Mortgages for the self employed?

[Ronny]

I am self employed and have been told thatit will be impossible for me to get a mortgage because there is no such thing as 'self certification' anymore.　 Is this true?


This is not true at all.　 The fact you are self employed does not mean your only option is 'self certification'


All mortgage lenders will consider your application on the similar grounds as say an employee.　 In order to assess your income they will ask to see your last 2 - 3 years accounts / tax assessments and net profit figures.


You will find if your net profit has been increasing each year they will use the most recent figure.　 If not they will most likely take an average over the last 3 years.

If you don’t have 2 - 3 years accounts / tax assessments it may still be possible to obtain a mortgageas some lenders will have a more flexible approach to assessing self employed applicants than others.


Speak with an independent mortgage broker to fully understand what options may be available to you.

[Miles78]

It is a much harder process when self employed, as you are seen as more of a risk, i can tell you from past experience.

[Sean Hughes]

Most lenders will ask those who are self-employed for 2 years accounts or tax assessments. If you have those you should be fine

[donnaphipps49]

The self-employed were constantly at a disadvantage while applying for a mortgage as well as 100% financing for a new home. The difficulty lies in the documentation of these income and creditors. They are wary of those self-employed, unless they were large names in the business scene. But, I've heard that there is now a plan made for the self-employed...

[propertydiamond]

Seek the advice of a good financial advisor. These consultations are usually free and you can get the name of a reputable one from an estate agent - it's in their best interest to sell you a house.

[daniel tsb]

I will need some information about mortgages in Spain for UK buyers and investors. Thanks

[jannypan]

It is a much harder process when self employed, as you are seen as more of a risk, i can tell you from past experience.

[glen_jai]

I concur with this. Most lenders will require 2 - 3 years of accounts to validate that you're good for it.
It's a real shame, as in comparison they'll only require your last 3 months wage slips if you're "employed".
Something needs to change about this, as it makes it a nightmare for self-employed individuals.

[ComareTheMortgageMarket]

The lender does usually like to have 2-3 years of accounts however there are lenders that will still lend with just 1 year of accounts. I agree with glen_jai with the difference with self employed and employed. If Mr A was self employed and started his company in January and wanted a mortgage in February he would have zero chance of getting it. However, if Mr A employed Mr B in January, Mr B could get a mortgage in February with using a contract as proof of income & proof of employment.

[builder66]

There there is no such thing as self cert, but you will get a mortgae ge if you have proof of earnings.