Self-employed applications are not harder in principle. They just need a clearer picture, because your income is not summarised on a monthly payslip.
What is usually requested
Commonly: two to three years of accounts prepared by a qualified accountant, or tax calculations and tax year overviews from HMRC. Alongside those, personal and business bank statements, and identification.
Where a business has a limited company structure, some lenders look at salary and dividends, others will consider profit retained in the company. That difference can matter a great deal, which is why it is worth reviewing before an application goes anywhere.
If your figures have moved
A dip in profit does not end the conversation, but it does need explaining. So does a very sharp rise. Raise it early rather than letting a lender find it.
Criteria vary between lenders and change over time. There is no universal rule, which is precisely why looking at your own numbers first is the sensible order of things.
Your property may be repossessed if you do not keep up repayments on a mortgage or any other debt secured against it.
Want to talk it through?
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