- Can I get a mortgage if I am self-employed?
- Do I need a deposit to obtain a mortgage?
- Will my credit score affect mortgage lending?
Absolutely, you can get a mortgage if you are self-employed. Generally, mortgage lenders are happy to provide mortgages to sole traders and company directors if they can provide evidence of their income. Self-employed applicants are normally expected to supply 1-3 years’ accounts OR SA302s, which can be obtained from HMRC. Mortgage lenders will take the figures you declare for tax purposes as your earnings, which they will use to determine how much you can borrow.
Yes, mortgage lenders will look for a minimum deposit of 5% of the purchase price or valuation of the property (whatever is lower). However, this is subject to change, so we recommend checking this in more detail with us if you have any questions.
Yes, your credit score can have an impact on your borrowing potential, but we have a lot of experience with clients with a ‘less than perfect’ credit history. This is something we can discuss and check over with you from your credit report. We have access to a number of reputable mortgage lenders who deal with adverse credit, but we recommend speaking to us in more detail because it is different on a case-by-case basis.