Are you a sole-trader, a freelancer or a consultant? Simply Lending Solutions can get you the right mortgage
- Independent, whole of market access to the best self employed & sole trader mortgages
- Specialist help for the self employed, consultants & freelancers
- Personalised stress free service with no upfront fees
- 5% deposit & 1 years accounts deals
- Free advice – take our quiz & see if you qualify
Fully Independent, Access To 1000s Of Mortgages From 1.34% APR – Challenge Us To Get You The Best Deal
|Personalised service for you|
Using our experience of working with self-employed people like you
|Complimentary consultation & initial information|
No fees to talk to us
|No-charge to show you your mortgage options|
We do the work of finding your options; at no charge
|No upfront fees|
Payment only due at the end of the process
|Independent whole of market brokers|
We have relationships with lenders across the market
Fully qualified professionals to give you confidence
Mortgages for the Self-Employed, Freelancers and Sole Traders – We Can Help
Working for yourself can be hard, the last thing you need is to have to search around for a good mortgage deal. Simply Lending Solutions can help.
Our professional mortgage brokers have years of experience helping business owners, freelancers, consultants and other self-employed workers secure the home mortgage loan they’ve earned. Simply Lending Solutions isn’t tied to only one lender. We’re whole of market brokers which gives us access to the widest range of products available.
We understand how busy self-employed workers are, so we take the stress away from you and search for a suitable market on your behalf. Our bespoke service puts you at the centre. We only recommend the most appropriate products for you.
Types of self-employment
More and more people are turning to self-employment. It’s a varied section of the employment market crossing all sectors and income levels, but some of the terms used to describe self-employed people can be vague and confusing. Some of these refer to the way in which a business is set up, while others refer to how a business trades.
Types of self-employment include freelancers, contractors, consultants and franchisees. The term ‘sole trader’ just refers to the way a business is set up and describes any self-employed person who is the sole owner of their business. It is by far the most common way that self-employed people operate.
The other 2 legal forms a business could take are either a partnership or a limited company. The form of your self-employment is important to lenders, particularly when they come to calculate your income. In addition, if you are a company director you may not always be classed as self-employed. For more information about mortgages for company directors take a look at our guide.
If you’re a self-employed tradesperson working as a subcontractor under the Construction Industry Scheme (CIS) you will have 20% of your wages deducted by your employer which can appear to put you on a bit of a middle-ground between employment and self-employment even though you will also complete a tax self-assessment form.
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What problems could you face getting a mortgage if you are self-employed?
When you apply for a mortgage any lender will want to see proof of your income in order to help determine your ability to service the mortgage loan. For most employees this is a generally straightforward process as they can submit payslips for the period required.
For the self-employed your income could be determined via your accounts or your self-assessment tax returns (SA302s). This is one of the many reasons why it is important to keep your business accounts up to date and accurate. It’s worth noting at this point that while an accountant may seek to minimise your tax bill by ensuring you use all legitimate methods to reduce your taxable income, this could cause problems when looking for a mortgage.
As a contractor or freelancer you probably enjoy the flexibility and variety that you have. However, this can mean that your income also varies year on year. If you’ve been working as contractor or working on a freelance basis for some time a lender may average out your income out over several years. If your income varies a lot though they may only look at recent years. An experienced broker will understand how lenders calculate your income and be able to advise which are the most appropriate for your particular circumstances.
Another challenge could be the length of time you have been self-employed. Lenders vary in the length of time they require you to have been trading, and this is where the specialist knowledge of a mortgage broker like those at Simply Lending Solutions can help. Some lenders may also request a projection of future earnings or contracts. Again, an experienced broker will have an insight as to who these lenders are.
CIS subcontractors can face particular issues as many lenders do not calculate income in the same way. As a result CIS contractors can be offered lower mortgage amounts than anticipated by dealing with the wrong broker or lender.
Finally, all the usual criteria apply to self-employed borrowers. You will have a wider range of options available to you if your credit history is good, and the ability to get together a higher deposit will reduce the amount of loan you will need.
Using Simply Lending Solutions for your mortgage application
When you use a company like Simply Lending Solutions who are used to working with the self-employed to find them a mortgage, you get the benefit of their experience of working with multiple lenders.
As whole of market brokers, we’re not stuck with only using one lender. Rather we can search the market to find the most appropriate deal for this. Our CeMAP qualified brokers will talk to you to establish what type of mortgage you’re looking for, as well as finding out more about your self-employed status.
Once we know how long you’ve been self-employed, what records you have, what your credit history looks like etc we’ll be able to select the lenders that we feel are most likely to offer you a suitable mortgage deal. If you’re a contractor whose income fluctuates year on year, we’ll identify lenders who will be most sympathetic to that.
For CIS subcontractors we have access to lenders who are familiar with the Construction Industry Scheme. They may for example consider your application based on a more fair criteria.
Mortgage lenders’ criteria are very fluid, for example a lender may change the number of years accounts they want. As we work in this market every day, we’re always up to date with any changes, letting us give you the best possible service.
Simply Lending Solutions also understands that you want to be left alone to get on with running your business. That’s why once you’ve fully briefed us, we’ll get on with finding you a mortgage
A clear, efficient application process
Simply Lending Solutions starts the mortgage application with you. You have a complementary initial consultation where we explore exactly what you are looking for and compile a picture of your financial situation. This helps us ensure that we consider the lenders who are likely to treat you the most sympathetically.
During our search for suitable products we’ll contact you if we need further information. Otherwise you can just sit back and let us do the work.
Once we’ve come up with some mortgage options, we’ll discuss them with you, covering any fees, required documentation and anything else you’ll need to know in order to make an informed decision about how to proceed.
Simply Lending Solutions also carries out an underwriting exercise on your chosen option. This reduces the risk of rejection of the application by the lender.
The application can then be submitted together with any final documents from you.
Then we just wait for the formal offer from the lender. After which everything is passed to lawyers for exchange of contracts and completion.
For most mortgages you won’t pay us anything until you receive a formal mortgage offer. The only exception to this is for some remortgages, where no fees are payable until after completion. There may even be no fees at all in some circumstances.
A variety of mortgages available
Whatever type of self-employed mortgage your looking for, Simply Lending Solutions can help you. Our brokers work with self-employed people looking for first-time mortgages, buy-to-let mortgages and remortgages, to name but a few.
The types of mortgages we may be able to help you with include:
- Shared ownership mortgages
- Help to Buy mortgages
- Second charge mortgages
- Mortgages for first time buyers
- Home mover mortgages