Getting a mortgage while self-employed
Here are a few common questions you may have when applying for a mortgage when self-employed.
Can I get a mortgage with a self-employed partner?
Yes, but they will need to provide evidence of earnings and future earnings. If your partner is self-employed, they will need to prove that they can make regular mortgage payments.
How much income do I need to get a self-employed mortgage?
There is no set amount that you have to earn to be accepted for a mortgage. You’ll need a good credit rating, a 5-10% minimum deposit and a steady taxable income that means you can make the monthly repayment comfortably.
Do self-employed people pay higher interest rates?
No, not always. If you can prove you can pay back your mortgage and have a good credit rating and deposit, you won’t necessarily pay a higher interest rate.
Can I get a first time home buyer mortgage while self-employed?
Yes, it’s no different whether you’re buying your first or second home when you’re self-employed. As long as you have a strong deposit, have a good credit rating, evidence of taxable income and can make the monthly repayments, you may be able to get a mortgage.
Important legal information
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
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