Getting a Mortgage When Self-Employed

Getting a Mortgage When Self-Employed

In a nutshell, a lender is primarily looking at how a borrower will pay back a loan. This is the principle upon which mortgages are assessed. Usually, most types of mortgages are open to those that are self-employed, company directors, or receive income from multiple income sources if the borrower can pay back the loan.

In this scenario, it comes down to assessing your ability to pay back the loan outside of the traditional employment route. How do lenders assess the suitability of a self-employed person?

A good broker will be able to help you with this. When assessing self-employed applications, the broker will need to work out your income, traditionally if you are employed, it’s relatively simple with your gross annual salary. However, for those that are self-employed, it could be that you receive a minimum income to save tax.

However, this should not be seen as a negative when assessing income, some lenders will look at gross profit figures within the business and use this, or they could also take a share of net profit, plus salary, and dividends.

This process can be complicated and having a good broker on your side can help guide you through this. Here at Journey Mortgages, we have helped self-employed customers secure loans. We are on hand to help you find the mortgage that is right for you, simply get in touch and one of our friendly team will be happy to help.

A key thing to remember with any mortgage is key advice from the FCA (Financial Conduct Authority) “your home may be repossessed if you do not keep up with payments”.

Journey Mortgages is a specialist broker that can help you with mortgages and more. Get in touch, and one of our friendly team with be happy to help you with your inquiry.

Attention: Late repayments can cause you serious money problems. For help go to

Leave a comment