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Need Help Finding A Self-Employed Mortgage?

Need Help Finding A Self-Employed Mortgage?

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Revolution Finance Brokers are on hand to help self-employed professionals find the most competitive mortgage lending possible; you can find all the information you need in our complete guide.

For more support with finding the right lending for you, get in touch with our experienced team at 0330 304 3040 or send a message to info@revolutionbrokers.co.uk.

How can Revolution Brokers help with my self-employed mortgage?

Our team of experienced brokers deal with self-employed applicants every day. We know that navigating the world of specialist mortgages can be a complicated matter, especially where your existing banking provider isn't able to support your application.

Self-employed products aren't typically an individual product, but are a mortgage that is adapted to meet the requirements of an applicant who runs their own business - usually, this includes:

  • Sole traders
  • Partnerships
  • Limited company directors

If you fall into one of these business categories and would like specialist advice in securing the most competitive mortgage rates on the market, contact Revolution Brokers at 0330 304 3040 or drop us a message at info@revolutionbrokers.co.uk.

How is a self-employed mortgage different?

As mentioned above, when we talk about a self-employed mortgage, we mean a home loan like any other, but one that is structured around a self-employed applicant.

Given the variability of a self-employed persons' income, each mortgage is bespoke, meaning that a broker has more flexibility when it comes to negotiating a deal on your behalf.

The most significant difference between a self-employed mortgage and a standard home loan is in the way that affordability is calculated. Unlike an employed applicant, your income is likely to change regularly.

However, by using a specialist broker, there is no reason you cannot borrow on the same terms as any employed person, provided you have evidenced your self-employment history for the requisite period.

Most mainstream lenders require three years of accounts. Still, the Revolution team works with a network of niche mortgage providers who can accept applications from self-employed people who have been trading for a shorter period.

Typically, the maximum a mortgage provider can lend is calculated as up to 4.5 times your average annual salary.

What's the best way to apply for a self-employed mortgage?

Applying for a self-employed mortgage is the same as for any other type of mortgage, with the only significant difference being how you demonstrate your income.

Ideally, lenders like to see two to three years worth of accounts - although you can find lenders with more flexibility around your trading history by working with a broker.

The deposit required against your property is also unchanged, with the average being a 10% minimum requirement. Some lenders will offer a higher Loan to Value (LTV) ratio and be able to provide lending with a 5% deposit.

If you have been self-employed for less than a year, or have seen your business income change dramatically in the last few years, you will usually be asked to put down a larger deposit.

This requirement also applies to other scenarios which a lender will consider higher risk, such as if you have an adverse credit history.

To secure the best rates and most competitive mortgage, it is vital to work with a specialist broker such as the Revolution team. With years of experience in negotiating self-employed mortgages, we can pinpoint the best lenders to apply to, and secure favourable rates.

How to start your self-employed mortgage application

Revolution Brokers aims to take the time and stress out of your mortgage application and work with you throughout each stage of the process to ensure you have the highest possible chance of approval.

The process works like this:

  • Send us over an enquiry on info@revolutionbrokers.co.uk or give us a call on 0330 304 3040.
  • We'll have a chat about your circumstances, and arrange a convenient time to talk with one of our brokers specialising in self-employed mortgages.
  • Once we know a little more about you, and the lending you need, we will scour the market to find the ideal deals and optimal rates, and identify a short-list of the best lenders to apply to.
  • We consult with you, decide how best to proceed, and ensure you have all the documents and information you need to support a successful mortgage application.

Give us a call today, and let's get started!

Check out our handy calculators

Our quick mortgage calculators are designed to give you an indication of how much you can borrow and allow you to consider the different mortgage options available to you.
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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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