For the Self-Employed

    Self-employed? Your income deserves the right lender.

    Sole trader, limited company director or contractor. Your income tells a story, and not every lender reads it the same way. We work with lenders who understand self-employed income properly, so the right deal does not get missed because of how it is calculated.

    • All structures welcome. Sole trader, partnership, LLP, Ltd company or umbrella contractor.
    • Income presented properly. We know which lenders use which figures, from net profit to dividends.
    • Newly self-employed. Some lenders will consider just one year of accounts or trading history.
    • Day-rate contractors. Contract value can be used directly with several specialist lenders.
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    The FCA does not regulate some forms of Buy to Lets. Think carefully before securing other debts against your home/property.
    Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

    FAQ

    Self-employed mortgage questions

    Common questions from sole traders, directors and contractors.

    How long do I need to be self-employed before I can get a mortgage?
    Many lenders prefer two or three years of accounts or tax calculations, but some will consider applicants with just one year of self-employment, subject to their criteria. The right lender for you often depends on your trading history, your profession and the strength of your wider profile, not just the calendar.
    How is my income worked out as a sole trader?
    Most lenders use the net profit figure shown on your SA302 tax calculations or HMRC tax year overviews. Lenders typically average the last two or three years, although some will use the latest year if it is higher. The way your accountant presents your figures can make a real difference.
    I am a limited company director, what income will lenders use?
    Some lenders use salary plus dividends taken from the company. Others use salary plus your share of net profit retained in the business, which can be helpful if you leave profit in the company for tax efficiency. The choice of lender is therefore particularly important for directors.
    Can contractors borrow based on day or contract rate?
    Several lenders will consider contractors based on day rate, typically calculated as day rate × 5 × 46 weeks (or similar formula), rather than relying on accounts. Eligibility depends on factors such as your contract length, gaps between contracts and time in the industry. This route can be much more generous than standard self-employed underwriting.
    What documents will I need?
    Typically the last two or three years of SA302s and tax year overviews, finalised accounts where applicable, business and personal bank statements, ID and address verification, and a current accountant's reference for some lenders. We will give you a clear list before you spend time gathering anything.
    Will I pay a higher rate because I am self-employed?
    Not automatically. With the right lender, self-employed borrowers can access the same mainstream rates as employed applicants. Higher rates usually only apply if circumstances also involve adverse credit, complex income or a high loan-to-value, not simply because you work for yourself.

    Talk it through with someone who gets it

    Tell us how you are paid and we will tell you, honestly, which lenders are likely to work for you and roughly what you can borrow.

    Get in Touch

    Ready to get started with your mortgage?

    Tell us a bit about your plans and we'll be in touch to guide you through your options. We aim to respond within 20 minutes!

    Ves Doctorov

    Ves Doctorov Cert SMP

    Owner & Principal Mortgage Adviser

    07554 663 631ves@themortgageleague.co.uk
    25 Constable Close, Reading, Berkshire, RG5 4US
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