Self-employed mortgages and loans.
- Complex and multiple income sources accepted
- Projected income accepted
- Only 12 months’ trading required
For professional intermediary use only.
Did you know?
4.3 million
people in the UK are self-employed as of 2024. That’s up by 1.1 million since 2000.
66%
of specialist lending in 2023 included applicants considered self-employed.
£34.786 billion
Specialist lending to the self-employed is set to grow by 66% between 2023 and 2029.
Statistics are from Together’s residential property market report.
Self-employed cases don't have to be complicated
At Together, we’re a specialist lender who can deal specifically with self-employed mortgages and loans. We think that not getting paid exactly the same amount on the same day of each month shouldn’t stop your clients from achieving their property ambitions.
Whether your client is a sole trader, freelancer, contractor or consultant (and even if they’re a limited company, LLP or SME), our common-sense approach means we'll consider your clients application by looking at the whole picture, not just their credit score or loan-to-income ratio.
How can we help?
Finding the right finance for your self-employed clients can be hard. Even if you know they can easily afford the mortgage or loan, they simply won’t meet some lenders’ restrictive requirements.
That’s where we come in! Using common sense, we’ll look at each case and make a real-world decision that works for your client. So, let’s keep it simple – your client will be considered if they're:
- 18 or over.
- Have been self-employed for at least 12 months.
- Can provide two years of SA302 tax forms, or a full accountant’s certificate.
We’ll even consider their application if they’ve changed status from a sole trader to a limited company (or vice versa), and where a couple applying for finance are both self-employed.
Common questions about self-employed mortgages and loans
Can I get a mortgage or loan if I’m self-employed?
Many self-employed individuals, such as business owners, contractors and freelancers, wonder if they can get a mortgage or loan.
At Together, the answer is…Yes! We’ll look at applications from self-employed borrowers with just 12 months’ trading history, and you’ll get the same rates as someone with a regular salaried income.
Can I apply if I’m self-employed and have bad credit?
Yes. We can review credit profiles without a credit search. We also review applications on a case by case basis, meaning we’ll look at the whole picture and not just the numbers.
What types of income can be used if I’m self-employed?
When it comes to our self-employed income mortgage criteria, we can accept a range of different types of income, but the ones that are relevant to you may depend on your trading style. The most common income types we accept are:
- Sole traders can use net profit (if using accounts) or total income (if using an SA302 Tax Calculation form).
- Partnerships can use your share of net profit (if using accounts) or your share of total income (if using an SA302 Tax Calculation form).
- Limited company directors can use the director's salary, dividends or (sometimes) retained profits.
Can future income or projected earnings be considered?
Yes! We accept projected income after a minimum of 18 months’ trading for any mortgages secured against a residential property that you intend to or already live in. For this, we also require an accountants certificate to declare the projected income for the next period.
When am I considered self employed?
You’re considered self-employed by most banks and lenders if you own more than 20% of the business that is your main source of income. This includes sole traders, including those who subcontract on an individual or multiple basis, partners who are currently in a Partnership or Limited Liabilities Partnership or shareholders in a Limited company owning 20% or more of any shares issued.
What documents will I need for a mortgage or loan if I’m self-employed?
There are a number of documents we may ask for in order to prove your income if you’re self- employed. We may ask for any of the following to assist your application:
- An accountant’s certificate
- SA302 form
- Tax year overview from HMRC
- Business bank statements
If you’re having trouble getting hold of any of the documents required for self-employed mortgages, you can get in touch with our team who will talk you through what to do next.
Get in touchHow long do I need to have been self-employed to get a mortgage?
What’s the minimum trading history for a self-employed mortgage with Together? Just 12 months!
If you’re looking for a personal mortgage or loan, you’ll only need to prove that you’ve been trading for at least a year and we’ll consider your application. However, if you’ve switched between being a sole trader and a limited company, we’ll need you to have 12 months’ trading history as the new business entity.
How much can I borrow if I’m self-employed?
The minimum and maximum amounts that you can borrow differ based on the type of borrowing that you need, as well as the LTV (Loan to Value).
The good news is that you’ll get access to the exact same rates and loan sizes as someone with a salaried income.
To find out how much you could borrow, you can use our personalised borrowing calculator:
Borrowing calculator
Out now: Residential property market report 2024/2025
Is this the road to residential revival?
Read our latest property report to navigate the future of the residential mortgage market.
Steered by insights from our latest research, and industry expert commentary, we discuss if we’re really on the road to a residential revival and what this means for driving home ownership ambitions forward.
