Self employed mortgages.
Self employed borrowers
Self employed mortgages made easy.
Here to help
Getting a self employed mortgage that’s right for you.
All you need to know about
mortgages for self employed.
There are several steps you can take to prepare for your self employed mortgage application – here are our five top tips:
- Have business accounts signed off by a suitably qualified accountant and obtain a certificate confirming this.
- Obtain SA302s (a receipt from the HMRC confirming earnings).
- If approaching a year end, prepare predictions of your year end position.
- Have credible earnings/business forecasts in place to show if earnings are likely to remain at the same level or above in future years.
- Provide evidence of previous contracts and evidence of time remaining on current contracts.
A bonus tip? Sure – and this one’s a biggie. In order for us to assess your mortgage affordability, and therefore how much we’ll be able to lend to you, we’ll only be able to use your declared income. You may wish to discuss this with your accountant to make sure you’re in the best possible position for your future mortgage application.
If you have fewer than two years’ accounts you may find your options are reduced. However, you may be in luck with just one years’ accounts if you can also provide evidence of work history in the same field. From time to time we offer specialist self employed mortgages for this scenario so check our mortgage finder to see what is currently available.
Self certification or ‘self cert’ mortgages used to be available to the self employed where little or no evidence of earnings was required by mortgage providers. Whilst convenient and easy for the self-employed to use, sadly the self cert scheme was not properly used in some cases.
From the Mortgage Market Review (MMR) completed in 2014, new mortgage regulation brought in tighter controls for all mortgage applications, with lenders needing to carry out strict affordability checks to make sure the mortgage would be affordable into the future. The intention of MMR rules was to prevent excessive borrowing, ensuring that homeowners can pay back their loan should interest rates rise in the future.
We took out a mortgage on our house to help children get on the property ladder and have found Ipswich now Suffolk Building Society a friendly, professional and human organisation – just like building societies and banks used to be but so few are these days. A great team of people.
I have always found it very easy to contact Suffolk Building society by phone, or by email or on line, and the staff are always friendly, knowledgeable, helpful and efficient. For me, this is the most important feature of a good building society.
Find the right mortgage product for you.
We have conversations, not algorithms.
Our decisions are made by experts, not computers. We need to calculate the financials, but we understand there’s more behind a mortgage than then numbers on a page. We can’t promise to lend to everyone and anyone, but we’ll consider all applications on an individual basis.
Ready to go? We’d love to hear from you. Get in touch with our friendly and knowledgeable team.
Prefer to talk?
Call 0330 123 0723