Self Employed Remortgages
See how you can secure a better deal as an independent professional
Don’t let the lack of a monthly pay cheque stand between you and your mortgage options.
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Securing a better mortgage deal as a self employed individual can feel like an uphill battle. Many lenders focus on fixed salaries and years of accounts, leaving those outside PAYE with limited options.
If you’re looking to remortgage to save money, reduce your monthly payments or release equity from your property, it’s essential to work with lenders who understand your unique financial situation.
We only partner with providers who recognise the value of your day rate and use it to calculate your borrowing potential. Our team will guide you through the entire process, finding tailored solutions that align with your needs and circumstances so you can determine the best deal for you.
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Whether you’re remortgaging, looking for a new home or want to buy an investment property, this guide has all the answers for self employed professionals.
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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.