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 who are self-employed and with flexible income patterns and we are here to help you source a lender that is willing to provide a mortgage to you.

If you are also a contractor working under IR35 we can help you secure the funding you need. There is a different set of criteria that mortgages look at in this scenario but there are still plenty of mortgage options available. You can read more about the impact or IR35 on securing a mortgage and have some of your questions answered in our handy IR35 guide.

Evidence of income and affordability

In theory, self-employed or contract workers have access to mostly 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 and better

Our advice to you is also backed by our unique unconditional service and 100% mortgage guarantees which means you can proceed with us in absolute confidence that you will get a guaranteed mortgage and the very best service! Read more about our guarantees.

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. You can call us on 0800 138 5856 or get in touch below.

If you would like to quickly understand how much you could borrow you can also complete our mortgage calculator.

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