Self Employed Mortgages Explained
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Self Employed Mortgages Explained

How Just Mortgage Brokers Can Help You

Are you seeking a mortgage while self-employed? It is likely that you will have come up against a few more hurdles than those looking for mortgages in “conventional” employment.

There is no such thing as a “self-employed mortgage” per se. However, there is a growing number of providers who are more open to lending to self-employed individuals. Some providers have recently revised down their demands for self-employed individuals, now requiring just one year’s worth of accounts.

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What is a self employed mortgage?

Despite a 25% increase in full-time self-employment over the past 15 years, taking the number of self-employed to more than 4.6 million in the UK, many mainstream mortgage providers are still less open to financing individuals who work for themselves.

That is because self-employed workers are typically viewed as riskier prospects than employees with a regular, predictable income. The growing number of British self-employed people may be doing better financially than ever before, but their jobs can be viewed as more unstable, making lenders possibly less likely to approve their mortgages.

In order to receive approval for a self-employed mortgage, you may need to provide the following – and in some cases additional documentation:

  • Minimum of 1-year accounts
  • A good credit history (although bad credit self-employed mortgages may be available)
  • A minimum of 5% deposit
  • An accountant who can verify your accounts
  • SA302s and tax overview forms

Technically, a self-employed mortgage is no different from a standard mortgage. The key difference lies in how potential providers assess your suitability for their products.

How to find a self employed mortgage

If you’re searching for a provider who is open to self employed applicants and understands the unique circumstances of your type of employment, it helps to put in some groundwork. Contacting a wide range of providers, both mainstream and specialist, will help you get a good picture of the market, a feel for the types of hoops you’ll need to jump through and allow you to identify the best available interest rates.

Having an experienced mortgage broker on side can significantly reduce the legwork you will need to put in to source your ideal self employed mortgage. With an in-depth knowledge of the industry, brokers like our experienced team at JMB can get highly competitive quotes from the best self employed mortgage providers in the business.

Ready to start your search? Contact our team today to discover competitive rates on accessible self employed mortgages on 0800 114 3978.