Documents Needed For a Self-Employed Mortgage

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Documents Needed for a Self-Employed Mortgage  

There is no specific self-employed mortgage out there, but there are specialist lenders out there who cater towards self-employed people. It can be worth finding these hidden gem lenders as they can understand your income more and will sometimes offer more exclusive interest rates depending on your situation.

Applying for a mortgage can be stressful and it is also a lengthy and pricey process, it would be worth ensuring you have all the documentation prepared that you are going to need to provide to an underwriter or lender.

Make sure to check your chosen lender’s criteria as every lender will require different things and some may not include certain incomes such as dividends. You can also use tools such as mortgage calculators to give an idea of how much you may be able to currently borrow.

What Will I Need to Provide for a Self-Employed Mortgage?

You will need to provide certain documents in order to prove your income when you are self-employed and applying for a mortgage.

You will need to provide:

  • Two or more years’ certified accounts
  • SA302 forms alongside any tax assessments or tax returns for the last two or three tax years
  • Evidence of upcoming contracts or salary and dividend payments/retained profits.

Some lenders will require your documentation to be prepared by a chartered accountant or even the accountant they use so it is worth looking into the criteria you need to fit before approaching.

Having a good credit score and good financial history will help you to strengthen your chances of getting a mortgage, especially if you are self-employed.

You will also need to provide as standard with any mortgage application:

  • Passport
  • Driving License
  • Council tax bills
  • Utility bills dated within three months
  • Six months’ worth of bank statements.

Mortgage lenders want to look into your bank statements to see how much you spend a month on outgoing bills in comparison to your incoming to ensure you can afford your mortgage repayments.

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Whether you’re buying your first home, expanding your portfolio or looking for insurance to protect your loved ones, our friendly service and expert know-how can help ensure you get the most suitable solutions for you.

How can I Improve my Chances of Being Accepted by a Lender?

More and more lenders are becoming flexible towards the self-employed and are actually catering towards the independently employed workers more. There are small things that you can do yourself to try and heighten your chances of hearing that yes. For example you could:

  • Save more money for a bigger deposit
  • Check your credit rating for free
  • Correct any mistakes on your credit report
  • Get on the Electoral Roll
  • Avoid purchasing flats above commercial buildings or old buildings – lenders are less likely to lend on these
  • Plan your budget
  • Close any unused credit cards
  • Speak to a Mortgage Advisor.

You should pay off any debts that you owe before approaching a lender if you can, this will give you access to the better rates. If you have bad credit or no credit, there are options out there for you but this will require a specialist lender.

How can a Mortgage Advisor help?

Our Mortgage Advisers have access to the whole of market for mortgages. This means that we can access other specialist lenders rather than just high street lenders.

As advisers  we know what documents you will need to have prepared and can guide you through all of the process. 

No matter what type of self-employed you are, sole trader, limited company, partnership or any other type, we have the expertees to be able to find the right mortgage for you. We have experience in Buy to Let, certification mortgages, joint mortgage and more, we know how to find what you are looking for. 

There are a lot of different mortgage products with different interest rates out there and we know how stressful it can be searching for the right one, so don’t leave us as a last thought, speak to First Thought Financial today. 

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

If you are looking for a mortgage or life insurance, call us today on 01923 606808 or complete our short enquiry form.

We’ll be pleased to help you.