed Bad Credit Mortgage?

Can I Improve my Chances of Getting a Bad Credit Mortgage as a Self-Employed Person?

Is There a Maximum Bad Credit Mortgage for Self-employed People?

Expert Support with Self-Employed Mortgages for Bad Credit Applicants

Further Reading

Mortgage Brokers for Applicants with Bad Credit

Applying for a Mortgage with Defaults on Your Credit History

Can I Get a Buy to Let Mortgage With Bad Credit?

Why Do Mortgage Applications Change Your Credit Score?

Mortgages for Debt Consolidation

Finding a Mortgage with Poor Credit

Mortgage Interest Rates with Bad Credit

Getting a Mortgage After Payday Loans

Avoiding Repossession - The Homeowners Guide

Guide To Subprime Mortgages

Advice on Mortgage Agreements in Principle with Adverse Credit

Applying for a Mortgage with Credit Card Debts

Applying for a Shared Ownership Mortgage with Adverse Credit

Are There Mortgage Options After a Debt Management Plan?

Are There Mortgage Options After a Debt Relief Order?

Can I Get a Bridging Loan with an Adverse Credit History?

Can I Get a Mortgage After Repossession?

Can I Get a Mortgage in Northern Ireland with Bad Credit?

Can I Get a Remortgage to Pay Back an IVA?

Can I Get an Adverse Credit Mortgage Online?

Can I Use Right to Buy as a Bad Credit Applicant?

Commercial Mortgages for Bad Credit Borrowers

Deposit Requirements for Bad Credit Mortgages

Finding a Mortgage Offer After Rental Arrears

How Can I Repair my Credit Score to Get a Mortgage?

How Does the Help to Buy Scheme Work for Bad Credit Applicants?

How to Decipher Your UK Credit Reports

How to Get a Mortgage with a CCJ on Your Credit File

How to Qualify for a Mortgage with Zero Credit Score

How to Secure a Bad Credit Buy to Let Mortgage

Is it Possible to Find a Mortgage After Bankruptcy?

Mortgages for Self-Employed Applicants with Bad Credit

Repaying Bankruptcy Early - Exploring the Options

Scottish Bad Credit Mortgages Explained

Tips for Remortgaging with a Bad Credit Score

What is Involved in a Mortgage Credit Check?

What To Do If One Applicant on a Joint Mortgage Has Bad Credit?

Will Late Payments Affect my Mortgage Application?

Foreign National Mortgages in the UK

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