Why getting a mortgage can feel tougher when you run your own show
If you’re self-employed, securing a mortgage can feel more challenging because lenders don’t have the comfort of regular payslips, they dig deeper into your business accounts, SA302 tax returns, and even your bank activity to assess affordability. Some lenders still insist on three full years of trading history, while others are open to just 12 months if your projections are strong and supported.
For day-rate contractors, things can get even more complicated, as they often don’t fit neatly into the ’employed’ or ‘self-employed’ categories, which can confuse less experienced advisers or branch staff. Adding to the complexity, the post-pandemic landscape (fluctuating profits, bounce-back loans, and government grants) has made underwriters more cautious, often requiring extra context to understand your financial picture.
Our stance: We regularly place mortgages for clients with just one year of trading, carefully matching each unique profile to a lender that truly understands the realities of self-employment.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
