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Getting a mortgage when you’re self-employed doesn’t need to be tricky. Find out what you’ll need to do here.
If you’re self-employed you might feel a little anxious about getting a mortgage. Don’t worry, it’s perfectly possible to be your own boss and get a mortgage for a new home.
You may just need to provide a little more information to your mortgage lender to show that you can keep up your monthly repayments.
It’s important to note that there’s no such thing as a ‘self-employed mortgage’ – you’ll be applying for the same mortgage as anyone else.
If you apply with someone who’s not self-employed, it could help your chances of being accepted for a mortgage.
If you work for yourself, you’re a business owner, or you work as a freelancer, then you may be self-employed.
You’re likely to be self-employed if you are:
As with any mortgage application, you’ll need to provide some documents to the lender. These include:
If you’re self-employed, you might also need to provide:
You may also be asked to provide proof of accounts certified by a registered accountant.
If you’re self-employed and own a small business, you may need to provide some more information about it. Including:
If you’re applying for a mortgage with a partner who’s self-employed, you may be worried about being accepted.
A joint mortgage works much the same as a sole mortgage. However, both of your names are on the mortgage agreement. You’re responsible for making the repayments together.
If your self-employed partner is out of work or can’t make their share of the repayments, you would be responsible for making the full payment yourself. It’s worth making sure you’ll be able to make monthly repayments before you apply.