Yes, it is possible to get a mortgage when you are newly self-employed, but it may be more challenging than if you were employed by someone else.

Can i get a mortgage if I’m self employed

Lenders typically consider self-employed individuals to be higher risk, because their income may be less predictable and they may not have the same level of job security as employees.

That being said, there are still options available for self-employed individuals who want to buy a home. Here are a few things to consider when applying for a mortgage as a newly self-employed person:

  • Prove your income: You will need to provide proof of your income in order to get approved for a mortgage. This may include tax returns, financial statements, and other documentation showing the stability and level of your income.
  • Build a strong credit history: A good credit score can help you get approved for a mortgage and may result in more favorable terms. If you are newly self-employed, it is important to establish a strong credit history by paying your bills on time and keeping your debt to available credit amount low.
  • Be prepared for a larger down payment: Lenders may require a larger down payment from self-employed individuals in order to compensate for the perceived risk of lending to someone with an irregular income.
  • Consider alternative mortgage products: There are several mortgage products available that are specifically designed for self-employed individuals. These products may have more flexible underwriting criteria and may be more willing to consider alternative forms of income, such as commissions or bonuses.

Overall, it is possible to get a mortgage when you are newly self-employed, but it may require more effort and preparation.

Working with a mortgage broker can be helpful in navigating the mortgage process and finding a lender that is willing to work with you.

Risk Warning: The Financial Conduct Authority does not regulate some forms of Buy to Lets. Your home/property may be repossessed if you do not keep up repayments on your mortgage.

Speak with one of our experts to discuss your options. We’re here to help!