Buy To Let Self Employed Mortgages Made Easy
Invest in property without the hassle as an independent professional
We simplify the process of finding a Buy To Let Mortgage for the self employed. See how we can help you unlock passive income through property.
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It’s time to find your best Buy To Let options
There are plenty of ways to grow your wealth, and property investment stands out as one of the most rewarding. However, getting approved for a Buy to Let mortgage can be challenging if you don’t have a consistent monthly income.
For those who earn a day rate, the strict lending criteria of many financial institutions can make it difficult to secure the right mortgage size, often causing valuable investment opportunities to vanish in the process. We’re here to prevent that.
Find a mortgage that works for you
You need a lender who understands your income structure and work style. Luckily, we have connections with many who do. Our experts calculate how much you can borrow based on your day rate, helping you secure the most suitable mortgage and competitive rates to buy the property you’ve set your sights on. We’ll guide you through each step and search the market to find the ideal deal.
How does the mortgage process work for the self employed?
We’ll ask you for some information
Provide your employment history, a recent contract showing your day rate, three months of bank statements and proof of ID. Once we have these, we’ll get to work.
You show that you’re able to cover the costs
You’ll need to demonstrate that you can manage the expenses involved in buying a rental property, including the deposit, legal fees and survey costs.
We take care of the boring bits for you
We’ll find the best Buy to Let mortgage options available and manage all the necessary paperwork once you’ve chosen your preferred deal.
Speak to an expert
Here’s the legal information you need to know
Our advice & fees
We specialise in first-charge mortgage advice and charge a flat fee of £500 for our services that’s split into two payments. An initial £100 is payable when we issue your Agreement In Principle (AIP), and the remaining £400 is due when you submit your mortgage application. If your application doesn’t progress beyond the AIP stage, you’ll only be charged the initial £100. If we’ve charged you a fee and your mortgage does not proceed, this fee is non-refundable.
Your rights
You may be eligible to claim compensation from the FSCS if we are unable to meet our obligations. The compensation amount will depend on the type of business and the details of your claim. Generally, eligible mortgage claims related to advice and arrangement are covered at 100%, up to a maximum of £85,000 per person per firm. However, we can provide you with more information on request.
Ready to secure that Buy To Let 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.