Sole Traders
Declared business income and trading history are typically considered.
Self-Employed Mortgages
Mortgage Advice That Understands How You Earn
Being self-employed does not automatically prevent you from obtaining a residential mortgage. However, demonstrating your income can sometimes be more involved than it is for an employed applicant.
We understand that self-employed applicants can have different business structures and income arrangements. Our role is to help you understand the information lenders may require and guide you through the mortgage process.
Who Can This Include?
Applicants We Can Help
Limited Company Directors
Income may be received through salary and dividends.
Company Shareholders
Shareholding details and company accounts may be required.
Business Partners
Partnership income and accounts may form part of the assessment.
The way income is assessed can vary depending on your business structure and the lender's criteria.
Documentation
Your Document Checklist
Sole Traders
- SA302s or tax calculations
- Tax Year Overviews
- Business accounts
- Bank statements
- Proof of identity
- Details of existing financial commitments
Limited Company Directors
- Personal income information
- Dividend information
- Company accounts
- Shareholding details
- Tax documentation
- Business bank statements
- Trading history
The income figure accepted for mortgage purposes can vary between lenders, and different lenders can assess company directors in different ways.
What Is An SA302?
An SA302 is a document associated with your Self Assessment tax information and can be used as evidence of declared income.
A lender may request an SA302 or equivalent tax calculation documentation, potentially alongside a Tax Year Overview and other supporting evidence. The exact documentation required will depend on the lender and your circumstances.
Why Lender Criteria Matters
Self-employed applicants do not necessarily fit every lender's criteria.
Two lenders may assess the same applicant's income differently, particularly where income includes dividends, fluctuates between years or involves a limited company. Understanding the lender's approach can therefore be an important part of the mortgage process.
Preparing Your Application
Six Steps To Submission
- 01
Understand Your Income
Establish how your income is represented through your accounts and tax documentation.
- 02
Gather Your Documentation
Prepare your SA302s, Tax Year Overviews, accounts and other relevant financial information.
- 03
Review Your Circumstances
Consider existing credit commitments, expenditure and any changes in your income.
- 04
Explore Your Options
We consider the residential mortgage options available based on your circumstances.
- 05
Submit Your Application
Once you are ready to proceed, the relevant documentation and mortgage application can be submitted.
- 06
Progress Towards Completion
We help guide you through the mortgage process while the lender completes its assessment.
Self-Employed And Looking For A Mortgage?
Whether you are an established sole trader, company director or another type of self-employed applicant, we can help you understand the mortgage process and the documentation you may need.
Important Information
Self-employed applicants can obtain residential mortgages, subject to the lender's criteria and affordability assessment.
Different lenders can have different criteria for assessing self-employed income, particularly where income includes dividends or fluctuates.
Your home may be repossessed if you do not keep up repayments on your mortgage.