Yes, scores of lenders understand that many self-employed workers have fluctuating income and will still offer mortgage deals. Often it just requires the applicant to prove their income in different ways, such as providing tax returns rather than standard payslips. We work with you to help submit accurate information.
Self-employed mortgages
Navigating the mortgage landscape as a self-employed individual can be complex. With our extensive experience and deep knowledge of the industry, we excel in securing optimal mortgage solutions for self-employed clients. Trust in our expertise to guide you through the process, ensuring a smooth, personalised borrowing experience.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Contact us now to speak to our expert mortgage advisers about mortgages for the self-employed.
Get in touch
Get in touch
Your savvy helpers
Maximising your mortgage options: mortgages for the self-employed
Our dedicated team of expert mortgage advisers have extensive experience in all things to do with self-employed income and know how to maximise your borrowing options. Whether you are a company director, a sole trader or work via an umbrella company, we’ll do a great job for you. With access to the Whole of Market when it comes to mortgages, and great relationships with all lenders, our advisers are perfectly positioned to get you a great mortgage deal. Let us take the hassle out of researching, optimising and applying for a fantastic mortgage.
- Call: 0115 870 9520
- Email: [email protected]
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Understanding lender requirements
Lenders have specific requirements for self-employed individuals. These often include providing business accounts, tax returns and proof of ongoing contracts. Understanding these requirements can help you prepare your application and increase your chances of approval.
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Income verification
Verifying income can be more complex for the self-employed. Lenders may look at your net profit, rather than your gross income. They may also consider the average of your income over several years, particularly if it fluctuates.
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Specialist mortgages
Some lenders offer specialist mortgages designed for self-employed individuals. These can be more flexible and take into account the unique challenges faced by the self-employed. Working with a mortgage adviser can help you explore these options.
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Navigating interest rates
Interest rates can significantly impact mortgage repayments. Self-employed individuals may face rate challenges due to perceived risk. Yet, with a strong credit history and income documentation, you can secure favourable terms. Our advisers have the expertise to guide you through this process.
Tailored entrepreneur solutions
Every client has their own story to tell and mortgage journey to follow, which is why we only offer 100% bespoke mortgage advice.
Things to consider
Range of lenders
Most lenders will accept self-employed income but James Leighton’s understanding of the nuances of lending criteria means that we will maximise your options and give you a great chance of getting a fantastic deal. We also have access to over 90 lenders and 1000’s of deals, so you can be confident that we’ll get you a great mortgage.
Things to consider
Navigating income fluctuations
Income fluctuations are common for self-employed individuals and can impact your mortgage application. Our expert advisers at James Leighton understand these challenges and can guide you in presenting your income effectively to lenders, ensuring your application is viewed favourably.
Things to consider
Income verification
Verifying income for self-employed individuals can be complex. One of the biggest challenges can be getting the correct documentation that the lenders will need to understand your income. We’ll guide you through this and will maximise your chances of being looked upon favourably by the lenders.
Confident decision making
Expert advisers for comprehensive mortgage solutions
At James Leighton, our expert advisers begin by thoroughly assessing your full circumstances and understanding all your income streams. This comprehensive approach allows us to tailor a mortgage solution that aligns with your unique needs and objectives. We then carry out exhaustive research into 90+ lenders, ensuring we explore all available options. This meticulous process gives you the confidence that we’ve secured a great and suitable mortgage for you, taking into account all your needs and objectives. With us, you’re not just getting a mortgage - you’re getting a financial strategy designed for success.
- Call: 0115 870 9520
- Email: [email protected]
FAQs
Q
Can I get a mortgage with fluctuating income as a self-employed worker?
A
Q
Can I use business assets to boost my mortgage eligibility?
A
It’s possible to harness business assets to meet mortgage eligibility requirements. This may come with pros and cons, which are best discussed on a case-by-case basis with a qualified mortgage adviser. Our team has experience in this area and is always on hand to explain the details to you.
Q
What are the specific requirements for self-employed mortgage applicants?
A
Self-employed workers usually need to prove their income by supplying previous tax returns and/or bank statements. Some lenders will require the applicant to have been self-employed for a minimum duration before considering them for a mortgage. However, not all lenders are the same and eligibility criteria differ.
First-time buyers
As a first-time buyer, you’ll receive a personalised mortgage advice service, clear explanations and exceptional patience throughout the process.
Buy-to-let
Overcome the buy-to-let (BTL) mortgage market with a customised solution provided by our knowledgeable team of BTL mortgage professionals.
New build mortgages
Navigate the new build mortgage market with our experienced and well-connected new build mortgage advisers.
Remortgaging
Allow us to help you find a better mortgage deal with our results-driven remortgaging advice and brokering services.
154,000
is how much self-employment has risen by in the last 12 months*.
There are now over 4.4 million UK self-employed workers and the mortgage market is adapting to their needs.
Ama Singh - Mortgage Adviser
“We specialise in finding tailored solutions that match our clients' unique circumstances, even when faced with unconventional income sources”
Beginning his career with us in April 2022, Ama appreciates the collaborative work environment and the company's vision of making a difference in clients' lives every day.
- Call: 0115 870 9520
- Email: [email protected]
Case study
Unlocking homeownership for a self-employed client with cash income
Client background: Our clients, a couple, were determined to step back onto the property ladder after renting for some time. However, their situation posed a unique challenge. One of the clients was self-employed and her income largely consisted of cash payments. Managing her day-to-day business expenses, she found it challenging to deposit all her earnings into a bank account. To complicate matters, they had their sights set on a securing a Shared Ownership property.
The challenges:
- The primary challenge in this case was to help our clients transition from renting to homeownership.
- However, with one of the applicant’s self-employment status and reliance on cash income, questions were raised about the couple’s affordability and eligibility.
What we did:
- Understanding our clients' aspirations, we embarked on a comprehensive assessment of their financial situation. It was essential to find a lender who could accommodate the nuances of a self-employed individual with cash income, all while keeping their goal of homeownership within reach.
- To address this challenge, we referred to Kent Reliance, a lender known for their flexibility and understanding of unique income situations. Our meticulous approach and clear communication with the lender led to successfully securing a mortgage offer tailored to our clients' Shared Ownership aspirations.
To wrap it up: This case highlights our commitment to finding tailored solutions for our clients, even when faced with unconventional income sources. By understanding our clients’ unique circumstances and leveraging our network of lender relationships, we successfully facilitated the purchase of their dream home.
It also underscores the importance of consulting a Whole of Market broker when seeking a mortgage. We utilise our extensive knowledge of various lenders' criteria to find a solution that aligns with our clients' unique needs.
At James Leighton, we take pride in our ability to navigate complex situations and secure the right mortgage solutions for every client, ensuring their homeownership aspirations become a reality.
We secured a mortgage offer tailored to our clients' Shared Ownership aspirations.
What our customers say
I would like to say a big thank you for the whole Yellow team, and our Mortgage Advisor Ama Singh. They made all this process very easy, helping us at every step, working really quick to make sure we will get our house as soon as possible.
You are doing a great job guys! Thank you for everything!
