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Generally, the longer you\u2019ve been self employed and the more years accounts you have, the larger number of lenders you will have who are willing to assist.<\/p>\nA large myth suggests that because you are self employed, you will find it harder to get a mortgage.<\/p>\n
Maybe that was so a few years ago, but not today.<\/p>\n
Yes, the financial crash took its toll on the self employed and quite rightly killed off the \u2018self certification\u2019 type deals (no proof of income).\u00a0 But today lenders are quite happy to lend to those who are self employed and have a good track record.\u00a0 The majority of lenders require two years accounts and will tend to average your last two years figures.\u00a0 However, there are also some lenders who will look to assist you even if you are in your first year.\u00a0 Some will also consider just last year\u2019s figures, even if you have been self employed for longer.<\/p>\n
Generally, the longer you\u2019ve been self employed and the more years accounts you have, the larger number of lenders you will have who are willing to assist.<\/p>\n
Some lenders do not require to see your full accounts, but will require an accountants certificate to be completed.\u00a0 This differs lender to lender. Some will require a full set of accounts and\/or an accountants certificate! Some will require this and\/or SA302s, tax year overviews and more.\u00a0 All can be requested via HMRC.<\/p>\n
They may also require to review business bank statements to review day to day cashflows and possible projections for future income, including potential contracts, etc.<\/p>\n
This can also change depending on the make up of your self employment, whether a sole trader, partnership, Ltd company director and so on.<\/p>\n
Deposit requirements can range lender to lender, but the bigger deposit you have, the greater the number of deals will be available to you.<\/p>\n
Finally, plan ahead.\u00a0 Six months ahead of your mortgage requirements, make sure you have your house in order.\u00a0 Check your bank statements are in good order, check you have the right accounts and relevant paperwork from your accountant.\u00a0 Don\u2019t have too many credit searches in a short amount of time as this could affect your credit score.\u00a0 Ensure you are on the electoral role and have decent breathing space on card limits and loans.\u00a0 All of this should put you in a good position before the lender even looks at their ability to lend to you!<\/p>\n","protected":false},"excerpt":{"rendered":"
A large myth suggests that because you are self employed, you will find it harder to get a mortgage. Maybe that was so a few years ago, but not today. Yes, the financial crash took its toll on the self employed and quite rightly killed off the \u2018self certification\u2019 type deals (no proof of income).\u00a0 […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"slim_seo":{"title":"Self Employed? Not a problem.. - Impact Specialist Finance","description":"A large myth suggests that because you are self employed, you will find it harder to get a mortgage. Maybe that was so a few years ago, but not today. Yes, the"},"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8432"}],"collection":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=8432"}],"version-history":[{"count":0,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/8432\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=8432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=8432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.impactsf.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=8432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}