Simple Process | Award Winning Mortgage Advice
Self
Employed
Mortgage Advice.
It’s free to speak with a mortgage adviser 7-days a week.
Discover The Easy Way
Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
Same Day Appointments
Let's get started today.
Quick Decisions
Stop waiting weeks to get a decision.
Transparent Advice
Don't be left in the dark anymore.
We Can Search Thousands Of Mortgage Deals
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The Journey To Your New Mortgage !
Initial
Meeting
Let’s grab a coffee (or a Zoom/call). This is where we get to know you, your plans, and your goals. Think of it as a relaxed chat to set you on the right path. You talk, we listen!
Personalised
Package
We’ll craft a mortgage plan tailored to your needs, complete with all the suitable options. We’re like your personal mortgage matchmaker, finding the most suitable deal to make your dream become a reality!
We Do
The Rest
Leave the paperwork, lender chasing, and all the heavy lifting to us. All you need to do is sit back and relax while we make it happen behind the scenes. Our award-winning team is available 7-days a week.
Collect Your
Keys!
Your mortgage offer is in, and it’s time to pop the bubbly! Like all our 5-star customers, you are now one step closer to making your goals a reality.
Why Use Protex Financial For Self-Employed Mortgages?
Here at Protex Financial, we strive to make our only focus on you; this is why we can offer the best range of Mortgage Advice with access to 1000’s of self-employed mortgage products that the market has to offer. Our mortgage brokers are able to search thousands of products to make sure you are getting the most suitable deal you can possibly get.
Our mortgage team here at Protex Financial are regulated by the FCA, the Financial Conduct Authority. This means everything we do is for you; we are obligated to offer you great rates, great deals and great self-employed mortgages.
We Don't Just Say It We Shout About It !
Whether you’re trying to buy your first home or remortgage with changed circumstances, get expert advice from one of the UK’s leading Mortgage Brokers to help you navigate an ever-changing mortgage market.
Simple
Fees
Mortgage Fee
£376.00
Our fee can range from £176 to £576, depending on case requirements.
Whether you’re buying your first home, remortgaging, or growing your property portfolio, we keep it transparent, simple, and straightforward. Plus, our fee is only payable once we get you a mortgage in principle.
- Access to whole of market
- Award-winning advisers
- Access to a wide range of expert solicitors
- Mortgage protection built to last
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of Self-Employed Mortgage, then make an appointment with one of our mortgage brokers today. We aim to make your home buying or family insuring process as simple as possible, keeping you informed every step of the way.
Speak with Simon & Kelly, book your FREE mortgage appointment today.
Self-Employed Mortgage Tips
Before applying for a self-employed mortgage, ensure your financial documents are in order. This includes having up-to-date tax returns, business accounts, and other relevant financial statements. Lenders will scrutinise these documents to assess your financial stability and ability to repay the mortgage.
It’s also beneficial to have a clear understanding of your income patterns, as this will help you present a strong case to lenders. You need at least 1 year’s accounts (books) before you apply.
Self-employed mortgages often require stricter lending criteria, including a larger deposit. Aim to save at least 10-20% of the property value to improve your chances of approval and access better interest rates.
A larger deposit reduces the lender’s risk and demonstrates your financial discipline, making you a more attractive borrower. A 5% deposit for self-employed mortgage applications is accessible, though, so don’t worry too much.
Like any mortgage application, your credit score is crucial in securing self-employed mortgages. Ensure you pay all your bills on time and work on reducing any outstanding debts. Regularly check your credit report for errors and take steps to rectify any issues. A strong credit history shows lenders that you are a responsible borrower, increasing your chances of approval.
Also, it’s important to note any business loans/credit agreements you have in force, especially if you are a sole trader/self-employed or you have guaranteed the loan.
Not all lenders are comfortable dealing with self-employed applicants due to perceived income instability. However, some lenders specialise in self-employed mortgages and are more flexible with their lending criteria. Research and approach these specialist lenders as they are more likely to understand your unique financial situation and offer tailored mortgage solutions.
This is where a mortgage broker will be worth their weight in gold—especially a whole of market one like ourselves.
Lenders will require extensive documentation to assess your eligibility for self-employed mortgages. Prepare at least two years of accounts/tax returns and tax overviews, 3 months of bank statements, and maybe a future business projection if required.
Detailed and organised financial records can demonstrate your income stability and reliability, making it easier for lenders to approve your mortgage application.
Navigating the self-employed mortgage market can be complex. A mortgage broker with experience in self-employed mortgages can provide valuable advice and guidance. They can help you find the best mortgage deals, improve your application, and negotiate terms with lenders and even estate agents!
Brokers, like ourselves, often have access to exclusive deals and can streamline the application process, saving you time and effort.
