Our Expertise
Self Employed
Being self employed does not make a mortgage harder to obtain. It does mean your income needs to be evidenced and presented clearly.
Overview
What is self employed?
A self employed mortgage is an ordinary mortgage taken by someone whose income comes from self employment: sole traders, partners, freelancers and limited company directors. The difference lies in how income is assessed.
Lenders look at documented earnings rather than a payslip. That may mean tax calculations and tax year overviews, finalised accounts, profit and loss figures, salary and dividends, or in some cases retained profit. Each lender applies its own approach.
Who might this be suitable for?
- Sole traders and partners
- Limited company directors
- Freelancers with variable earnings
- Business owners with recently improved profits
- Applicants with fewer than three years of accounts
How Help to Lend can help
- 01We establish which measure of income best reflects your position before approaching a lender.
- 02We identify lenders whose assessment methods suit your accounts and trading history.
- 03We work with your accountant where documentation or clarification is needed.
- 04We manage underwriter questions directly so you are not caught in the middle.
Assessment
What may lenders and providers consider?
Trading history
Many lenders look for a period of trading history, though the length required varies.
Income measure
Some lenders use net profit, others use salary plus dividends, and some consider retained profit.
Trend of earnings
Where profits fluctuate, lenders may average figures or use the most recent year. Approaches differ.
Business commitments
Directors' loans, business borrowing and drawings may form part of the assessment.
Criteria vary between providers and can change at any time. Nothing here confirms that a particular lender or insurer will accept an application.
The Process
How we work through it together.
- 01
Understand
We start with a conversation about your circumstances, plans and objectives.
- 02
Assess
We review your position, affordability and mortgage requirements in detail.
- 03
Recommend
We identify suitable mortgage and protection options and explain the reasoning.
- 04
Apply
We prepare and manage the application, liaising with the lender on your behalf.
- 05
Progress
We keep the case moving and keep you informed at every stage.
- 06
Complete
We support you through to completion and remain available afterwards.
FAQs
Frequently asked questions
Related
Related expertise
Contractor Mortgages
Day rate and fixed-term contract income assessed properly.
Commercial Mortgages
Finance for business premises, investment and development.
Buy to Let
Finance for landlords purchasing or refinancing rental property.
Remortgaging
Review your existing deal and consider the options available to you.
Speak to an adviser about your circumstances.
We'll explain the options clearly and tell you what to prepare, with no obligation.
- 20+ Years of Advice
- Whole of Market Panel
- Support to Completion