Self Employed Mortgages

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In partnership with Review Rating

Getting a mortgage when you are self employed can be more difficult than normal, but is by no means impossible. Quote Goat has partnered with Mojo Mortgages, to bring you a fee-free online mortgage broker service so that you can compare self employed mortgages and receive expert advice.

What is a self-employed mortgage?

Most conventional mortgage providers require proof of employment and regular payslips to ensure that you have a secure income in order to pay your monthly mortgage payments. But as there are more and more people in the UK deciding to go self employed each year, mortgages have been made more readily available to those who are self employed.

When you are self-employed it is harder to demonstrate to a lender that you will be able to keep up with your monthly payments. This is why you will often have to provide more information than you would for a conventional mortgage.

What qualifies me as self-employed?

Most lenders have certain criteria to ascertain who identifies as self employed for the purpose of their mortgage offers. Most lenders consider an individual self employed if they own more than 20-25% of a business that provides the majority of their income.

How do I find the right self employed mortgage?

Those who are self-employed still have access to all the same mortgage offers as everyone else. Only, they will have no employer to vouch for their wage, meaning they will have to provide more evidence of their yearly income in order for the lender to confirm the loan.

In order for you to be able to prove your income security to your lender you will need to provide two or more years’ certified accounts; SA302 forms or a tax year overview from HRMC for the past 2-3 years; evidence of contracts upcoming (for contractors only); evidence of dividend payments or retained profits (for company directors).

Are self employed mortgage rates higher than others?

Most self employed will be able to receive the exact same mortgage offers as everyone else, they just need to provide more information in order for the lender to recognise their suitability.

Rates for self employed mortgages are primarily determined by the size of the deposit you are able to put up front. The larger the deposit the better rates you will receive for the term of the mortgage.

If you are unable to be approved by one of the big lenders there are alternative lenders that deal exclusively with self-employed applications although they do tend to charge higher interest rates.

Compare self employed mortgages

One of the best ways to find a self employed mortgage rate is to speak to a broker, which is why we have partnered with Mojo, an online fee-free mortgage broker service. To check your eligibility, find out how much you can borrow or to apply online, click the compare mortgages button below.

Author Image - Michael Foote

Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.