Experts in finding the right mortgages for the Self-Employed.
It is often said that getting a mortgage when you are self-employed is a lot harder than if you are employed. That doesn’t have to be the case!
Everyone’s business is different and whether you are a sole trader, in a partnership or a limited company director, there are plenty of mortgages out there.
Adam Wells has been helping the self-employed apply for mortgages since 2009. We’re here to help you.
The first conversation will last for about 15 minutes and we’ll take down your basic information, tell you about how we work and then discuss what is achievable and how much that costs. We’ll tell you what documentation you need to provide and how to get it.
It doesn’t matter If you are a first time buyer or a portfolio landlord, we are here to help.
Whatever questions you have, just get in touch and we’d be delighted to help.
Your home may be repossessed if you do not keep up repayments on your mortgage
Frequently Asked Questions
Below are some of the most frequently asked questions about mortgages for the Self-Employed.
How many years do I need to have been self-employed?
Ideally you will be able to provide 2 years worth of income proof. If you have your first years proof of income, we will be able to help, but there may be less options.
How do I prove my self-employed income?
We will always ask for your last 2 years tax calculations and tax year overviews. If you are a limited company director, we will ask for your last 2 years signed accounts. If you have an accountant we will ask for their contact details.
I’m employed by my own Limited company, why am I being classed as self-employed?
If your shareholding of any business is more than 25%, then you will be classed as self employed and we will need to see your last 2 years tax calculations and tax year overviews, and your last 2 years signed accounts.
I don’t take all of the profits out of the business, can the lenders look at my net profit?
A handful of lenders will use your salary plus net proft/ retained profit/ profit before tax. If you don’t take as much dividends as you could, we can look at your last 2 years signed accounts and find a lender who will be more generous.
How much can I borrow on a self-employed mortgage?
Typically you will be able to borrow 4.5 times your income. In some cases, this can rise to as much as 5.5 times your income if you are classed as a professional, or if the total income is more than £50,000 and you are a first time buyer.
I’ve not done this years accounts yet, will that be a problem?
Your accounts can’t be any more than 18 months old. If your last set of accounts are more than 18 months old, you will need to produce another set of accounts before you can apply for a mortgage.
How do I download my tax calculations and tax year overviews?
Tax calculations used to be called SA302s and they show how much income you have received from employed, self-employed, property etc. the tax year overview shows how much tax you have paid and should match the tax due on the tax calculation.
- Log in to your HMRC online account
- Follow the link ‘tax return options’
- Choose the year from the drop down menu and select the ‘Go’ button
- Select the ‘View return’ button
- Follow the link ‘view calculation’
- Follow the link ‘view and print your calculation’
- Follow the link ‘print your full calculation’
Follow these steps to print a tax year overview
- Follow the link ‘view account’.
- Follow the link ‘tax years’.
- Choose the year from the drop down menu and select the ‘Go’ button.
- Follow the link ‘print your Tax Year Overview’.
Note: You must wait 72 hours after fully submitting your return until you can print your documents.
We will find the right mortgage for you!Contact us now.
Adam Wells Mortgages is a trading name of Adam Wells who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
A fee of up to £495 per mortgage may be charged depending on individual circumstances.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.