Joint Mortgage One Self-Employed

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Joint Mortgage One Self-Employed – what’s involved?

Taking out a joint mortgage usually means that you can borrow a higher amount towards buying a home. The application process is very similar to getting a sole mortgage. But how does it work when one of the applicants is Self-Employed?

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

In short, yes – you can get a mortgage when one applicant is Self-Employed. It’s very common for a couple to apply for a mortgage where one partner works for themselves.

The Mortgage Lender will combine your incomes to decide the size of your loan – so the only hurdle is for both partners to prove their annual earnings. For the Self-Employed person this means supplying business records and tax details. 

How much can you borrow if one applicant is Self-Employed?

Generally, mortgage lenders offer you around four to five times your annual salary as a maximum loan. For a joint mortgage this calculation is done on your combined incomes. So if you earn £40,000 on PAYE, and your Self-Employed partner earns on average £30,000 a year, your combined income is £70,000 and you could borrow up to £350,000.

Whether you will be accepted for this size of loan will depend on a number of further factors including:

  • The size of your deposit relative to the house price
  • How much you can afford in monthly repayments
  • Your credit scores
  • The type of property you want to buy
  • Whether you can prove your income

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

What documents do you need if one applicant is Self-Employed? 

To buy a home with mortgages in joint names involves each applicant proving their income. For the PAYE partner this mainly involves stating an income and supplying a few payslips.

For the Self-Employed applicant there is a bit more involved, as the lender wants to confirm that you have a reliable, fairly steady income. They will usually want to see two to three years of accounts or business records – although some lenders will accept just one year’s documents. 

Specific requirements can depend on how your business is set up:

Sole traders: two to three years’ tax forms (these state your earnings for the year)

Limited Companies: Company accounts stating salary, dividends and retained profits

Contractors: Details of current and future contracts  

Both applicants will also need a valid passport and UK driving licence, a recent council tax or utility bill and six months’ bank statements.

Does a mortgage have to be in joint names?

Mortgages can be in joint names or you can be the sole applicant. With a joint mortgage, both parties will have their names on the documents, and you are both liable for meeting the repayments on your mortgage. You will also jointly share the equity as you reduce the debt and the house increases in value. 

If one partner is Self-Employed, you might feel it is easier to apply as a sole applicant, but your borrowing will be considerably less than with a joint application.F

You might also be deterred if one person has bad credit – but it’s well worth taking time to explore your options. Some lenders will accept a certain level of prior debt, especially if it is now settled.

How can a Mortgage Broker help if one applicant is Self-Employed?

At the Mortgage Centre it’s our role to find a suitable mortgage for clients in all kinds of situations to help them buy a property. 

We deal with Self-Employed mortgages and joint mortgages on a daily basis, and know which lenders will accept your specific circumstances. We’ll compare fees, interest rates and criteria to recommend mortgage products and support you as you apply for a joint deal.

We’re here to offer advice and support every step of the way. For an initial, free of charge consultation, contact us today. We are an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority and registered in England and Wales.


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Why Choose Us?


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