Self-Employed First Time Buyer
At JB Mortgages we offer the personal attention required to find a perfect fit at the lowest interest rates available for your circumstances.
- Access to competitive rates and some you can't get direct
- Specialist Mortgage Advisers
- You'll experience an unrivalled customer service
What's On This Page?
Get In Touch
Self-Employed First Time Buyer
James Bull talks us through the mortgage process if you are a First Time Buyer and self-employed.
Can I get a mortgage as someone who is self-employed and a First Time Buyer?
Yes, absolutely you can.
How does getting a mortgage as a self-employed First Time Buyer work? Is it more difficult?
Criteria varies between lenders as to what they accept and how long you need to have been self-employed. The best thing to do is get in touch with us as Mortgage Brokers and we will advise you accordingly.
With good preparation and planning there’s no reason why it should be difficult to get a mortgage as a self-employed First Time Buyer.
How many years do you have to be self-employed to get a mortgage as a First Time Buyer?
The majority of lenders, particularly high street lenders, would be looking for a minimum of two years’ accounts if you’re self-employed. Having said that, we do have lenders that accept one year’s accounts.
How much can I borrow for a mortgage if I’m self-employed and a First Time Buyer?
Lenders have personalised affordability models and these do vary from lender to lender. If somebody wants to know how much they can borrow, they should contact us.
We will do a detailed fact find based on your circumstances and then we’ll work out specifically how much you can borrow.
How is a mortgage calculated for a self-employed First Time Buyer in the UK?
Lenders calculate what you can borrow based on what you can afford personally. They have to be sure that you’re going to be able to afford the mortgage payments, now and in the future.
As Mortgage Brokers, we’ve got access to all the lenders’ affordability criteria and we can easily work out how much clients can borrow with different lenders. We’ll advise you accordingly.
Speak To an Expert
Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
What documents do I need to apply for a self-employed First Time Buyer mortgage? How do I prove my income?
It depends on how you are set up in your self-employment and who’s paying your tax. We often work with day rate contractors and CIS construction workers, and we have lenders that will lend to these types of applicants based on employed mortgage criteria with payslips.
Sole traders and limited company directors need to provide documents like their accounts, SA302s and tax year overviews. These will be provided either by your accountant or HMRC, but as a mortgage broker we will give you a personalised list of documents required for your individual circumstances.
What if I have bad credit as someone who is self-employed and looking at my first mortgage?
There are lenders out there that accept bad credit – but the definition of bad credit does vary massively between them. For anything like that, the best thing to do is contact us, send us a copy of your credit report and we’ll be able to advise you what’s available for you personally.
How do lenders calculate my income as a self-employed First Time Buyer?
Again, this depends on how your business is set up. For day rate contractors, a lot of lenders will work off your day rate and for CIS contractors some lenders will take the gross income from your payslips.
If you’re a sole trader, it’s normally annual net profits and if you’re a limited company director, most lenders take your salary and dividends. But we do also have lenders who take salary and net profit, which can work out better for certain applicants.
Again, the best thing to do if you’re not sure is just contact us – we’ll take details of your circumstances and give you personal recommendations.
How can I improve my chances of getting a mortgage as someone who is self-employed and a First Time Buyer?
Contact us as early as possible in the process, because we can advise you on what you need to do to get the mortgage that you want.
How do I apply for a mortgage as a self-employed First Time Buyer?
The best thing to do is to get in touch as early as possible and we’ll guide you through the process. We can help, because lenders have widely variable criteria. We deal with self-employed clients every day, and we know all the criteria and which provider will be best for your circumstances.
That’s going to give you the best chance of being accepted and the best chance of getting a good deal on the mortgage, too.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS