Self Employed Mortgages
Experienced self employed mortgage solutions that we’re proud of
We know all about running a business. We understand the complexities of being a sole trader, partnership, limited company or LLP.
So when it comes to geting a self employed mortgage, you want an honest mortgage broker with no surprises and experience of dealing with complex scenarios.
Do you have a question about a self employed mortgage?
How many years do you have to be self employed to get a mortgage?
The shorter the length the more niche and specific the cicumstances need to be and fewer options will be available to you.
This will tend to be for a very specific scenario such as a professional (doctor/lawyer) who is joining a practice as a partner. Some lenders don’t need anything more than a letter from the practice manager or accounts from the accountant as they are able to see the track record of the practice and able to make an assessment of income based on this.
1 year self employed:
For most people going self employed one year is the earliest you can consider before getting a mortgage. Be aware that you will be limited by the number of lenders who will lend to you, as this is still relatively niche. One important point to note, you will need one full tax year (April to April) of being self employed.
2 year’s self employed:
As soon as you are self employed for two years, the vast majority of the market will be avaible to you. There may be lenders (few in numbers) that may still want three years, but the probablity is you’ll have (if not all), very close to all the lenders avaialble to you.
However, from two years onwards, it can get more complex! Some lenders will now look to either take the lastest years figures, while other lenders will average them. So this is when you need to start thinking ahead and start planning!
3+ year’s self employed:
Quite simply you will have all the lenders available to you.
But remember while some lenders may choose to either average or take the latest years figures, lenders will also be looking at the history and track record of a business. They may question why there has been an increase or decrease in any particular year.
Remember you need to plan ahead!
Mortgage lending criteria does change so always speak to an independent mortgage broker to find out what’s possible for you.
What is a SA302?
Mortgage lenders need to evidence self employed income and there are lots of ways that they can do this. However as every lender is very different and have unique lending criteria, they often vary in terms of the evidence they will accept. Some lenders will need accounts, accountants certificates and/or SA302 tax calculations and tax year overviews.
When it comes to SA302’s lenders now usually also want acompanying tax year overviews to confirm the tax paid matches the figures both on the SA302’s and the tax year overviews. This is becuase lenders realised and caught onto the fact unscrupulous individuals were able to manipulate the figures only later to change them.
How do I get my SA302?
- Loging in to your HMRC online account and downloading the documents.
- If you have an accountant, they might be able to do this for you.
- Or if you are really struggling contact HMRC direct and request them. They will send the documents to you by post.
HMRC have been encouraging people to move away from contacting them for SA302’s and tax year overviews and have made it easier to obtain these through the above methods.
Self Employed Borrowing Calculator
Celebrating our success rates. Making you jump for joy
We believe in complete transparency and honesty at every stage. We publicise our success rates at different stages throughout the mortgage sales process, making sure you’re always in the know.
Our Success Rates
(Fourth quarter 2018)
- We assess
- You instruct us
- We research
- We find the best deal for you
Agreement In Principle
- You agree to the deal
- We submit the first stage of your application
- You get an agreement in principle
- We submit the second stage of your application
- We present your application in the best possible manner
- They assess your situation
- We support you throughout the process
- They assess your property
- You receive your mortgage offer
- Technically our job is done but we also like to help
- We liaise with solicitors and estate agents
- We keep you updated
- You achieve your goals