Documents Needed for a Self-Employed Mortgage

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Documents Needed for a Self-Employed Mortgage

When you’re Self-Employed, applying for a mortgage can sometimes seem a bit complex. The lender will want to check how your business is doing and understand your income. It helps to have all your documents ready in advance.

What is a Self-Employed Mortgage?

While there are no mortgage products specifically for the Self-Employed, some lenders are more welcoming to people who work for themselves. You will have access to the same mortgages as anyone else, there are just a few differences in how you prove your income.

An employed person will just state their salary and show payslips as confirmation. Because Self-Employment income is often more unpredictable, you will need to share more information to show the lender that you can afford the monthly mortgage repayments.

In the past many Self-Employed people often took out ‘self-certification mortgages’ but these no longer exist – the Financial Conduct Authority banned them over a decade ago.

What Documents will I need for a Self-Employed Mortgage application?

You will certainly need ID, which usually means a UK photocard driving licence or valid passport. For proof of address you will need recent bank statements or utility bills.

The documents you need to prove your income may vary by lender, and also how your business is set up.

Sole traders and partnerships: Aim to have up to three years’ tax calculations, which you can print from the HMRC website via self-assessment tax returns (SA302 forms). Alternatively, your accountant can provide a summary.

Limited Company: Gather your certified accounts for the last three years if possible. Each year’s accounts should state your salary. You can also provide P60 forms or tax calculations.

The lender will also take a look at your credit rating to see if you’re responsible with your borrowing. Your credit score includes details of any late payments, defaults and debts with bank accounts, credit cards, finance or loans. If you’re concerned about your credit score, you can check it for free with one of the credit check websites. Neither Momentum Mortgages nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site

How can I improve my chances of being accepted by a lender?

Mortgage lenders are seeking reassurance that you will pay back the mortgage reliably. Because a Self-Employed person can have a variable income, the lender will want to see that you have a successful, growing business.

Here are some ways you can improve your chances:

  • Increase your income if possible – take larger dividends in the months before you apply for the mortgage
  • Have a good deposit – more than 20% will greatly boost your chances
  • Wait until you have at least two years of certified accounts
  • If you have a lot of retained profit in your business, seek out a lender that will include this in their affordability calculations
  • Submit evidence of new contracts and upcoming business deals

How can a Mortgage Broker help me with my documents?

Here at Momentum, we have lots of experience in helping Self-Employed people find a good mortgage deal. By exploring your specific situation we can find the lenders and products that will best match your needs – and save you money.

We know what each lender will want in customer documentation and what they are looking for, so we will help at every step to get your application approved.

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