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.
I’m self-employed, how do I get a mortgage with Furness?
When applying for a mortgage you’re considered to be self-employed 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.
When assessing your application we’ll consider your share of the company profit before tax as well as your own salary, or, 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.