{"id":584,"date":"2022-04-07T08:36:14","date_gmt":"2022-04-07T08:36:14","guid":{"rendered":"http:\/\/a2ztechnologies.co.uk\/demo\/bespokemoney\/?page_id=584"},"modified":"2023-05-08T02:52:46","modified_gmt":"2023-05-08T02:52:46","slug":"self-employed-mortgages","status":"publish","type":"page","link":"http:\/\/a2ztechnologies.co.uk\/demo\/bespokemoney\/self-employed-mortgages\/","title":{"rendered":"Self- Employed Mortgages"},"content":{"rendered":"
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Technically, there is no such thing as a \u201cself-employed mortgage\u201d? Instead, you can apply for a regular mortgage but because you are self-employed, you will have more hoops to jump through in order to get approved for a mortgage.<\/p>\n

Whilst there are a lot of benefits to being self-employed, it can be frustrating when trying to find the right mortgage. The good news, though, is that with the right help, you can get a mortgage in your self-employed circumstances, even if it is a little trickier to secure.<\/p>\n

What You Will Need to Get a Mortgage<\/h4>\n

Self-employed workers, be it as a sole trader or limited company director, have to be able to prove their income to a mortgage lender. Usually, a lender will request that you show a minimum of two years of accounts or tax returns, and the more years you have to show for yourself, the better.<\/p>\n

The paperwork you will need include:<\/p>\n

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  • Two years\u2019 accounts<\/li>\n
  • An accountant \u2013 someone to back up your working history<\/li>\n
  • A track record of regular work \u2013 no large employment gaps<\/li>\n
  • A healthy deposit \u2013 the more the better<\/li>\n
  • A good credit score<\/li>\n<\/ul>\n

    Lenders make their lending decisions based on the information that you provide. They will base their decision on your net profit average over the past few years which is why it\u2019s important to have an accountant. The accountant must be either certified or chartered, so make sure that yours is so that you won\u2019t run into any roadblocks.<\/p>\n

    Before you approach a lender, ensure that your accounts are up to date. Lenders won\u2019t be impressed if the figures aren\u2019t in date, and if you have less than two years of accounts, you may still be in luck.<\/p>\n

    Some lenders are happy to see less than two years of accounts, especially if you have an excellent track record of work. If you already have a mortgage, your existing lender may be able to help, as they know your payment history, too. Your lender has a history with you and they know your capabilities to meet your repayments.<\/p>\n

    You will still need a deposit if you want a mortgage as a self-employed individual, and the bigger your deposit the better off you will be.<\/p>\n<\/div>\n<\/div>\n

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    The Dos and Don\u2019ts of Self-Employed Mortgages<\/h4>\n

    There are plenty of things that you can do to improve your chances of getting a mortgage, and these include:<\/p>\n

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    • Keeping up to date with your accounts and records<\/li>\n
    • Hiring an accountant who is certified to sort your tax returns and accounts<\/li>\n
    • Discuss your needs with a specialist self-employed mortgage broker<\/li>\n<\/ul>\n

      There are also things that you should avoid doing, including:<\/p>\n

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      • Minimising your income for tax reasons as it\u2019ll affect your mortgage application.<\/li>\n
      • Assume it is impossible to get a mortgage. With the right help, it\u2019s not!<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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        Think carefully about securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.<\/b><\/em><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        Technically, there is no such thing as a \u201cself-employed mortgage\u201d? Instead, you can apply for a regular mortgage but because<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"PT-Mortgages.php","meta":{"_seopress_robots_primary_cat":""},"acf":[],"yoast_head":"\r\nSelf- Employed Mortgages - Bespoke Money<\/title>\r\n<meta name=\"description\" content=\"Being self-employed shouldn't limit your mortgage options. 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