How to get a mortgage if you’re self-employed

It’s a myth that it’s very hard to get a mortgage if you’re self-employed. It’s not! In fact, it’s very straightforward, although there are a few things you can do to improve your chances of getting a mortgage offer.

You’ll need a deposit

At least 5% of the property price – from savings, a gift from a close family member or other legal means. Lenders may want to check where the deposit comes from so make sure you can show them.

Check your credit record

Make sure it’s accurate. It is possible to get a mortgage if you have a less than perfect profile but expect to pay more!

Get your paperwork in order!

Consider using an accountant to help you as you will need to prove at least one year’s income, although you’ll have more options if you can show 2-3 year’s income history.

Most lenders like to see a statement of earnings known as an SA302 which can be obtained from HMRC. You will also need to prove your identity and address, so make sure you’ve got your passport, driving licence, recent utility bills and recent bank statements handy. And make sure you’re on the electoral roll.

Finally, contact an independent, whole of market mortgage adviser who can search the market for you to find the most suitable mortgages for your circumstances. This will save you time and money in the long run.