SELF EMPLOYED MORTGAGES
If you’re self-employed and looking for a mortgage, you might have already discovered that getting approved can be more complex than for someone with a traditional job. At Watts Mortgage and Wealth Management Ltd, we specialise in finding the right mortgage for self-employed individuals.
As independent whole-of-market mortgage brokers, we have access to lenders that understand self-employment income, giving you the best chance of approval at competitive rates.
There isn’t a separate type of mortgage for self-employed individuals, the process just requires a different approach to prove your income. Whether you’re a sole trader, limited company director, contractor or freelancer, you’ll need to provide solid financial evidence to show that you can afford the repayments.
You’ll usually be classed as self-employed if you own 20–25% or more of a business and your income isn’t paid via PAYE. This includes:
- Sole traders
- Business partners
- Limited company directors
- Freelancers and contractors
In order to apply for a self-employed mortgage, you will need to provide a number of specific documents relating to your most recent and the preceding tax year.
If you are a sole trader or in a partnership, you will be required to provide tax calculations and tax year overview forms. These can be provided by your accountant or requested from HMRC.
If you are a Limited Company, you will be required to provide tax calculations and overview forms in addition to your company accounts, ideally for 3 years.
If you are applying for a mortgage as a Limited Company Director, you will be required to provide either your salary and dividends or evidence of your net profit plus salary. In this case, our expert team of advisers will undertake a full review of all documents to assess which options are best for you to achieve the most appropriate mortgage.
To improve your chances of having your application for a self-employed mortgage accepted, why not contact one of our expert advisers who will take the time to understand your business and find the most appropriate solution for you.
- Get your accounts in order
Work with a qualified accountant to prepare clear, up-to-date accounts that accurately reflect your earnings. - Improve your credit score
Pay down debts, stay within credit limits, and check your credit report for errors before applying. - Save a larger deposit
A deposit of 10%–20% can increase your chances of approval and access to better rates. - Use a specialist mortgage broker
At Watts Mortgage and Wealth Management Ltd, we understand the self-employed market and can find lenders who match your profile.
To improve your chances of having your application for a self-employed mortgage accepted, why not contact one of our expert advisers who will take the time to understand your business and find the most appropriate solution for you.
Contact Watts Mortgage and Wealth Management Ltd in Nantwich today for a free, no-obligation consultation.
MAKE AN ENQUIRY
If you’re looking for mortgage advice, contact Watts IFA today. Our expert team can help you secure the best mortgage based on your contracting status and financial situation.
Sian Wilcox
Senior Mortgage Adviser
“I have helped clients who have just started new contracts to obtain mortgages based on their previous employed occupational status. The team at Watts would be delighted to assist contractors in securing the mortgage they deserve.”
With our extensive experience and access to a vast lender network, Watts Mortgage & Wealth Management Ltd is the ideal partner for contractors seeking a tailored mortgage solution. Contact us today, and let our dedicated advisers guide you through the process.
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INDEPENDENT MORTGAGE ADVICE AND PROTECTION FOR YOU
Welcome to Watts!
Our friendly, knowledgeable and experienced team are here to help find the right mortgage and life insurance for you. We have helped thousands of clients, over 30 years buy their dream home and ensure their family is protected.
We are a family business and pride ourselves on our customer service. As an independent company, we can search from over 100 lenders and insurance companies to help you get the best deal.
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We search over 100 lenders to find the right mortgage for you
FAQs for Self-Employed Mortgages
Most lenders require at least two years of accounts or SA302s. However, some specialist lenders may accept one year’s figures.
Yes, but your options may be more limited. We work with lenders who consider applicants with just 12 months of trading history.
Typically, you’ll need:
- SA302 tax calculations (last 2–3 years)
- HMRC tax year overviews
- Business accounts
- Bank statements (personal and business)
- ID and proof of address
Possibly. Lenders will assess your average income over the past 2-3 years or your most recent year (depending on the lender), which might limit your borrowing compared to a salaried applicant.
Yes. As a limited company director, you can often use salary + dividends, and some lenders will even consider retained net profits.
FIND THE BEST MORTGAGE DEAL FOR YOU
Let us help you find the right mortgage for your home or buy to let.
- Completely free search
- Won’t affect your credit score
- Independent, UK-based advice
- Award-winning mortgage broker
I just wanted to say a massive thank you for your assistance in my purchase. I would like to place on record my appreciation of the professionalism and tenacity of Emma. She has kept me fully updated in terms of progress and answered all of my questions in a timely manner. Great service and hope we can do business again in the future.
A. Henshall
