Best mortgages for the self employed, contractors, freelancers and other people who don't fall within the normal lending criteria of most lenders

The self employed are often penalised for their status, either charged higher rates or rejected entirely as lenders regard them as higher risk than their full time, employed counterparts.

Fortunately, there are still a few specialist mortgage lenders that realise there is a growing number of self-employed people, many of whom make ideal borrowers, who have different needs to those who can rely on a regular income.

See which lenders offer the best self employed mortgage deals

Mortgages available where only 1 year's accounts are required and up to 90% LTV
Most recent year's accounts can be used for income calculations
Inland Revenue SA302 acceptable
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The benefits of using a broker

The main advantage of using a broker is that you could potentially save yourself time and money. A specialist self employed mortgage advisor will know exactly those lenders that will accept you as a self-employed borrower and those that won't.

In addition, a broker is likely to have access to exclusive products not available on the high street as many of the specialist lenders only do business through intermediaries.

All the shopping around will be done for you to ensure you get the best deal possible. The market will be scrutinised thoroughly, from high street lenders to smaller specialist lenders.

Simply complete the online enquiry form for a FREE no obligation quote.

Self cert no longer an option

Following the withdrawal of self certification mortgages from the market, the choice for the self employed borrower has diminished somewhat. The principle of a self certification (or self cert) mortgage was if you worked for yourself, you couldn't rely on a regular salary, payslips or a P60 to prove your income - so you didn't. You declared what you earned and the lender would lend you a sum accordingly, without you having to provide proof of income such as audited accounts.

However, the credit crunch brought an abrupt end to these rather controversial products and they have now been axed altogether. In some quarters they were dubbed "liar loans" as there was widespread evidence to suggest they were being abused by borrowers who were overstating their income in order to secure finance.

Expert advice can be crucial

During the boom years of the housing markets, a decade or so ago, it was much easier for everyone including the self employed and contract workers to get a mortgage. This all changed following the financial meltdown in 2007 which triggered a sea change in approach. Mainstream high street banks became, some might say, blinkered in their approach towards mortgage lending, cherry picking those borrowers they deem the lowest risk or simply the easiest to deal with.

During 2015 things have improved with more and more self-employed people turning to mortgage advisers to place their cases with specialist lenders. This is because the availability of mortgages for the self-employed is increasing thanks to specialist lenders and at the same time, the number of self-employed people in the UK is on the rise. In fact there are now 4.6 million self-employed people in the UK - that's 15% of the working population, the highest proportion for more than forty years. Getting the right advice can be crucial. There are some lenders who accept less than 2 years accounts, so even if you only have one year of accounts there are products and lenders available.

Whether you have good or bad credit history, have a preference for a fixed rate mortgage or perhaps a more flexible offset, let an expert broker analyse your situation, advise you on your options and suggest the self employed lenders who may be willing to help you.