Self Employed Mortgage Advice
Find the ideal mortgage options for your unique needs
Think you can’t buy a rental property, your first home or move house because you’re self employed? Think again. We’ll help you find the mortgage you need.
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First Time Buyer
Conventional lenders often struggle to accommodate those earning through day rates rather than a fixed annual salary. Without regular payslips or extensive financial history, securing a mortgage - especially your first - can be challenging. We specialise in working with providers who understand the unique circumstances of freelancers, contractors and other self employed individuals.
Find out moreHome Mover
Let us help make moving home less stressful. If you’re a business owner, professional or contractor, you might not have the steady payslips most mortgage providers expect. But that shouldn’t prevent you from moving if you’re ready. We assess what you can afford based on your day rate and work only with mortgage providers who understand how the self employed earn their income.
Find out moreRemortgages
Finding a better mortgage deal when you’re not on PAYE can be challenging. Without a confirmed salary or several years of accounting, many lenders simply aren’t interested. But what if you’re looking to secure better rates to save money or release equity from your property? You need expert advice and a lender who understands how self employed individuals operate.
Find out moreBuy to Let
There are plenty of ways to maximise your earnings, and investing in property is one of the most effective. However, getting a Buy to Let mortgage can be challenging if you don’t have a regular salary. For those earning a day rate or who don’t meet the rigid criteria of most lenders, securing a mortgage of the right size can be more difficult, causing valuable investment opportunities to slip away. We’re here to help you invest in property without the hassle.
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Get your free Mortgage guide
Whether you’re searching for your first home, looking to remortgage, planning to move or investing in a Buy To Let property, our mortgage guide is full of advice. Discover the products available, as well as plenty of tips to make the process as smooth as possible.
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FAQs
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 a freehold?
The freeholder of a property owns it outright, including the land it’s built on. If you buy a freehold, you’re responsible for maintaining your property and land, so you’ll need to budget for these costs. Most houses are freehold but some might be leasehold – usually through shared-ownership schemes.
Why should I use a specialist Contractor 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.
Do I need three years of company accounts before I apply?
Lots of contractors have the misconception that they cannot get a mortgage without three years of accounts. Whereas that might have been the case several decades ago, this is certainly no longer true.
What is a key facts illustration?
A key facts illustration, or ‘KFI’, is a document given by a lender that details all of the important information relating to your mortgage and loan. It is specific and tailored to you and should be checked over before your full mortgage application is made by your adviser.
Do I qualify to be assessed for a mortgage on contract value?
Lenders who specialise in mortgages for those earning a day rate typically assess the amount that can be borrowed on the annualised contract value. Each client is evaluated on the basis of their personal circumstances, generally, they can borrow a multiple of their annualised contract value.
However, they need to be in a contract at the time of the application and must be able to demonstrate continuity. A contractor applying with their first contract can get a mortgage as long as they have had continuity of employment before approaching the broker.