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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.
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