I’m Recently Self Employed, Can I Get a Mortgage

Recently Self Employed or Irregular Income?

Approximately 15% of workers in the UK are self-employed and 4.4m use online freelance platforms at least once a week in the UK, contributing £20bn to the UK economy.

However, new data suggests that seven in 10 self employed workers have been denied access to loans or mortgages. And a survey of 1,002 of these workers found that 60% have had to apply to three or more different lenders before receiving access to a loan.

I’m recently self employed, can I get a mortgage?
We are often asked whether self employed or irregular earners are eligible to get a mortgage. The short answer is yes.

Our experienced brokers have worked tirelessly over the years to build relationships with a number of specialist lenders that can help. We work with these lenders on your behalf to find a solution that works for your circumstances and goals.

So whether you are on a fixed term contract, recently self employed (with less than 2 years of accounts) have a zero hours contract, or a limited company director taking a basic salary plus dividends, or even wishing to borrow on the retained profits in your company rather than the salary and dividend actually paid, we have access to lenders that can help.

For those contractors whose income is derived from a day rate contract we also have lenders that will base the borrowing on the higher day rate rather than the often lower salary and dividend.

Find out how much you can borrow
Contact our award winning brokers to find out how much you might be able to borrow. Get started now by clicking the Schedule a Call button or call and speak to our senior broker, Danny O’Keeffe today on 0208 364 3444.

Birmingham Midshires set to reduce product transfer rates
We have recently been informed by our contacts at the bank that they expect product transfer rates to fall on the 1st of December 2022. Those currently borrowing through Birmingham Midshires should get in touch with our brokers as soon as possible so that we can look into whether you are eligible to switch to a lower rate product. Call us today on 0208 364 3444.

Cost of living causing concern over future mortgage payments
Pepper Money has revealed that nearly half of homeowners (48%) say they are concerned that the cost-of-living crisis could impact their ability to make mortgage payments in the future. The research, conducted alongside YouGov found that 76% of respondents say a £100 increase in their monthly bills would have a significant impact on their finances.