Based in Sevenoaks, Kent, serving clients throughout London and the whole of the UK
Maidstone Self Employed Mortgages :
The Good News
The good news is that being self-employed doesn’t mean you can’t get a mortgage or that you’ll pay a higher interest rate – with preparation and the right approach, you can secure a mortgage on competitive terms.
Self Employed Mortgages :
The Myths
Getting a mortgage when you’re self-employed can feel challenging, but it doesn’t require a special type of mortgage product. In fact, there’s technically no such thing as a “self-employed mortgage” – you’ll be applying for the same mortgage deals available to everyone else, but you may need to provide more evidence of your income and meet slightly stricter criteria. Lenders simply need to be confident that your income is stable and sufficient to afford the loan.
Self Employed Mortgages :
What Counts?
Below, we’ll explain what counts as self-employment, how different self-employed setups are assessed (sole traders, partnerships, limited company directors, contractors, CIS workers), how many years of accounts you’ll likely need, what documents to prepare, and tips to improve your chances of approval.
The good news is that being self-employed doesn’t mean you can’t get a mortgage or that you’ll pay a higher interest rate – with preparation and the right approach, you can secure a mortgage on competitive terms.
Getting a mortgage when you’re self-employed can feel challenging, but it doesn’t require a special type of mortgage product. In fact, there’s technically no such thing as a “self-employed mortgage” – you’ll be applying for the same mortgage deals available to everyone else, but you may need to provide more evidence of your income and meet slightly stricter criteria. Lenders simply need to be confident that your income is stable and sufficient to afford the loan.
Below, we’ll explain what counts as self-employment, how different self-employed setups are assessed (sole traders, partnerships, limited company directors, contractors, CIS workers), how many years of accounts you’ll likely need, what documents to prepare, and tips to improve your chances of approval.
What Do Lenders Consider “Self-Employed”?
Lenders will usually consider you self-employed if you own a significant share (typically 20-25% or more) of a business or don’t receive regular salaried PAYE income. This includes:
What Do Lenders Consider “Self-Employed”?
Lenders will usually consider you self-employed if you own a significant share (typically 20-25% or more) of a business or don’t receive regular salaried PAYE income. This includes:
Income Evidence for Different Self-Employed Types
All self-employed applicants must prove stable and sustainable income, but documentation varies by your business structure:
How Many Years of Accounts Do You Need?
Most lenders prefer two to three years of accounts.
Having three years opens the widest choice of lenders, though you can still secure a mortgage with one year’s accounts.
If applying with less than one full year, expect fewer lender options and stricter criteria, though a good broker can help navigate this.
What Documents Will You Need?
Expect to provide the following documents with your application:
Tips to Improve Your Mortgage Chances
Being self-employed doesn’t limit your mortgage options or rates; it just requires meticulous preparation.
With solid finances, thorough documentation, and possibly expert guidance, you can successfully secure a mortgage to buy your home.
Why choose Momentum Mortgages?
Contact us today for a no-obligation initial consultation. Our friendly team is available to answer your questions and provide expert advice.
Hi my name is Stephen Dickinson and I am the Managing Director of Momentum Financial Services, I have lived in Sevenoaks for the past 11 years with my wife Vicky and my two boys. I started in Mortgage advice back in 2017 for Your Move Financial Services and then started Momentum Mortgages in 2020. My skills lie in more complex mortgage cases and in particular mortgages for self-employed business owners I particularly excel at. In my free time I like spending time with family and gardening!
Hi my name is Dan Tasker and I am one of the Directors of Momentum Financial Services. I am a mortgage and protection broker whilst also looking after the regulatory compliance and accounting for the business. Before qualifying and changing industry, I was previously an management accountant for a vehicle manufacturing group. In my free time I enjoy spending time with my family and the occasional trip to the gym.
Hi, my name is Gill Armstrong and I support the Mortgage Brokers with setting appointments, collating and inputting documents & information and assisting clients. I live in Sevenoaks and I work part time at Momentum Financial Services.
Hi my name is Darius Stonkus and I am a mortgage and insurance broker for Momentum Mortgages, I am based in Bromley. I love helping people get what they need, my specialties are company directors and sole traders, and if you had a credit blip, don’t fret I am here to help.
Hi, my name is Ian Hewett and I am known as The Bearded Mortgage Broker. I am the business and development manager at Momentum, here to look at building partnerships with businesses that are looking for support with their financial service needs. I am also going to continue broking for my existing client base and connections. In my spare time I help manage events with ex-sporting stars and time with my wife and daughter.
