Self Employed Mortgages

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The process for applying for a mortgage or a remortgage if you are self employed is different to an employed person due to the nature of your source(s) of income. The main difference is that, instead of supplying pay slips to the lender as proof of income, a self employed person will have to either provide copies of audited accounts, usually going back over a two or three year period, or self certify their income to the lender.

One issue that self employed and people with diverse sources of income have to overcome is that most lenders will look at net, rather than gross income. As many self employed people, quite legitimately, reduce their gross income by off-setting certain allowable expenses for tax purposes, you might as a result inadvertently reduce your borrowing ability with some mortgage lenders.

The good news is that there are lenders who recognise and accept these different sources of income and have a range of competitively priced mortgage products available.

At Oakhill, we specialise in providing mortgage and remortgage solutions to the self employed and offer a range of competitively priced fixed and variable rate mortgages specifically designed for the self employed.

What if I can't prove my income?
Even if you can’t prove your income, Oakhill could help.

At Oakhill we don’t think that being self employed or unable to prove your income, should prevent you from finding the mortgage or remortgage you require. We believe in being flexible and understanding. We look at every application individually.

If you are self employed, work on a contract basis or have a variety of income sources you may find it hard to ‘prove’ your income to those lenders who require proof in the form of salary or wage slips.

In this instance you need what is known as a ‘Self Certification Mortgage’ (also commonly referred to as a ‘self cert mortgage’), which means you don’t have to prove your income in the traditional way. You will need to provide a declaration to the lender confirming your income; in this way the lender can assess your ability to meet the mortgage repayments. Your lender may still want to check with your accountant to make sure that you can afford the mortgage repayments.