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Can I get a mortgage if I'm self-employed?

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  • Can I get a mortgage if I'm self-employed?

    This is something that I get asked all the time and the simple answer is yes - but you're going to need the right paperwork.

    Whether you're a sole trader or a Ltd compnay director, you will need 'official' paperwork to prove your income, so make sure that ALL your earnings are going through your accountant and your figures look as healthly as they can be!

    Some lenders need company accounts or a certificate from your (fully qualified) accountant

    Others will take SA302s - which form part of your self-assessment tax return and you can print off yourself from the HMRC gateway

    Some look at your share of net profit, others will let you use salary + dividends, or salary + retained profit - so it pays to get some proper advice, so that your case is presented in the best light.

    Either way you're likely to need 2 or 3 years good figures, showing consisitant or growing income - some lenders will take one years' accounts plus a projection from an accountant - but you're likely to need a bigger deposit, and to pay a higher interest rate.

    Get help from a whole of market mortgage adviser or Financial adviser who has experience in placing these type of mortgages rather than going in to your bank.

    And if you want to buy a house tell your accountant - some 'expenses' and 'allowances' they claim to reduce your tax bill are optional, and can make your income look lower on paper than you need to buy your dream home.
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