Buy To Let Mortgage: Self Employed Support
Start making money from property investment as an independent professional
Discover the providers who understand how you work and earn in order to secure a mortgage that meets your needs.
Speak to an expertLet’s Get You Ready To Invest In Property
Investing in property is one of the most effective ways to make your hard-earned money work harder. However, securing a Buy to Let mortgage as a self employed professional can be difficult if you don’t have records of a regular salary like employees do.
For those earning a day rate, meeting the strict criteria of many lenders can be a challenge, making it harder to access the right-sized mortgage and causing investment opportunities to pass you by. But don’t worry. Broadbench is here to help.
Find the right mortgage for your needs.
To maximise your borrowing potential, you need a mortgage provider who understands how you work and earn. Luckily, we have connections with many who do. By calculating your affordability based on your day rate, our experts can help you secure the best mortgage and ideal rates so you can purchase the property you want. We’ll guide you through the process and search the market to find the perfect option.
What details are required to get started?
Start by sharing some simple information
Send us your employment history, a recent contract showing your day rate, three months of bank statements and proof of ID, and we’ll get started.
Prove you have the funds to cover the costs
You’ll need to prove that you can handle the expenses of buying the property you want to rent out. This includes legal fees, survey costs and the deposit.
Let us manage the rest for you
We’ll find the best Buy to Let mortgage deals available and handle all the paperwork for you when you’ve chosen the one that suits you.
Speak to an expertImportant Legal Information
Our advice & fees
We specialise in first-charge mortgages and charge a flat fee of £500 for our services, divided into two payments. An initial £100 is charged when we issue your AIP (Agreement In Principle), followed by £400 on application. If your application doesn’t progress past the AIP stage, you’ll only be liable for the £100. Please note that if we charge a fee and your mortgage doesn’t proceed, this fee is non-refundable.
Your rights
You may be entitled to compensation from the FSCS if we’re unable to meet our obligations. The amount of compensation depends on the type of business and the specifics of your claim. As a basic example, eligible mortgage claims related to advising and arranging are covered at 100%, up to a maximum of £85,000 per person per firm. However, please contact us if you’d like further information.
Ready to start investing in property?
Fill out the form below to arrange a time to speak to one of our experts.
FAQs
What is a Buy To Let mortgage?
A Buy to Let mortgage is where you buy another property specifically as an investment with the intention of letting it out.
How much deposit do I need for a Buy to Let mortgage?
Normally a minimum of 25% deposit.
Is there any tax to pay when I sell my property?
Not for your main residence, but if you have investment properties that were bought on a Buy to Let basis, these will be subject to Capital Gains Tax. Other taxes may also be levied, we recommend you speak with an accountant to establish your tax position.
Can I get a mortgage if I earn a day rate, rather than PAYE?
Yes. Of course, there are factors that impact a contractor’s eligibility, but just by being self-employed, you should not expect to be turned down by a lender as long as they understand contractors and contracting. However, factors that would prevent anyone from securing a mortgage, such as a poor credit history or a bad payment record will apply just as much. to contractors as to employees.
Can I get a mortgage if I have only just started contracting?
Yes! As long as we can see you’ve got a history in the same line of work and in the same industry in which you are now contracting, there are lenders who accept new contractors.
What is the Mortgage process?
A typical journey will look like this:
- Welcome Call
This is an introductory meeting. You’ll meet your Broadbench adviser: they’ll explain our services, our regulatory status and establish a basic understanding of your requirements. - Fact-find
Your adviser will send you a fact-find document for you to complete. Once received, your adviser will schedule a Discovery Call. - Discovery and Recommendation Call
We’ll confirm the details supplied in the fact-find, and discuss your mortgage options: fixed/tracker, term, fees, and your budget. Your adviser will also advise you about life insurance products to protect the mortgage and your family’s lifestyle.Your adviser completes your mortgage recommendation and the KFI (Key Features Illustration) and then will advise you on the AIP process. You’ll both agree what are the next steps: house hunting or booking your mortgage. - AIP (Agreement In Principle)
Your adviser will send you an invoice of £100 to create the AIP. Once payment is received the AIP can be booked. - Documentation
Then adviser will send you a checklist of all the documentation you need to supply to us. You’ll then be invoiced for the remaining £400. - Mortgage Offer
Once all documents are received, we’ll certify that your mortgage is ready to be booked. Your adviser then books your mortgage. Once the mortgage offer is received, we’ll liaise with the lender on your behalf. - Mortgage Review
You let us know your exchange and completion dates. - Mortgage Completion
We’ll let you know as soon as your mortgage completes and then schedule regular reviews during the mortgage term to ensure that the product remains the most suitable for you.
Why should I use a specialist broker?
By all means, go to a high street lender to satisfy your curiosity, but in most cases, the lender will have issues with how income reaches the contractor. High street lenders understand dividends, but business owners, professionals and contractors who are tax efficient and only draw down a minimum salary and dividends to meet their needs won’t look good. Specialist brokers like us go to the same lenders you see in the high street but at the head office underwriter level. This means they are speaking to people with a bigger lending mandate and a knowledge of this sector contractors, and they use the contract to define a contractor’s income.