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A simple Guide to getting a Self Employed Mortgage

One issue that often concerns people thinking about moving from salaried employment to working freelance or operating as a sole trader is how it might affect their ability to be able to get a mortgage.

Mortgages are never easy at the best of times, but they can become a little more tricky when you are working for yourself. That’s why we’ve teamed up with our mortgage partner Contractor Mortgages Made Easy (CMME) to give you some specialist advice aimed at making the process for obtaining a mortgage as painless as possible for freelancers.

You can also contact them directly on easy@contractormortgagesuk.com or 01489 555080 and they will help you find the best and most suitable mortgages available right now, at the best rate.

Here are some tips you can follow to improve you chances of obtaining a mortgage if you are a freelancer, sole trader or contractor:

  1. If you have confirmed bookings or contracts with clients, make sure you have signed copies stating the rates of pay and any agreed start and finish dates. You will also need all the usual paperwork required for mortgage applications, including formal ID such as passport or driving licence, bank statements showing your recent incomings and outgoings and other relevant paperwork such as utility bills.
  2. Should you decide to work with our recommended partner, CMME, they will help you choose a lender using the specialist terms they have negotiated for freelancers with some of the biggest high street lenders. Using a mortgage provider that is used to dealing with freelancers and contractors can help speed up the process.
  3. Using a reputable and specialist broker such as CMME will mean your application will be dealt with more seriously than if you were to go directly to a lender that was less experienced with dealing with self-employed mortgage applications.
  4. Getting hold of an agreement in principle from your chosen mortgage provider will help you before you start house hunting as it will give you a clear idea of how much you will be able to borrow so you’ll know your budget in advance.
  5. If you do have an offer accepted on a property, then CMME can quickly start the ball rolling with everything that needs to be done to make sure the sale goes through promptly and smoothly. This includes instructing a solicitor for you to make sure all the required steps are taken and done on time, such as conducting surveys of the property. They will also sort out contracts and work with the seller’s solicitor to set a date for exchanging contracts and completing the sale.
  6. The final step once a date for exchanging contracts has been set will be for your solicitor to notify CMME who can then make sure the necessary funds are transferred from the mortgage provider in time for everything to go through.

Freelancers and sole traders are still entitled to a mortgage so working with a specialist broker such as CMME will ensure that you have the best chance of getting the mortgage you want, whether you are looking to buy your first home, remortgage or take a step up the property ladder.

For advice on how much you could borrow and what rates are available contact easy@contractormortgagesuk.com, call 01489 555080 or fill out the enquiry form below: 

Contractor Mortgages Made Easy is a trading name of Mortgages Made Easy Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798).Registered in England No. 4886692 Registered Office: 9 London Road, Southampton SO15 2AE.Your home may be repossessed if you do not keep up repayments on your mortgage.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 0500 234111 / 01442 275767 or email heather@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.