What is a Self-Employed Mortgage?

Being self-employed can make it hard to get a mortgage. Here at Finance Advice Centre, we are whole of market advisors. This means we have access to all lenders to get you the best deal no matter what your situation.

What about the length of accounts?

We have the options available to gain a mortgage for you with less than 1 year’s accounts. This is possible if you are in a profession such as a doctor, solicitor, dentist, architect, or vet to name a few.

What counts as being self-employed?

You will be viewed as self-employed by lenders if you own more than 20-25% of a business from which you earn your main income. For example, you could be a sole trader, a contractor, or a company director.

How do you get a self-employed mortgage?

In theory when you are self-employed and looking for a mortgage you will have the same options as anyone else and you will need to pass the lender’s affordability tests like every other borrower. However, without an employer to vouch for your wage self-employed people need to provide much more evidence of their income than other borrowers.

What do you need to provide for a self-employed mortgage?

As proof of your income when you apply for a mortgage typically you will need to provide: Two or more years certified accounts (as previously mentioned we work with lenders who will accept your application with less than this but in general this is the standard) SA302 forms or a tax year overview from HMRC for the past two or three years

What are self-certification mortgages, and can you still get one?

Self-certification or self-cert mortgages were designed specifically for self-employed people and allowed them to self-certify how much they earnt within any given year and no need to provide any evidence.

Do self-employed workers pay higher mortgage rates?

Self-employed mortgages aren’t necessarily more expensive, as long as you can provide enough suitable information about your income you can qualify for the same mortgage deal as someone with a similar salary in a permanent, full-time job. The mortgage rate you receive is more likely to depend on how much deposit you have saved to put down and your credit rating.

How can you boost your chances of getting a self-employed mortgage?

As with any mortgage applications there are steps you can take to improve your chances of being accepted. These include: Save as much as you can for a deposit Check your credit rating and do what you can improve if it’s too low Correct any mistakes on your credit report

How can you find the best self-employed mortgage deals?

The best way to find a competitive mortgage is by shopping around as much as possible and comparing deals from different lenders. Remember when you are comparing deals to factor in the cost of any fees as you could find it is cheaper to go for a mortgage with a higher interest rate but a lower fee.

How does the set-up of your business affect your mortgage chances?

The structure of your business can influence how lenders view your income when you are applying for a mortgage. See how lenders view each of the three main business structures below.

How much can you borrow for a self-employed mortgage?

Each lender has different criteria and policy on how much they will lend to a borrower. In this case it doesn’t really matter whether you are employed or self-employed, as long as you meet the criteria set out by the lender you can typically borrow up to 4.5 times your annual income.

Is it more difficult to get a self-employed mortgage as a contractor?

Applying for a mortgage as a contractor can be quite tricky sometimes. In part this is because lenders will have different criteria on what defines a contractor, which will in turn dictate how much mortgage you can get. Typically, you are either an employed person working on a fixed or short-term contract, or you are self-employed and work through one main company.

Expert Mortgage Advice & Suitable 20-Year Mortgage Deals For You

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Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.

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Find a 10-year mortgage

There are a lot of mortgage deals on the market today that allow you to make regular monthly payments for a fixed number of years over a lengthy time period. You can apply for a 20-year mortgage if you decide that is the most suitable option for you and your financial situation.

The mortgage provider will then look at your finances to decide if you can afford it. For more information and guidance about 20-year mortgage rates or any other type of mortgage get in touch with Finance Advice Centre today. Our specialist advisers will answer any questions you might have and can help find the most suitable deals for you.

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Can you get a 20-year mortgage?

Standard mortgage terms in the UK are typically 25 years, but you can get a mortgage that lasts between 6 months and 40 years. For example, if you took out a 25-year mortgage in 2010 and made all of the repayments, it would be fully paid off by 2035. If you are getting your first mortgage:

A term of less than 20 years is considered to be a short-term mortgage
A term that is 30 years or more would be a long-term mortgage

However, when it comes to fixed interest rates long-term fixed rate deals have been quite rare since the 2008 financial crisis as lenders have become increasingly risk averse. So, in terms of 20-year fixed mortgage rates you may struggle to find a good offer from a lender, but it is still worth researching and seeing what is available to you.

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What mortgage term is most suitable?

When comparing mortgages for the same amount borrowed, but over different time periods, longer term mortgages generally cost less per month because the repayments are spread over an extended term. However, you will pay more overall because you are charged more interest when you have a mortgage over a longer term.

Shorter term mortgages for a same sized mortgage will cost more each month but let you pay the balance off quicker. Therefore, you will own your home outright much quicker and pay less overall because you are charged less interest.
Everyone’s financial circumstances are different and what may be suitable for one person might not suit someone else. So, the most suitable mortgage term is one that gives you affordable monthly repayments but does not have you paying more interest than is necessary. 20-year mortgages will give you slightly higher monthly payments so make sure you can fully afford them before you commit but you will pay less at the end as you won’t pay as much interest as a 30-year mortgage for example.

It’s important to decide how long you want to repay your mortgage as well. For example, if you retire in 20 years and want to be mortgage free by then, you could choose a 20-year term if you can afford it.

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Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.

Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.

Where can you find the most suitable 20-year mortgage deals?

If you decide that a 20-year mortgage is the most suitable option for your financial situation the next thing you should do is compare the deals that are on offer from different lenders. The amount you will pay also depends on current mortgage interest rates and how expensive or cheap they are.

The most suitable 20-year mortgage for you will be the one you can afford over the duration of the mortgage, so you need to consider all costs including any fees and interest payments. There is a lot of competition in the mortgage market, so it is advisable to compare a wide range of lenders and offers before you agree to commit to a mortgage. If you need any further help or guidance about 20-year mortgages get in touch with Finance Advice Centre today. Our expert advisers will be able to provide you with top advice and help you find the most suitable deals to your personal situation.

How should you choose the length of your mortgage?

When applying for your mortgage, the length of the term for your repayments will be one of your key considerations. It is best to speak to an independent mortgage broker or adviser about the right term for you. Your adviser will take into account all your circumstances, not just the mortgage’s immediate affordability, and might suggest alternative ways to reduce your monthly repayments rather than extending your mortgage.

Can you lengthen the term of an existing 20-year mortgage?

Providers will generally allow you to apply to extend your mortgage, but they will run some checks on you before extending it. Keep in mind that some lenders can also have an upper age limit, so if you’re old enough by the end of the 20 years that you may not be earning enough to keep the payments going, you might not be able to extend it. The lender will want to be reasonably sure that you can afford the monthly repayments for the entire length of the loan.

Can you shorten an extended mortgage once you’ve taken it out?

Another option is to take out a longer mortgage at the start and then shorten it later on by remortgaging, for example, you can shorten a 25-year mortgage to a 20-year one. In many ways this can be an attractive option. Your personal circumstances can improve over time; you may start to earn more money, you might inherit some money, and the same could apply to your partner. This could help you afford higher monthly repayments.Therefore, you could initially buy a home by taking out an extended mortgage and then look to shorten the terms of that mortgage as soon as you can, by remortgaging to a shorter term.

As a mortgage is secured against your property, it may be repossessed if you do not keep up the mortgage repayments.

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