Providing you can prove your income and that you can afford the repayments, you can get a mortgage.
If you’re looking to get on the property ladder, don’t be put off by the commonly held belief that getting a mortgage when you’re self-employed is almost impossible. In fact, don’t believe a word of it – we’re here to show you that’s simply not true.
The truth is that being self-employed does not make mortgage lenders any less likely to approve your application than if you were employed – you just have to be a little bit more organised in your approach to managing your finances and provide some additional proofs of income and affordability. Overall, the mortgage application process is neither harder nor more difficult than if you were employed, especially if you have a knowledgeable mortgage adviser doing the work for you.
Basically, it’s just a myth that it’s hard to get a self-employed mortgage. We’re here to help you through the process.
Whether you’re employed or self-employed makes no difference to the range of mortgage products that you’re potentially able to access in the UK. Lenders just need to know about your ability to repay; and while having a contracted salary from an employer is a great way to demonstrate this, there are plenty of other ways to prove that you’re good for the money if you are self-employed and/or running your own small business.
Acceptable occupations for a self-employed mortgage
Generally, lenders are pretty flexible when it comes to the sector in which you work. As a result, almost all occupations would be acceptable providing that the business is viable, trading as a going concern and income is sustainable.
This may include
- Taxi drivers
- Electricians Any other tradesmen
- Those in the financial sector
- Those with online businesses
Basically, in terms of sector, anything goes!