Can I get a Mortgage if I’m Self Employed?

The simple answer is yes, however the process is slightly different to those that are employed. There’s no such thing as a ‘self-employed mortgage’. Self-employed borrowers should have access to the same mortgage products as everyone else as long as you have the deposit needed and can evidence your income.

How do I prove my income?

Lenders will have different requirements to assess your income. Some require three years’ worth of trading figures others accept two years and some, one year. The more documentation that you can give us, the wider choice of mortgages we can consider for you. You will need to gather the necessary documents needed. This will include SA302’s and tax overviews. See our guide to printing documents  on how to obtain these if you submit your returns online. If you have an accountant, you may need to obtain these via them.

How many years do I have to be self-employed to get a mortgage?

Most lenders will require 2 or 3 years’ evidence of income.  A few lenders may consider your application if you have one year of accounts plus a projection, but these are in the minority.

What else do I need to apply for a mortgage?

You will need further documents in addition to the proof of income, this will include identification, proof of address, bank statements. See our supporting documents guide for more information on what lenders require.

Should I use a Broker?

The choice is entirely yours. A mortgage broker will be able to get the best deal by searching the whole market for lenders are willing to lend to self-employed, accept less than two years of accounts and will offer you the best deal.

The application process can be a time consuming and at times complicated. A mortgage broker will be able to guide you through the process from start to finish, dealing with the lender on your behalf and making the journey as simple as possible.

If you are self-employed and need guidance on a mortgage. MyMny Mortgage Specialists can help contact us

5 Things to help reduce the stress of buying a home

Buying a home is potentially one of the most stressful life events you will experience. Emotions run high and costs can run higher!

Whether you are a first-time buyer or a home mover and more familiar with the process, it can be overwhelming, time consuming and costly. Purchases can fall through, lenders can decline applications and costs can spiral. Being prepared is essential.

Here are some key points to consider to help reduce your stress levels throughout this rewarding journey.

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