Self-Employed Mortgages: How to Secure Your Dream Home

Being self-employed offers flexibility and independence, but it can sometimes complicate the mortgage process. Lenders often view self-employed income as less predictable, but with the right approach, you can secure the mortgage you need. This guide from Taylor & Co will help self-employed individuals navigate the mortgage process with ease.

Understanding Self-Employed Mortgages

Self-employed mortgages aren’t a separate product; they’re the same as standard mortgages. The difference lies in how lenders assess your income. Lenders want to see proof of consistent income over a few years to ensure you can afford repayments.

What Documents Will You Need?

• Tax Returns: Usually two to three years of SA302 forms or tax year overviews.

• Business Accounts: Certified by an accountant if applicable.

• Bank Statements: Showing income and business expenses.

• Contracts or Client Invoices: For freelancers or contractors.

Tips for Self-Employed Mortgage Success

1. Plan Ahead: Prepare your financial documents well in advance.

2. Boost Your Credit Score: Pay off debts and avoid late payments.

3. Save a Larger Deposit: A bigger deposit reduces lender risk.

4. Work with a Fee-Free Broker: Taylor & Co specializes in self-employed mortgages and can simplify the process.

   
   

Overcoming Common Challenges

Lenders may hesitate if your income varies or if your accounts show irregularities. By presenting your finances clearly and working with an experienced broker, you can overcome these obstacles and find a lender that understands your circumstances.

Securing a mortgage as a self-employed individual doesn’t have to be challenging. With Taylor & Co’s expert guidance and fee-free service, you’ll have the support you need to make informed decisions and achieve your homeownership goals. Contact us today to get started.