Self-Employed Mortgages

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Self-Employed Mortgages

Shaun Clements from The Mortgage Centre talks us through mortgages for the Self-Employed.

Is it harder to get a mortgage if you are Self-Employed?

Not really, it’s more documentation and a different kind of marketplace to find a mortgage for the Self-Employed, but it’s all about preparation. More importantly, spending time with a Mortgage Adviser is essential because everybody’s individual circumstances are so different.

Can I get a mortgage if I only have one year’s accounts?

The good news is that you can still get a mortgage with one year’s accounts, that said there may well be lots of lenders that will not accept your application, but there are certainly some lenders that will consider an application.

Are Self-Cert Mortgages still available?

No Self-Certification Mortgages are no longer available, they’ve been withdrawn from the marketplace.

Can you get a joint mortgage if one person is Self-Employed?

Yes, absolutely a joint mortgage is available if one of the applicants is Self-Employed. Their income would be assessed and treated as per their tax calculations and overviews, and if there was an employed person alongside a Self-Employed applicant, then their income would be considered too. It’s possible to put the two together and there’s no restrictions if one is Self-Employed and one is employed.

Is Buy to Let available for the Self-Employed?

Again, there’s no restrictions on that. If a Self-Employed person wants to move into the Buy to Let market, there are no issues with that, although in some instances the lender may require a minimum amount of income.

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

What is the difference between someone who is Self-Employed and a Limited Company Director?

There is a difference, and it comes down to income. Some lenders will lend on a company’s Net Profit plus their Director’s salary combined. For a sole trader, the lender will work off the tax overview and calculation for that individual.

How does Remortgaging work for the Self-Employed?

There is no difference to Remortgaging for the Self-Employed really, although a Self-Employed income support grant scheme (SEISS) can cause issues for some lenders. If a Self-Employed applicant had been in receipt of those grants, it can cause problems with your application with certain lenders, but the marketplace continues to change.

A lender who won’t accept anybody that’s had a Self-Employed income support grant in the last twelve months, can all of a sudden change that to the last 3 months. That’s why, as a broker, it’s so important that we do a full assessment of clients income.

How much can a Self-Employed person borrow?

Some lenders have reduced affordability for Self-Employed applicants, but booking an appointment with one of our advisers who will be able to assess your income and look into a maximum you can borrow, will help you to find out which lenders will offer the most.

What documents do I need when applying for a Self-Employed mortgage?

The main documents needed for Self-Employed applicants are tax calculations and tax overviews for the last two years. Or, if you’re a limited company, there are some lenders that will speak directly to the accountant.

Without doubt, preparation is key to any pre-application for Self-Employed clients. If you make an appointment with one of our advisers, we can do a full assessment and help you understand what you could borrow.

How do you prove your income?

The documentation is key to proving your income, so it’s important for both the broker and the lender to see the relevant documentation for your employment type.

Your property may be repossessed if you do not keep up with your mortgage repayments.

Speak To An Expert

We’re able to tap into our local knowledge to guide you through your house purchase in your chosen area.

The Mortgage Centre is based in Sudbury, but can you help somebody if they’re based elsewhere in the country?

Yes we can, we’re much more geared up for non face to face communication, such as telephone calls or Zoom meetings since the pandemic. We can do either one of those or also help by email, there’s just a few extra verification steps that we need to take just by calling you at home, sending you a letter just for criteria purposes, but clients don’t have to come into the office now.

Why is Sudbury a popular location to live and buy property?

Sudbury is a country market town and it’s beautiful. You really are in the countryside, but it’s quite vibrant because the town has a busty marketplace. There’s quite a lot of shops, and it’s a very pleasant place to live.

When was The Mortgage Centre founded?

The Mortgage Centre was started over 30 years ago, so it’s a very well-established company.

In your experience, should people be less scared to approach a broker for mortgage advice?

I think a lot of the fear associated with approaching a mortgage broker or lender is just fear of the unknown. We do make it a lot easier for people as Mortgage Brokers, as we’re easy to liaise with, and do the hard work for them. We put the application in to the lender, and act as a single point of contact for the mortgage application, which simplifies the whole process.

Is it rewarding for you, especially when you’ve helped a First Time Buyer to get the keys to their new house?

It’s a fantastic feeling. One of the best perks of the job is to call somebody up and say ‘congratulations, you’ve been offered your mortgage, and can buy the house of your dreams’.

Does it cost for an initial consultation with The Mortgage Centre?

There’s no initial consultation fee, and we can get the Decision in Principle so our clients can find out what they can borrow and what the steps are for free. We do charge £299, but only charge after you’ve completed, once you’ve bought the house and moved in.

Don’t be afraid to come and find out how we can help, we try to save people money, and it isn’t just about the lowest monthly payments, there are different products for different purposes, and we do the best we possibly can to find the most suitable deal for people.

Your property may be repossessed if you do not keep up with your mortgage repayments.

Why Choose Us?


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