Getting a mortgage when you're self-employed isn't as hard as many people think, but it does require the right preparation and the right broker. Here's how to give yourself the best chance of approval.
1. Keep Your Accounts Up to Date
Lenders will want to see your latest tax calculations (SA302s) and corresponding tax year overviews. Make sure your accountant files your returns on time and your accounts are as current as possible.
2. Use a Specialist Broker
A specialist broker knows which lenders are the most generous with self-employed income. Some lenders average two years, others use the latest year, and some will accept salary plus dividends plus retained profits.
3. Maintain a Clean Credit Profile
Register on the electoral roll, keep credit utilisation low, and avoid applying for new credit in the months before your mortgage application.