Being self-employed gives you flexibility and independence, but when it comes to applying for a mortgage, the process can feel more complicated than it is for salaried employees. The good news is that self-employed borrowers can still get a mortgage, as long as they’re well-prepared and understand what lenders are looking for.
Is It Harder to Get a Mortgage If You’re Self-Employed?
It’s not necessarily harder, but it is assessed differently. Lenders want to see consistent, sustainable income over time. Instead of payslips, they rely on tax records and business accounts.
This is where working with a specialist broker can make a real difference. If you’re based in Hove or elsewhere in Sussex, Everest Mortgages supports self-employed buyers across the wider Sussex area, helping them present their income in the strongest possible way.
What Documents Do Self-Employed Applicants Need?
While requirements can vary, most lenders will ask for:
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SA302 Forms or Tax Calculations
These documents confirm your declared income with HMRC. Most lenders ask for two to three years of SA302s.
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Tax Year Overviews
Used alongside SA302s to confirm tax payments are up to date.
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Business Accounts
Limited company directors may need to provide company accounts prepared by a qualified accountant.
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Bank Statements
Personal and business bank statements from the last three to six months show financial stability.
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Proof of Identity and Address
Standard documents such as a passport, driving licence, and recent utility bills are required.
How Do Lenders Assess Self-Employed Income?
Income assessment depends on your business structure:
- Sole traders & partnerships: income based on net profit
- Limited company directors: assessed using salary plus dividends, sometimes including retained profits
Because this can be complex, many borrowers choose brokers like Everest Mortgages, who work with lenders familiar with self-employed cases across Hove and the wider Sussex area.
Tips to Improve Your Mortgage Approval Chances
- Keep your accounts organised and up to date
- Avoid large or unexplained expenses before applying
- Maintain a healthy credit score
- Consider saving a larger deposit if possible
Final Thoughts
Being self-employed doesn’t prevent you from getting a mortgage,it simply means lenders need more detailed evidence of your income. With the right documentation and guidance from an experienced broker, the process can be smooth and stress-free.
If you’re self-employed and planning to buy a property, speaking to a broker early can help you understand your options and move forward with confidence.
