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Customer - Remortgage
Excellent communication kept us up to date and very professional. Thank you to Alex Fryday and Peter Bartlet. Would definitely recommend ...Read More

Self-Employed Mortgages

If you’re self-employed, you might believe you’ll find it harder to get a mortgage than you did when you had a full time job. This both is and isn’t true. Lenders don’t provide employed and self- employed borrowers with different types of mortgage, it’s just that the way they assess your income varies slightly.

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What Our Customers Say

Roger Jones - Remortgage
This is not the first time we have used Capital and once again we are very happy with the service. Once again you have found us a good deal ...Read More
1 months, 9 days ago

Michael Emery - Remortgage
Capital Fortune organised exactly the finance which I required. This is the second time they have succeeded with requirements. ...Read More
1 months, 10 days ago

Customer - Purchase
Very easy to work with. Delivered the product as promised. ...Read More
2 months, 8 hours ago

Customer - Remortgage
Excellent swift service with truly professional agents. Advice given which made sense and worked!! Second time used and both experiences 5 star ...Read More
2 months, 12 days ago

Find out more

Whatever form of income you have – be that pension income, contract income, investment income, bonuses or commission or a salary from your own firm or a global multinational company – mortgage lenders in the UK must abide by the same rules. These were brought in following the financial crisis and are designed to protect individuals in the UK from borrowing more than they can afford to repay.

There are more than 100 mortgage lenders in the UK and over 50,000 mortgage products available – proving that within that massive range, it’s highly likely you’ll be able to find a lender and a mortgage that’s right for you. Finding it comes down to knowing what sort of lender wants to lend to a mortgage borrower like you. That’s where a good independent mortgage broker comes in.

Talk to an adviser now.

Employed versus self-employed

While those in full-time PAYE employment can typically walk into their local bank branch and be offered a mortgage, this isn’t usually the case for the self-employed. This isn’t because it’s harder to get a mortgage if you work for yourself though.

High street lenders typically deal with customers who have more straightforward finances as they are far easier to process online. They also only have access to mortgages that they offer themselves, meaning a far narrower choice.

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Mortgage Brokers

Mortgage brokers take time to consider your personal financial circumstances and we can help you to get the right paperwork in the right format so you’re submitting all the correct documentation you need to in order to secure the mortgage. We also have access to nearly all lenders in the marketplace, so if your particular situation doesn’t fit one bank, we will almost certainly know which bank or building society will want your business.

There are newer and smaller challenger banks around now that specialise in lending to self- employed borrowers and many of these only offer deals through mortgage brokers, so it’s worthwhile talking to one.

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As is the case for contractors lenders will assess the income you earn through self-employment. They will typically ask to see between two and three years’ accounts that have been signed off by an accountant. Some specialist lenders do accept just one year of accounts however.

They may also want to understand how your business makes money and whether you have new clients or contracts in your future pipeline. SA302 forms also form a critical part of your application with lenders usually wanting to see these forms from the past two or three years.

If you are in a partnership, your share of the partnership’s profits will constitute your income and it’s this that lenders are likely to assess when considering your mortgage application.

There are different rules again if you are set up as a limited company. Rather than assessing your income based on your full earnings as they would a sole trader, lenders typically look at your salary and dividend income and calculate what you can afford on the mortgage based on this.

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This can be challenging as tax accountants seek to minimise tax payable on income, sometimes by reducing the salary you take and maximising dividend income which, while taxed less, is more variable and not seen as so reliable by all lenders.

There are still options however, it’s just important to work closely with your adviser to ensure you get the mortgage. Some lenders are more able than others to look at your business in the round and assess your ability to repay the mortgage on this rather than just straightforward salary income.

A mortgage adviser with experience working with lenders that specialise in helping eslf-employed borrowers to buy their own home should be able to help you work out how much you can borrow and which lender will be right for you. Speak to an adviser now.

Find Out Current Best Rates

Property Value
£
Mortgage Amount
£
Reason for Mortgage
Mortgage Type
LenderInitial RateTypeForThenAPR*ERC*Fee
Leeds BS 2 Year Fixed £1999 Fee Legal Assisted BLH1.14%FixedOct-20225.29%4.4%31-Oct-2022 £1999
Virgin Money Intermediary Exclusive 2 Year Fixed £1495 Fee Purchase BNR1.16%FixedNov-20224.34%3.7%01-Nov-2022 £1495
NatWest Intermediary 2 Year Fixed £995 Fee £250 Cashback Purchase CNW1.17%FixedSep-20223.59%3.8%30-Sep-2022 £995
Coventry BS 2 Year Fixed £999 Fee BCV1.18%FixedSep-20224.49%3.9%30-Sep-2022 £999
Clydesdale Bank Intermediary Exclusive 2 Year Fixed £1999 Fee CLY1.19%FixedOct-20224.55%4%2 years £1999
Leek United BS RETENTION 2 Year Discount No Fee LEE1.2%Discount2 years5.19%4.7%2 years £0
Skipton BS 2 Year Fixed £995 Fee SBS1.21%FixedOct-20224.64%3.8%31-Oct-2022 £995
Coventry BS 2 Year Fixed £999 Fee BCV1.23%FixedSep-20224.49%3.9%30-Sep-2022 £999
Nationwide BS RETENTION 2 Year Fixed £999 Fee Existing Borrowers BNW1.24%Fixed2 years3.59%3.2%2 years £999
Leeds BS 2 Year Fixed £999 Fee Legal Assisted BLH1.25%FixedOct-20225.29%4.4%31-Oct-2022 £999
Mortgage product availability is subject to status and availability. Although great care is taken to ensure that product details are as accurate as possible no liability can be accepted for errors or omissions.
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.

Best Discounted Rates

LenderRateType
Leek United BS RETENTION 2 Year Discount No Fee LEE1.2%
then 5.19
(variable)
DiscountRead More
Progressive BS 2 Year Variable No Fee Purchase Foreign Currency Loan BPG1.34%
then 4.35
(variable)
DiscountRead More
Progressive BS 2 Year Discount No Fee Purchase BPG1.35%
then 4.35
(variable)
DiscountRead More

Best 5 Year Fixed Rates

LenderRateType
Leeds BS 2 Year Fixed £1999 Fee Legal Assisted BLH1.14%
then 5.29
(variable)
FixedRead More
Virgin Money Intermediary Exclusive 2 Year Fixed £1495 Fee Purchase BNR1.16%
then 4.34
(variable)
FixedRead More
NatWest Intermediary 2 Year Fixed £995 Fee £250 Cashback Purchase CNW1.17%
then 3.59
(variable)
FixedRead More
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