married couple mortgage self-employed

I’m Self-Employed; can we get a mortgage?

Every week we get a new enquiry from someone worried because their income isn’t as simple as it would be if they were employed. We’re different and our answer is always the same: just because they or their partner is self-employed or they don’t fit the criteria of the big high-street lenders, that doesn’t mean they can’t get a mortgage. It won’t always be easy, but when you find the right lender you can still raise a mortgage on the home of your dreams.

Cohabiting or getting married can be great for a few reasons; tax, cost of living and, not least, sharing your life with your partner.

The issue of securing a mortgage, though, raises some questions and it isn’t always a walk-in-the-park. You’ll start to consider whether you apply for a joint or single mortgage, how you’re going to be funding your deposit, and what you’ll need to demonstrate in affordability for your application… and that’s after you’ve managed to find a perfect property that you can both agree on.

I’m self-employed, my partner is employed…

When you’re self-employed and your partner is employed (or vice versa) it can seem a lot more complex than it really is. Your partner will have a whole different way of proving their income, but that doesn’t mean you can’t get a mortgage. You’ll just need to jump through more hoops to get there.

Having 1 employed applicant alongside a self-employed applicant can boost your chances of getting an offer. If you are a newly self-employed person with less than 2 year’s full trading accounts, you can strengthen your chances of a positive outcome by applying with an employed applicant. Their salary adds an element of guarantee for the lender.

couple love paint house mortgage

Self-Employed or not, getting a joint mortgage is a huge commitment! Make sure it’s with the right person.

A lender will be re-assured that because your partner is employed, there’s more stability in your future income. They can see that you’ll be able to afford the mortgage in the long run, as your partner has a steady income from their job.

Generally as a self-employed individual you’ll need at least 1 years accounts, but the more years you have, the more lenders will be available to you.

We’re both self-employed…

Having 2 self-employed applicants isn’t a major concern for most mortgage lenders, although this does depend on your circumstances. Generally, this won’t cause any more problems than a single self-employed application.

When you’re both self-employed, you’ll both need to prove your income to the lender (try this article for what sort of proof you’ll need to gather), and as long as you can both show income and pass affordability tests, there shouldn’t be any problems.

Lender’s should not refuse your application just because you’re both self-employed.

Does marriage matter?

Marriage has no direct impact on the mortgage application and the chances of success.

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