I’m self-employed, can I get a mortgage?

In short, yes.   

There are over 4 million self-employed people in the UK. This has dropped from over 5 million prior to the coronavirus pandemic. However, it is still a significant number for which there is a large appetite for this customer category from UK mortgage lenders. That’s good news if you’re self-employed and looking to borrow.

Just like someone in full-time employment, you’ll need to meet a lender’s specific criteria. This typically includes an assessment of your income and expenditure, your credit profile, and how these fit within the lender’s affordability model. You’ll also need to provide standard documentation such as proof of identity, proof of your deposit, and usually six months of personal (and sometimes business) bank statements.

However, being self-employed often means providing a bit more detail about your income. Lenders may ask for:

• Accountant confirmation

• Two years of certified accounts

• Tax returns or SA302 calculations

• Income projections

If you’re a contractor, you’ll also need to show your current contract and evidence of any ongoing or future work.

So, the answer is Yes to the question. It’s just there are a few more hurdles to jump over and we can help you jump these and get the best mortgage for you.

So, while the answer is yes, you can get a mortgage if you’re self-employed, there are a few more hurdles to jump over. With the right guidance from us here at Holistic, these additional steps are entirely manageable, helping you secure the mortgage that’s right for you.