Self-employed mortgage guide
A self-employed mortgage isn’t a special product – it’s the same as any other mortgage. The only difference is that you’ll need to show more proof that you have a reliable income. Learn how to apply for a mortgage when you’re self-employed.
Each category will need to give different types of evidence of your income.
What proof of income do I need for a mortgage?
If you’re self-employed, you’ll usually need to show extra paperwork when applying for a mortgage. This helps prove you have a reliable income.
Lenders can also use this proof of income to work out how much you could borrow. But the evidence needed often depends on how your business is set up.
Here are some of the main types we ask for.
Other self-employed mortgage requirements
Can I get a buy-to-let mortgage if I’m self-employed?
Let’s look at the details
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Yes, but they’ll need to give evidence of past and future earnings and prove that they can make regular mortgage payments.
If your partner can’t make their share of the repayments, you’d be responsible for making the full payment yourself. So, make sure you can meet the monthly repayments before you apply.
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It depends on how much you want to borrow and whether your income will cover your mortgage payments. This is why we check your affordability. It also helps to have:
- a good credit rating
- a 5 to 10% minimum deposit
- a steady taxable income.
These all help prove that you can comfortably make the monthly repayment.
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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.
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Yes, you could get a first-time buyer mortgage even if you’re self-employed. It’s no different whether you’re buying your first or second home. You’ll just need to prove you can make the monthly repayments.
Get more support with our first-time buyer guides.
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Most lenders ask for 2 to 3 years of accounts as proof that you can afford to repay the mortgage. But, it’s still possible to get a mortgage in less time if you have a good credit score and a sizable deposit. Payslips from a past job may still count as evidence.
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No, it isn’t always harder to get a self-employed mortgage. The main difference is that there’s more planning and paperwork involved.
As long as you can show the right documents, you’ll usually still have access to the same mortgage products and borrowing amounts.
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Yes, freelancers can get a mortgage. Lenders usually need at least 2 years of account statements, tax summaries and tax calculations. This gives them proof of a steady income, which can help when applying for a mortgage as a self-employed freelancer.
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Some lenders might accept dividends as part of their assessment for a self-employed mortgage. They might work out the affordability based on net profits or dividends combined with any income you take from the business. For example, if you’re a limited company director, you’ll need to give 2 to 3 years of evidence.
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