The most updated and "live" trade directory on the internet! - see here for more details
trade listings


More Financial Mortgage & Insurance Brokers


Self employed mortgagesMore Financial Mortgage Brokers Peterborough

Hey there! Are you thinking about getting a self-employed mortgage? Well, let me tell you, it can be a bit of a tricky process. As a self-employed person, you'll need to prove to the mortgage lender that you have a reliable income. But fear not! It's not impossible to get a mortgage as a self-employed person. You just might have to jump through a few extra hoops to prove your income.

Now, let's talk about self-certification mortgages. They used to be a thing of the past, designed for self-employed folks to self-certify their earnings without providing evidence. But unfortunately, they were banned in 2014 due to concerns that people were getting accepted for mortgages they couldn't afford. So, self-employed people now have to apply for mortgages in the same way as everyone else.

But wait, what exactly counts as self-employed? If you own 20% to 25% of a business from which you earn your main income, then lenders will view you as self-employed. This includes being a sole trader, company director, or contractor.

When it comes to getting assessed as a self-employed mortgage applicant, there are different categories you might fall into, each with its own set of requests and expectations from lenders.

If you own a registered limited company, your lender will want to know how much your earnings amount to. If you have business partners, lenders will ask to see proof of your share of the profits. And if you're a contractor or freelancer, you'll likely be classed as a sole trader. You'll need to fill out a tax self-assessment and get it signed by an accountant to certify your income before providing your mortgage lender with an SA032 form.

Basically, the amount you can borrow depends on your income and the size of your deposit. Usually, lenders will pay out around 4.5 times your annual income. But remember, this varies based on your personal circumstances.

So, if you're self-employed, it's a good idea to save up as much as you can for a deposit. This way, you'll have more options when it comes to choosing a deal.

Now, you may be wondering if self-employed mortgages come with higher rates. The good news is, not necessarily! As long as you can provide enough info about your income, you should qualify for the same deal as someone with a similar salary in a full-time job.
In fact, your mortgage rate is more likely to be influenced by the size of your deposit and your credit rating. So, the bigger your deposit and the higher your credit score, the better the rate you're likely to get.

But, if you have trouble getting accepted by a regular bank, you may have to go to a specialist lender that deals with self-employed borrowers. Just be aware that rates might be higher with these lenders.

To boost your chances of getting accepted, you can save up for a deposit, check your credit rating, correct any mistakes on your credit report, and get on the electoral roll.

So, there you have it! Getting a self-employed mortgage might be a bit of a challenge, but with the right documentation and some extra effort, it's definitely doable! Let us at More Financial help get you there.

Speak with More Financial today. We specialise in mortgages for the self employed with a history of 1 full trading year and beyond. 01733 741 911

Map Location

telephone Telephone
01733 741 911  UK phone number
UK (Peterborough) based business providing mortgage brokerage services. Website includes details of services provided, work examples, testimonials, "meet the founder" information, associations, blog, full contact details including company registration number. reviewer
signals of trust found Signals of trust found on website
  • Testimonials found
  • Full company contact address and
    phone number found
  • Associations found
  • Detailed 'Meet the Founder' info found
  • Company registration number found
  • Examples of work listed
Information on how we determine signs of trust
address  Company address
West Park House
Park Road
Peterborough PE1 2UJ
United Kingdom
page views  Profile page views
Today (so far)
More page view stats
spider  Site last visited by us on...
3 June 2023
spider  Average page load time
0.29 seconds
68th percentile website (c)2009 - 2023