Open for business
We know that finding a mortgage for self-employed clients isn’t always easy. With a little flexibility and a lot of expertise, our team is here to help you find solutions.
Experts in flexibility
Our underwriters are able to assess every self-employed mortgage manually, because we know every client is different. Sometimes work patterns or income streams don’t fit neatly into the boxes of a mortgage application. That’s why we can:
- Assess individual circumstances, like one-off expenses that impact short-term profits.
- Consider applicants with more than one income. We can take 100% of second incomes.
- Factor in changes to setups, like sole traders becoming limited companies.
If the loan is for more than £500k, you can speak to our underwriters directly. They’ll talk through the details of the case to try and find an answer your customers will love.
Tricky cases made easy
Here’s how we’ve helped self-employed customers before:
Franchise flexibility
An experienced optometrist bought an established franchise of a high-street opticians. With less than a year of ownership, their first-year accounts only reflected a partial year of earnings.
Using supporting information from their previous employment (showing similar levels of income) and the strength of the management information provided, we were happy to approve the mortgage.
A business on the rise
A specialist bakery had rapidly expanded, opening two new branches. The business looked healthy, with profits rising in the most recent year. The previous year, however, reflected their start-up costs, so the usual two-year average wouldn’t work.
We reviewed six months’ management accounts and recent bank statements. It helped us to be comfortable offering a loan of £1.8m for their £2.4m purchase.
Get in touch
Your BDM would love to hear from you. They can help you understand what income you can use from your client’s accounts and talk through the figures that apply to our affordability calculator.
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