We have a wide range of knowledge when it comes to self-employed mortgages in Liverpool with research conducted regularly to keep us up to date on the different lending criteria with each specialist lender and mainstream lender, we also do a full mortgage market review, so that we are one step ahead when requesting documents to support your application, as self-employed mortgage requirements do differ slightly from applicants who are employed.

Self-employed mortgages aren’t as difficult as they may seem as long as you have the correct documents (accounts, tax calculations, tax year overview, self-assessments), you will also need a healthy deposit and a good credit file as well as credit history, the lender will request more documents as they will need to see proof of income and evidence that your business is well established and successful enough to provide you with a suitable income.

What are the basic self-employment mortgage requirements?

Your business will need to have been trading for at least one year, some lenders will need two years or more for them to consider your case. The longer you have been trading the better your options will be as multiple years worth of books looks better to the lender as they can see evidence of your business being successful and established with a stable income.

Having a good credit history is also important for securing a mortgage, as this can impact your mortgage application one way or the other, some specialist lenders may accept a certain amount of bad credit but it is always best to have your credit file squeaky clean as you will have to pay higher mortgage rates, lenders typically prefer good credit, especially high street lenders.

What will mortgage lenders require from me regarding my self employed income?

There are certain documents the lender will ask for when you apply for a mortgage as a self employed applicant, they need to see the same from someone as an employed person such as proof of income and possibly bank statements, the documents just differ slightly if you are self employed. As with any mortgage with ourselves, we will request a credit report.

Some of the self employed documents required are:

1. Personal and business bank statements
2. Expenses and costs involved in the day-to-day running of your business, your latest and previous years' certified accounts (Limited companies), SA302's and tax year overviews (sole traders).
3. The salary amount that you’re earning to see if you have a reliable income (net profit, dividend payments or other self-employed income you may receive). Some lenders may be able to consider using your retained profits if the limited company business is well established.
4. Reference from a qualified accountant

If you are a self-employed mortgage applicant, most lenders will still allow you to apply for a mortgage with them as long as you can provide documented evidence of your earnings and the success of your business financially.

Self-employed people think they aren't able to get a mortgage but it is possible even if you are looking to do a joint mortgage. If you speak to a mortgage broker getting a mortgage can be made simple as they will advise and help throughout the process.

Can I get a self employed mortgage?

We have worked with many self-employed mortgage applicants over the years, that have been successful, these are applicants that come from all different types of industries, and there are options for everyone when it comes to applying for a mortgage if you meet the criteria with the lenders.

A specialist broker will have access to the whole of the market when it comes to mortgage products, this will benefit you as many lenders shy away from this type of application if your income is complex. Mortgage rates will differ with different lenders, this is where mortgage brokers are extremely helpful as they conduct the research for you when choosing the right deal for your circumstances.

For more information on self employed mortgages see our page here

If you are self employed and looking for a mortgage or remortgage, speak to us today at 0151 662 0188 or email [email protected] for more information.