Your home may be repossessed if you do not keep up repayments on your mortgage.
Today, more and more of us are becoming self-employed.
But getting a mortgage when you're self-employed can be tricky, often because mortgage lenders have to comply with strict rules to ensure you can afford your loan.
At Together, we’re a specialist lender who can deal specifically with self-employed mortgages and loans. We think that just because you don’t get paid exactly the same amount on the same day of each month shouldn’t stop you from achieving your property ambitions.
Whether you’re a sole trader, freelancer, contractor or consultant (and even if you’re a limited company, LLP or SME), our common-sense approach means we'll consider your application by looking at the whole picture, not just your credit score or loan-to-income ratio.
Do you want to understand the potential cost of your mortgage or loan?
We can give you an idea of the monthly costs with just a few details like the property value, your deposit amount and how long you need the loan to last.
Submit enquiryMany 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.
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.
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:
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.
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.
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:
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 touchWhat’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.
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
