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Trying To Find an Affordable Self-Employed Mortgage?

Trying To Find an Affordable Self-Employed Mortgage?

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Our guide to self-employed mortgages at affordable rates runs through everything you need to know about getting a mortgage as a self-employed person, and how to negotiate the best possible terms!

For tailored support with finding self-employed mortgage lending, contact the Revolution team at info@revolutionbrokers.co.uk or give us a call on 0330 304 3040.

Who can apply for a self-employed mortgage?

The Revolution team works with clients every day who have found it challenging to secure a mortgage offer, or are unsure which lenders to apply to.

As a self-employed professional, it is crucial to work with an experienced broker who can negotiate beneficial rates and terms for you - we work with:

  • Sole traders
  • Partnerships
  • Limited companies

If you fall into any of these categories, you might have found it complicated to apply for a mortgage when your income is variable and less easy to demonstrate than an employed applicant with regular monthly payslips.

Let's run through how self-employed mortgages work, and what to look out for.

What does a self-employment mortgage mean?

In essence, a self-employment mortgage is no different than any other. However, it usually refers to a mortgage that has been adapted to meet the income structure of a self-employed professional.

There is no reason you cannot apply for the same competitive rates and terms as any other applicant - but the trick is in understanding how the calculations work, and which lenders to apply to!

The most significant difference is in the income calculations. Lenders will look for proof of your trading income, from your accounts. Mainstream lenders will almost always need to see at least two to three years worth of accounts, although more specialist providers can work with self-employed people with shorter trading history.

Income calculations take your average annual salary and multiply it - usually by four times - to arrive at the maximum amount they can offer to lend.

How do I apply for a mortgage as a self-employed person?

The application process shouldn't be significantly different - but you will need to look at how much trading history the lender needs, and be able to demonstrate your income.

Deposits are usually similar to those required from employed applicants, with the sector average being a minimum 10% deposit. Some lenders can accept as low as a 5% deposit depending on your other circumstances.

You might be asked for a higher deposit if any of your circumstances make your application higher risk - for example:

  • You have been trading for one year or less.
  • Your income has changed significantly in recent years.
  • You have a bad credit history.

The best way to begin the mortgage application is to seek support from an expert broker who understands the self-employment income structure and can ensure you apply to the right lenders who can offer to lend to you.

Step by Step - securing a self-employed mortgage.

  • The first step is to contact Revolution Brokers.
  • We will get in touch and arrange a convenient time to chat with one of our self-employment specialists.
  • Your broker will scour the whole mortgage market to identify the best deals and shortlist the right lenders and best rates available.
  • We work with you to decide how to proceed with your application, from submitting documents through to securing an official lending offer.

Expert support with self-employed mortgages

The Revolution team specialises in self-employed mortgages and works with a vast network of UK lenders who can offer favourable terms and flexible mortgage rates.

For more help and information, please take a look through our other self-employment guides, or give us a call on 0330 304 3040.

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

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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