We believe being self-employed shouldn’t be an obstacle to home ownership. Whether you’re a sole trader, contractor or self-employed director of a limited company, our flexible approach enables us to consider mortgage applications on an individual basis in a way that some lenders cannot.
How do Furness mortgages differ if I'm self-employed?
With self-employment becoming a popular option for modern workers, we understand that a more modern approach to mortgages is needed. Unlike some lenders, we don’t use the traditional ‘tick box’ approach when calculating affordability. At Furness, real people assess all mortgage applications and make a decision based on your individual circumstances, so we will often consider cases that other lenders won’t.
With mortgages, what counts as ‘self-employed’?
We’ll consider you self-employed when applying for a mortgage if you own more than a 25% share of a limited company, or if you’re a sole trader and submit your own tax returns.
I’m self-employed, how do I get a mortgage with Furness?
As a self-employed mortgage lender, we’ll consider your share of the company profit before tax, as well as your salary. In the case of sole traders, your declared profit on your SA302 and tax overviews. Of course, this does require you to prove your income via a suitably qualified accountant but if you don’t have an accountant we can consider your application if SA302’s and tax overviews can be provided – this is subject to qualifying criteria and your level of income.
To get an idea of which mortgages you could be eligible for, use our online mortgage finder. If you’re unsure where to start or have a specific challenge that you’d like to discuss, please get in touch with us on 0800 834 312 or make an appointment at your nearest branch. You can also apply for a Decision in Principle (DiP) by booking an appointment with our advisors.
If you’re unsure where to start or have a specific challenge that you’d like to discuss, please get in touch with us on 0800 834 312 or make an appointment at your nearest branch.
My partner is self-employed, can we get a mortgage?
Yes, you can still get a joint mortgage if one applicant is self-employed. A joint mortgage just means that everyone named on the mortgage is responsible for the monthly repayments.
Each borrower’s income and outgoings will be taken into account when calculating your affordability. However, the self-employed borrower will still need to provide the extra paperwork required to prove their income.