FAQs
Can I get a mortgage if I am self-employed?
Yes, you can get a mortgage as a self-employed person, but you may need to contact a mortgage broker.
Are sole trader mortgages classed as commercial mortgages?
No, Sole Traders do not fall into the category of Commercial Mortgages because their businesses are usually small scale and therefore don’t meet the requirements of being classified as a ‘commercial property. However, most mainstream banks offer loans up to 80% LVR for sole traders.
Do I qualify for a mortgage if my business isn’t making enough money?
The answer depends on what kind of business you run.
What are the documents required for the loan as a limited company owner?
As a limited company, a mortgage lender will ask for your salary and dividends to calculate your income. It is worth noting here that every lender has different lending criteria in accessing your application.
Do mortgage lenders check tax returns?
Yes, many mainstream lenders also check tax returns while making the decision. To get more details on sole trader mortgages, feel free to contact a market broker who can help you to connect you with a suitable mortgage lender.
Is it difficult to get a sole trader mortgage for a self-employed individual?
Yes, but it depends on the lender to lender. The solution is to contact a specialist broker who can help you with a self-employed mortgage deal by connecting you with a suitable mortgage lender.
What proof of income do I need as a sole trader?
Starting from tax returns, SA302, bank statements etc. It is worth noting here that every lender has different lending criteria in accessing your application.
Are sole trader mortgages classed as commercial mortgages?
Most Mainstream Banks offers loans up to 80% LVR for Sole Traders. So yes, they are considered commercial properties.
How much does it cost me to apply for a mortgage as a sole trader?
It all depends on how long have you been running your business and whether or not you have any other assets such as a car/house etc. You should expect to pay around £300 -£500 of mortgage repayments, depending on where you live.
What is a Joint Borrower Sole Proprietor mortgage?
Joint borrowers are those people who want to borrow together so that one party pays off the debt whilst the other gets some sort of benefit like interest rate reduction. This type of arrangement works well for married couples looking to buy a house together. If both parties agree to this, then there is no problem getting a joint mortgage. But if only one partner wants to take out a joint mortgage, then he/she needs to find someone else to co-sign the agreement.
What is a self-certification mortgage?
Self-certification, or self-cert mortgages, help individuals to borrow money to buy a property without having any proof of income.
