Mortgages for self-employed or contractors
If you work for yourself either in a self-employed capacity or as an employed contractor your income levels can fluctuate throughout the year which means that it can be more difficult to get a mortgage application approved.
At Key Solutions, we have years of experience of arranging mortgages for those with flexible income patterns and the self-employed and can source lenders that are willing to provide finance and, depending on your circumstances, arrange a mortgage for you.
Evidence of income and affordability
In theory, self-employed or contract workers have access to exactly the same range of mortgage products as other borrowers.
The difference is that it is more difficult to prove you have the income necessary to make the repayments on the loan for which you are applying on a consistent basis. This is why many lenders are unable to look favourably on these types of applicants.
At Key Solutions, however, we have a range of lenders that are willing to provide finance and, depending on your circumstances, we can source a mortgage for you.
Whilst specific lenders requirements will vary, generally, if you are self-employed or working as a contractor whether on a self-employed or employed basis you will need to have:
- A minimum of two years’ accounts (although some lenders will accept only one year’s) For those on zero hours contracts, you will typically need to show evidence of income from payslips and P60 over a two to three year period.
- A track record of regular work within your sector (not necessarily on a contractor basis)
- A considerable deposit.
- A good credit history.
Let us make your life easier
If you’re not sure whether you would be eligible for a mortgage because you are self-employed or have variable levels of income as a contractor, get in touch with the team at Key Solutions for some friendly advice. Simply call us on 0800 138 5856 or fill out a contact form and we will respond to your enquiry within 24 hours.
Need More Help…
It is important to our gang that we provide as much help as possible to our clients; after all, we are the experts. So we want to share our knowledge to ensure you understand, as much as possible, how we are helping you to find the best mortgage solution.
To help increase your knowledge and understanding why not take a look at our latest blog posts, and our handy jargon buster.
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