Mortgage advice for the self-employed

15th June 2018

The growth of what’s been dubbed the ‘gig’ economy has led to more people joining the ranks of the self-employed and becoming small business owners. In the past, it could sometimes be more difficult for people who don’t have set employment and salary patterns to get a mortgage. However, times are changing and more lenders are adjusting their lending criteria to meet the needs of this growing group of workers.


As a first step, you’ll need to make sure you have all your relevant financial documents to hand, and ensure that any information you provide in support of your application is clear and concise and suited to your lender’s requirements.

The good news is that, by and large, mortgage lenders are less likely to be concerned by what you do for a living, or how often you do it. What they will want to see is evidence that you are able to make your monthly repayments in full and on time each month. They will generally ask for accounts for the last two years, and you’ll need to be prepared to answer questions about any fluctuations or discrepancies in your level of income.


Having a good credit score will help. If you’ve had a financial hiccup in the past or don’t have a credit history, you might want to acquire a credit card and make sure you make repayments in full and on time, to demonstrate you can manage your money.

If you have set up your business as a limited company, you may well take a small salary and pay yourself a dividend. You’ll need to make sure that you provide details of both of these, so the combined total can be taken into consideration when assessing whether you can afford your monthly repayments.

The information contained in this article is purely for information purposes only and does not constitute advice.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.