As a self-employed individual, it can be challenging to secure a mortgage. Unlike traditional employees, you don't have a consistent paycheck or a stable job history. This can make lenders hesitant to approve you for a mortgage. However, being self-employed doesn't mean you can't get a mortgage. With the right approach, you can increase your chances of getting approved for a self-employed mortgage. Here are ten essential tips to help you get started.
Your credit score is one of the most critical factors that lenders consider when deciding whether to approve your mortgage application. A strong credit score tells lenders that you are a reliable borrower who can manage debt responsibly. Make sure you have a good credit score by paying bills on time, keeping credit card balances low, and avoiding new credit inquiries.
Self-employed borrowers need to provide more documentation than traditional employees. To get approved for a self-employed mortgage, you will need to provide tax returns, bank statements, and financial statements. Make sure you have all the necessary documents ready before applying for a mortgage.
Working with a mortgage broker can be helpful if you're self-employed. Brokers have access to a wide range of lenders and can help you find a mortgage that meets your needs. They can also advise you on the documentation you need to provide and how to improve your chances of getting approved.
A larger down payment can help you get approved for a self-employed mortgage. It shows lenders that you are committed to the property and reduces their risk. If you can afford to save for a larger down payment, it can help you get approved for a mortgage.
Your debt-to-income ratio is the percentage of your income that goes towards debt payments. Lenders look at this ratio to determine how much debt you can afford. Keep your debt-to-income ratio low by paying off debt and avoiding new debt.
Lenders will review your business expenses to determine your income. If you have a lot of expenses, it can reduce your income and hurt your chances of getting approved for a mortgage. Try to minimize your business expenses as much as possible to increase your income.
Large deposits in your bank account can raise questions for lenders. They may wonder where the money came from and whether it's a loan. Avoid making large deposits into your account before applying for a mortgage.
As a self-employed borrower, you will need to explain your income to lenders. Be prepared to answer questions about your income and how you earn it. Provide as much detail as possible to help lenders understand your financial situation.
Not all lenders offer mortgages to self-employed borrowers. Look for lenders that specialize in self-employed mortgages. These lenders have experience working with self-employed borrowers and may have more lenient requirements.
Getting approved for a self-employed mortgage can take longer than a traditional mortgage. Be patient and be prepared for the process to take longer. Stay in touch with your lender or broker and provide any additional information they need.
Securing a self-employed mortgage can be challenging, but it's not impossible. Follow these ten tips to increase your chances of getting approved for a self-employed mortgage. Remember to build a strong credit score, prepare your documentation, and work with a mortgage broker. Save for a larger down payment, keep your debt-to-income ratio low, and minimize your business expenses. Avoid large deposits and be prepared to explain your income to lenders. Look for lenders that specialize in self-employed mortgages and be patient throughout the process. By following these tips, you can increase your chances of getting approved for a mortgage and achieve your dream of homeownership.
At Robi Finance Ltd, we understand that getting approved for a self-employed mortgage can be challenging. That's why we offer a range of mortgage solutions tailored to your specific needs as a self-employed borrower. Our team of experienced mortgage advisors can help you navigate the complex mortgage process and find a mortgage that works for you. We pride ourselves on our personalized service, attention to detail, and commitment to helping you achieve your financial goals.
If you're looking for a mortgage as a self-employed borrower, we invite you to get in touch with us at 07956-827018. Our team is here to help you every step of the way and answer any questions you may have about the mortgage process. We look forward to hearing from you and helping you achieve your dream of homeownership.
Robi Finance Ltd
4 Pelham Court, Cambridge CB4 3TD, Tel no: 01223 560 472 – 07956827018, Email: [email protected]
The company is registered under Reg No:14639627 in England and Wales.
Robi Finance Ltd is registered with the Information Commissioner’s Office under registration reference: ZB477056 Copyright © 2021. All Rights Reserved.
Robi Finance Ltd is an Appointed Representative of Connect IFA Limited 441505 which is Authorised and Regulated by the Financial Conduct Authority and is entered on the financial services register (https://register.fca.org.uk/s/) under reference 995310.
The FCA does not regulate some forms of Business Buy to Let Mortgages and Commercial Mortgages to Limited Companies.
Not all services we offer are covered by the Financial Conduct Authority.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The information, advice and/or guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
A fee will be payable for arranging your mortgage with Robi Finance Ltd. The amount of the fee will depend upon your circumstances. Your consultant will confirm the amount before you choose to proceed but we estimate it to be around 0.65% (min £499). The initial consultation is free.
Commission Disclosure: We are a credit broker and not a lender. We have access to an extensive range of lenders. Once we have assessed your needs, we will recommend a lender(s) that provides suitable products to meet your personal circumstances and requirements, though you are not obliged to take our advice or recommendation. Whichever lender we introduce you to, we will typically receive a commission from them after the completion of the transaction. The amount of commission we receive will normally be a fixed percentage of the amount you borrow from the lender. Commission paid to us may vary in amount depending on the lender and product. The lenders we work with pay commissions at different rates. However, the amount of commission that we receive from a lender does not have an effect on the amount that you pay to that lender under your credit agreement.
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