Compare Mortgages for Self Employed People

When you are self-employed, it can be hard to find suitable financial services, especially if your income can vary from month to month. Sometimes a standard mortgage may not be suitable for people with fluctuating incomes. This is why it is so important to find the right self-employed mortgage or a home loan for your circumstances, so you can have the chance to buy your dream home.

If you want to find the best mortgages for self-employed people, you can compare mortgage quotes using our quote tool. Comparing self-employed mortgage quotes will help give you the chance to save money and find the right mortgage provider for you.

How long do you have to be self-employed to get a mortgage?

Most mortgage providers will ask for at least three years’ worth of tax documents or accounting figures before they will offer a mortgage. This is to make sure that a self-employed person’s earnings can cover the mortgage.

Is it difficult to obtain a mortgage while self-employed?

It can be harder to get a mortgage when you are self-employed, compared to someone who is formally employed by someone else. This is because mortgage providers may worry about your ability to make mortgage payments, as a self-employed person may have more variable income.

Can I get a mortgage after being self-employed for a year?

Some specialist mortgage providers will offer a self-employed mortgage if you have only been self employed for a short while. However, you may need a higher deposit or have higher interest rates. The best way to see if this is an option is to compare mortgages for self-employed people.

Are mortgage rates higher for self-employed?

Not always. The interest rate on your mortgage will depend on several factors, such as the cost of the house, your income, your partner’s income, and the amount of deposit you have saved up. You could end up with a higher or lower mortgage rate than other people.

What proof of income do I need for a self-employed mortgage?

Generally, a mortgage provider will ask for your tax returns to show proof of self-employed income, but they may ask for other proof. They will generally ask for at least two years’ worth of income proof.

How much do you have to earn per year to get a mortgage?

Generally, people are advised that mortgage repayments should not take up more than roughly one third of their income. This will generally determine the maximum mortgage loan you can take out.

How do I get a mortgage with a cash income?

Getting a self-employed mortgage should be the same whether you get paid in cash or electronically. You will need to show your tax returns for a set number of years to show your income, which can then act as proof of income. As long as your cash income is listed on your tax return, this income will be considered for your mortgage eligibility.