Mortgages for self-employed

Hope Mortgage Solutions offer bespoke financial advice to clients who are self-employed. Mortgage options can be provided for:

Sole traders
Partnerships (LLP)
Limited company directors.

A common misconception about the mortgage market is that it is difficult to secure a mortgage if you are self-employed, in fact you have access to the same lenders and products as those who are employed. The main difference is the income evidence that must be provided: lenders require at least 2 years' accounts or SA302s with the corresponding tax year overview forms. Usually, lenders require clients to have been self-employed for at least 2 years, however Hope Mortgage Solutions can offer mortgage options to clients who have been self-employed for just 1 year, subject to individual circumstances.

Tips for self-employed mortgages:

QUALIFIED ACCOUNTANT
It helps to ensure you have a suitably qualified accountant (for example a chartered accountant) as opposed to a book keeper, as this is a common requirement for a mortgage lender.
BUSINESS BANK STATEMENTS
Be prepared to provide bank statements for your personal and business bank accounts. Although lenders criteria generally state 3 months’ are required, it is always recommended to be able to provide 6 months’ if requested.
CREDIT CHECKS
Lenders will conduct a credit search as part of their underwriting, check a copy of your credit file before submitting an application to ensure there are no unexpected surprises and ensure all existing credit agreements are conducted adequately.