How To Get a Mortgage (When You’re Self-Employed)

Most people don’t realise how much the financial world has changed until they start looking for a mortgage.

And for those who are considered self-employed (as a freelancer, consultant or even small company director), the changes to the mortgage landscape since the 2008/09 recession and the 2014 Mortgage Market Review (MMR) that followed are considerable.

Gone are the days when chasing the lowest interest rates was the name of the game. And so too are the number of lenders in the UK who are set up to provide mortgages to those categorised as self-employed (non-PAYE).

In fact, there are only about six banks now that specialise in the self-employed mortgage market and who you can approach directly (i.e. without a broker). 

Unfortunately, the majority of people looking for a mortgage are still behaving as if it were the mid-2000s all over again, when credit was easy and lending criteria was, in a word, lax. It’s a disappointment waiting to happen.

Eventually self-employed mortgage seekers come to realise that the new normal requires a new approach, and that’s what we’ve done here at HNW; created a process that you can use to approach those UK banks who lend to self-employed people, and understand what specific criteria each is looking for.

Our short free guide entitled, How To Get A Mortgage (Even When You’re Self-Employed) provides you an easy to follow formula and step-by-step process to help you get the mortgage you’re looking for.

All you need to do is register here and we’ll send you the online guide immediately. And we’ll also keep in touch with regular updates, tips and guidance to help you along the way.

So register now. Your self-employed mortgage awaits.

Ed Emerson, Director, HNW

THE TOP 6 UK BANKS OFFERING MORTGAGES FOR THE SELF-EMPLOYED 

Aldermore Bank 

The under-the-radar lender for mortgage applicants in the self-employed space and/or who run their own business.

Halifax 

The first of the contractor-friendly lenders for self-employed professionals who rolled out mortgages to non-IT contractors a few years ago.

Clydesdale 

Like the Halifax, Clydesdale joined the self-employed mortgages market a few years ago.

Kensington 

This might be the best stop for many self-employed professionals looking for a mortgage, particularly if the above options thus far seem less than accommodating.

Virgin Money 

If you’re a contractor operating through an umbrella company this may be the mortgage lender for you.

Saffron Building Society

While some lenders in this space prefer IT contractors, Saffron takes a more inclusive approach and welcomes contractors from all niches and pay grades.

 UK Self-Employed Mortgage

LATEST ARTICLES

Self-Employed Mortgage News – Saffron & Virgin Money

As we approach the launch of HNW Magazine’s forthcoming report on how to get a mortgage when you’re self-employed, a freelancer, contractor or start-up business owner, we look at news and updates on the best banks for self-employed mortgages in the UK. Read more here…

The Top 6 Best Self-Employed Mortgage Deals in the UK

HNW Magazine has uncovered the top 6 best self-employed mortgage providers in the UK; the banks who understand how you record your earnings and work with millions of contractors, freelancers, start-up business people and the self-employed. Read more here…

So You’re Self-Employed and Looking for a Mortgage…

Now just for fun, go to HNW’s mortgage calculator here and plug in what it will cost to borrow £250,000 at 15% interest (as it was back in the early 1990s). Then try calculating £250,000 at just 1% interest. The difference is astounding! Read more here…

Mortgages for the Self-Employed – Why the Bank of England Won’t Raise Interest Rates…..Yet 

Attempting to predict the next interest rate rise has become something of a sport amongst market analysts, yet something to be ever mindful of for self-employed mortgage seekers; despite these so-called experts’ horrific record of crystal ball future-gazing. Read more here…

Mortgages for the Self-Employed – The 10-Year Fixed Rate Bonanza

Here in the UK, self-employed mortgage seekers have seen lenders introducing new mortgage products with historically low interest rates, with particular focus on decreasing the 10-year fixed rate. Read more here…

Mortgages for the Self-Employed – More Bang for your Brexit

What this means for borrowers is that fixed rate options, while already ridiculously low by comparison to any in living memory, may prove even cheaper in future to access. Read more here…

Mortgages for the Self-Employed – The Interest Rate Change & the Lenders Who Matter

Don’t sully your credit report with rejections because you were only focused on the rate, and not the lenders who can actually work with you.  Read more here…

The UK’s Best Banks Offering Mortgages for the Self-Employed 

Aldermore Bank is probably one of the most under-the-radar lenders in the UK for self-employed mortgage applicants and/or those who run their own business. Read more here… 

Mortgages for the Self-Employed – The Credit Agency Most Lenders Use

There’s only one multi-agency credit company that shows you the credit details held about you from all three of the main agencies, and it only costs about £7 per month to subscribe – that’s half as a much as it costs to sign-up to even one of the “Big Three.” Read more here…

Mortgages for the Self-Employed – 6 Things To Do Before You Apply!

So what are the most important things you should do before you apply for a self-employed mortgage in the UK in order to give you the greatest chances of success? Read more here…

Mortgages for the Self-Employed – 4 Buying Signals

This may be the best possible time to get locked into a long-term low interest rate mortgage, and there are four good reasons to think so. Read more here..

Mortgages for the Self-Employed – The (New) Rules of the Game

In the UK mortgage arena there are some things you need to know right from the start to keep you grounded, informed and help you get a mortgage when you’re self-employed. Read more here…

Mortgages for the Self-Employed – Bank on Knowing

Did you know the main reason that start-up companies fail is the same as why people fail at trying to get a mortgage when they’re self-employed? Read more here

Mortgages for the Self-Employed – The Banks Who Lend

We only found five or six lenders in the UK that truly understand and accommodate mortgage applications from the self-employed community. Read more here…

Mortgages for the Self-Employed – the 2009 Game-Changer

Since March 2009 – when the economic recession found its nadir and the financial markets started to rise again – we’ve been in the lowest interest rate environment in British history. Read more here…

Mortgages for the Self-Employed – My Greatest Mistake

I was, by definition, acting like an insane person – someone who repeats the same process over and over and always expects a different result. Read more here

Mortgages for the Self-Employed – The Credit Check ‘Game of Loans’

Most people completely overlook the importance of the first rule of trying to get a mortgage – checking with the credit reference agencies before they apply. Read more here…

Mortgages for the Self-Employed – The Best Buy in 300 Years

The UK is currently operating in the lowest interest rate environment in more than 300 years. And the chance to borrow this cheaply won’t last forever. Read more here…

Mortgages for the Self-Employed – Know First or “No” Later

Since the Mortgage Market Review (MMR) in 2014, the mortgage application process is more onerus, inconvenient and awkward than a proctology examination. Read more here…

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