Maintaining separate accounts for your business and personal finances is crucial when applying for self-employed mortgages. It simplifies the tracking of income and expenses, making it easier for lenders to provide accurate financial documentation. Clear separation of finances also helps better financial management and reduces the risk of errors in your application.
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Self-Employed Mortgages Frequently Asked Questions
Securing a mortgage for a self-employed individual can be more challenging than for an employed applicant due to lenders’ higher perceived risk. However, the good news is that many excellent mortgage products are specifically designed for self-employed individuals.
Here are the most common types of income considered for self-employed mortgages:
- Dividend income
- PAYE income
- CIS income
- Directors’ loan
- Retained profits
- Freelancer/Contractor income
- Employer pension contributions adjustment
- Benefit Income
- Investment Income
- Pension income
- Combination of the above
Absolutely, self-employed individuals can secure a mortgage. However, finding the right lender can be challenging without the expertise of a professional mortgage advisor.
Here are some mortgage situations where we can assist our self-employed clients:
- Purchasing a property
- Remortgage deals and options
- Capital raising
- Landlords and buy-to-let properties
- Addressing bad credit
- Debt consolidation
- Right to buy
- Buying from your landlord
- Shared ownership schemes
- Dealing with complex situations
Yes, getting a mortgage without having formal accounts is possible, but your chances are generally slim. Your eligibility will depend on your income, profession, and deposit size.
Typically, lenders require at least one year of accounts, but there are exceptions based on the factors mentioned above.
If you’re new to self-employment, it’s advisable to consult with an experienced mortgage broker before making any plans. This ensures you understand your options and avoid making an offer on a property without knowing if you can secure a mortgage.
Yes, it is possible to get a self-employed mortgage even with bad credit. Whether you’re looking to purchase a new home or remortgage for debt consolidation, we have mortgage options available.
Self-employed mortgages with bad credit can accommodate:
- County Court Judgements (CCJs)
- Debt Management Plans (DMPs)
- Missed payments
- Low credit scores
- Defaults
- Individual Voluntary Arrangements (IVAs)
- Bankruptcy
- Other credit issues
A good starting point for exploring your bad credit mortgage options is to obtain an up-to-date copy of your credit file. This should detail your bad credit history, including amounts, dates, and whether the issues have been settled.
The most common type of bad credit issue is a CCJ mortgage. For bad credit, lenders will want to know the exact dates the issues occurred, the amounts involved, and whether they have been resolved. Meeting the stringent criteria of the new mortgage company is crucial.
Once your mortgage broker has all the facts, they can recommend the best lender for you based on your circumstances.
Great question! With an attitude like this, your on the right track.
There is no limit to the number of buy to let mortgages you can have; some clients own hundreds of properties, while others have just a few.
Whether you purchase properties in your sole name, joint names, or through a limited company, you can have as many buy to let mortgages as you want, as long as you meet your lender’s criteria.
The number of buy to let mortgages you choose to have will depend on your risk tolerance and future plans. Common reasons for investing in buy to let properties include:
- Pension planning or supplementing retirement income.
- Replacing your main job income with rental income.
- Benefiting from future capital growth and property price increases.
- Building an asset to pass on to future generations.
Typically, a business plan isn’t requested, but your new mortgage lender might ask for one.
This business plan should include a profit and loss statement and a cash flow forecast prepared by you and your accountant to support your income claims.
Your mortgage broker will inform you if and when a business plan is needed.
Only occasionally, as a self-employed person, if your mortgage application does not fit the lending criteria of a high street lender and we must go to more specialists, can the interest rates be slightly higher.
Usually, we can place most self employed mortgages with regular high street lenders meaning they are paying the same rate as other employed customers.
Interest rates are priced on risk to the lender, therefore, the more books you have showing steady income and the bigger your deposit, the better rate you will qualify for, both on the high street and specialist.
The quick answer is, there is no limit but the amount you can borrow with a self-employed mortgage varies depending on several factors, including income, credit score, and the lender’s criteria. Generally, lenders will assess your borrowing capacity based on:
Income: Lenders typically look at your net profit if you’re a sole trader or your salary and dividends if you’re a company director. They usually require at least two accounts, although some may consider one year’s accounts with additional evidence of future earnings.
Credit Score: A good credit score can increase the amount you can borrow. Lenders use it to assess your creditworthiness.
Deposit: The size of your deposit will impact how much you can borrow. A larger deposit can sometimes result in a larger loan.
Debt-to-Income Ratio: Lenders consider your existing debts about your income. Lowering existing debts can improve your borrowing capacity.
Lender’s Policy: Each lender has different criteria and formulas for calculating how much they will lend. Some may be more flexible with self-employed applicants than others.