Being self-employed does not necessarily prevent you from obtaining a mortgage. At RMJ Mortgages, we understand that earnings can vary and lenders assess different business structures in different ways.
How Do Self-Employed Mortgages Work?
The mortgage itself is usually a standard product, but lenders assess income using accounts, tax calculations and other evidence rather than relying solely on employee payslips. Sole traders are often assessed on taxable profits; company directors may be assessed on salary and dividends, with some lenders also considering company profits.
How Much Can You Borrow?
Borrowing depends on your income, credit history, outgoings and lender affordability checks. Many lenders prefer two years of trading history, although some may consider shorter periods. The approach to fluctuating income varies.
What Documents Will You Need?
You may need tax calculations and tax year overviews, business accounts, bank statements and details of your commitments. Requirements differ by lender.
How We Can Help
Whether you are a sole trader, freelancer or business owner, we can explain how your income may be assessed and help you explore suitable mortgage options. Contact RMJ Mortgages to discuss your requirements.
Important Information
Your home may be repossessed if you do not keep up repayments on your mortgage.
