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How can a mortgage broker help if I apply for a mortgage application as someone who is self-employed?

While mortgage applications are never a straightforward process, being self-employed doesn’t make them any easier. Mortgage brokers can be a great remedy to any mortgage problems you find yourself in. Read on to find out how brokers can help you if you’re going for a self-employed mortgage. 

Why would some who is self-employed need a mortgage broker?

For those of you asking yourself what a self-employed mortgage is, it is quite literally what it says on the tin. It’s a mortgage that you have if you are self-employed. However, the main problem with self-employed mortgages comes when lenders are conducting their affordability assessments.

This is because it can be difficult to prove that self-employed persons have a sustainable income. Lenders require to mortgage applicants to prove they can afford the mortgage that they are applying for. Makes sense doesn’t it? Let’s see how brokers can help you out.

So, how would a mortgage broker be able to help?

Ultimately, mortgage brokers are here to guide you through the process of your application. They can help you to tailor your searches to suit your situation so that you get the mortgage deal which is right for you.

Lenders are going to be able to approve mortgages to self-employed persons. However, the main problem with this revolves around proving their income. So how can brokers help you on this front?

How can a mortgage broker help prove my income?

When deciding whether borrowers have their mortgage applications accepted, lenders conduct an affordability assessment. This is no different for self-employed mortgages. What this usually involves is checking through the applicant’s credit history, income and outgoings to see if they will be able to sustain their mortgage repayments. Meaning that as long as you can prove that you’re can make consistent mortgage repayments you should have no trouble having your application accepted!

Just because you’re going for a self-employed mortgage this doesn’t mean you have to make life harder for yourself. If you’re self-employed then lenders will want you to prove that you can maintain your income. 

All self-employed will be required to provide their latest three years SA302's along with accompanying tax overviews. These can be sourced from the HM Customs website or through your accountant. For those that haven't completed three years then two will do but will limit your options when it comes to available lenders. If you've only just completed one year then some lenders will accept an accountants reference but, again you are reducing the lenders available even further.

If you are the director of a limited company you may be required to produce company accounts. At times this is a real bonus as several lenders use retained profit as part of your income, thus boosting the amount you can borrow.

Check out all our Articles for more mortgage guides, information on credit scoring, first-time buyers’ guides and more! Mortgages Online – mortgages made easy.


Laura Waller

Laura Waller has been working in the mortgages industry since 2013, joining an independent brokerage in Essex. Laura has CeMAP 2 & 3 – Certificates in Mortgages Advice and Practice. Since then Laura oversees marketing for Mortgages Online, using her experience and expertise to write articles and blogs about mortgages and related topics.

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