Self Employed Mortgage
Self Employed Mortgage
Self Employed Mortgage Advisors
Finding the right mortgage as a self employed individual or contractor can be more complex than for salaried employees. Without a fixed income, you may have encountered challenges in securing a mortgage. At Bradgate Financial Solutions, we specialise in tailoring mortgage solutions to suit your unique circumstances, making homeownership achievable for the self employed.
Our whole-of-market approach allows us to search for the most competitive deals, ensuring you receive the best possible mortgage to match your financial situation.
How Does a Self Employed Mortgage Work?
A Self Employed mortgage works similarly to traditional mortgages, but lenders will assess your financial stability differently. Instead of relying on payslips, they typically consider your income from tax returns, accounts, or contracts.
Our goal is to make the process seamless, ensuring you can secure a mortgage with confidence.
- Understanding Your Income We evaluate your financial documentation, such as SA302 forms, tax calculations, and business accounts.
- Tailored Recommendations We match you with lenders who specialise in Self Employed or contractor-friendly mortgages.
- Comprehensive Support From gathering paperwork to submitting the application, we guide you through every step.
How Your Trading Structure Is Assessed
"Self employed" covers three quite different arrangements, and lenders read each one differently. Knowing which figure yours will be judged on is the single most useful thing to establish before applying.
Sole traders and partners
Lenders use net profit — the figure after allowable expenses, before tax — taken from your tax calculations. For a partnership it is your share of the profit. Most lenders average the last two years, though some use the latest year alone, and where the trend is upward that choice can make a substantial difference to what you can borrow.
Limited company directors
The default treatment is salary plus dividends, which is why directors who leave profit in the business often appear to earn far less than they do. A useful number of lenders will instead use salary plus your share of retained net profit, assessing the company's actual profitability rather than what you chose to draw. For a director who has been paying corporation tax on undrawn profit, that difference regularly amounts to a materially larger mortgage.
Contractors
Many lenders will work from your day rate rather than your accounts, typically multiplying it by days worked per week and weeks per year. This suits contractors whose accounts do not yet show a long trading history but whose contract income is strong and evidenced.
The practical consequence is that the same person can be offered noticeably different amounts by different lenders, purely because of which method each applies. Choosing the lender to fit the structure is most of the work.
The Accountant Requirement
Lenders normally require accounts or a reference prepared by a qualified accountant, and they specify which qualifications they accept — typically the recognised chartered and certified bodies.
This matters because an accountant who is skilled and entirely competent but not a member of an accepted body can make an application harder to place, through no fault of their own or yours. Establish your accountant's qualification early, and check it against the intended lender.
Lenders may request an accountant's certificate confirming income figures, and sometimes projections or confirmation that trading remains stable. Give your accountant notice — these requests frequently arrive with short deadlines, and a delay at this stage can cost a rate that was reserved.
Where you file your own tax returns, you will need SA302 tax calculations together with the corresponding tax year overviews from HMRC, usually for two or three years. The two documents must match; a common cause of delay is submitting one without the other, or submitting figures from a return that was later amended.
Two further points worth planning around. Lenders generally want your most recent tax return filed and the tax paid — an outstanding liability is a visible problem. And filing early rather than at the January deadline means your latest, usually strongest, year is available to lenders sooner.
Benefits of Choosing a Self Employed Mortgage with Us
At Bradgate Financial Solutions, we pride ourselves on delivering exceptional service to self employed clients.
We help:
- Contractors, freelancers, and small business owners across various industries, including trades, creative fields, hospitality, and IT.
- Clients who may have faced challenges with previous mortgage applications. Lender criteria change frequently, and we can often find solutions where others couldn't.
- Self Employed individuals access mortgages tailored to their unique income streams, ensuring flexible and affordable options.
Why Choose Bradgate Financial Solutions?
Our Self Employed mortgage team puts your needs first, ensuring a smooth process from start to finish. We begin by thoroughly assessing your financial circumstances, allowing us to provide personalised advice. With our support, you'll have all the right paperwork, a fully completed application, and regular updates throughout the journey.
Our approach includes clear communication and consistent guidance, ensuring you feel informed and supported every step of the way. Whether you're a contractor, freelancer, or small business owner, our expertise makes the process stress-free.
Our Mortgage Solutions
In addition to Home Mover Mortgages, we offer a variety of mortgage services to meet diverse needs:
These options ensure we can support you at every stage of your property journey.
At Bradgate FS we aim to make choosing and applying for a mortgage, protection, loan or insurance as stress-free as possible.
Don't let your employment status hold you back from owning your dream home. Contact Bradgate Financial Solutions for a free consultation and expert advice on securing the perfect Self Employed Mortgage. With our expertise, the process is straightforward and stress-free.
First Time Buyer Mortgages
First Time Buyer Mortgages: Ideal for those entering the property market for the first time.
Right to Buy Mortgages
Right to Buy Mortgages: Ideal for council tenants looking to purchase their homes under the Right to Buy scheme.
Remortgages
Remortgages: Helping you switch to a better rate, release equity, or consolidate debts.
Home Mover and Purchase Mortgages
Home Mover and Purchase Mortgages: Designed for those moving to their next property, these mortgages streamline the process of buying a new home.
Adverse Credit Mortgages
Adverse Credit Mortgages: Solutions for individuals with poor credit history to secure a mortgage.
Buy to Let Mortgages
Buy to Let Mortgages: Designed for property investors looking to rent out residential properties.
Portfolio Mortgages
Portfolio Mortgages: Simplifies financing for landlords managing multiple rental properties.
Self-Build Mortgages
Self-Build Mortgages: Provides funding for constructing your own home.
Ex-Pat Mortgages
Ex-Pat Mortgages: Assistance for UK nationals living abroad who want to purchase property in the UK.
Common questions
Do I need a large deposit for a Self Employed mortgage?
Deposit requirements are similar to standard mortgages, typically starting at 5-10%, depending on your credit history and income stability.
How many years of accounts do I need?
Most lenders require at least one to two years of accounts or tax returns to assess your income.
Can I still get a mortgage with irregular income?
Yes, we work with lenders who specialise in mortgages for individuals with varying income streams, such as contractors or freelancers.
What documents do I need for a Self Employed mortgage?
You'll typically need SA302 forms, tax calculations, bank statements, and proof of contracts or invoices.
What if I've been declined for a mortgage before?
Criteria often change, and we may still be able to help you secure a mortgage. Contact us for a review of your circumstances.
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