SELF-EMPLOYED MORTGAGES
Being self-employed does not necessarily prevent you from getting a mortgage, but lenders may assess your income differently from someone who is employed.
The information a lender may require can depend on how your business is structured, how long you have been trading, your income history and the individual lender’s criteria.
MortgageAdvice.co.uk can help you explore how mortgages for self-employed borrowers work and, where appropriate, introduce you to a selected adviser who can provide regulated mortgage advice.
No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage requirements for self-employed borrowers can depend on your trading history, how you earn your income and the way your business is structured.
Start with the question most relevant to your circumstances.
How will my income be calculated?
Explore some of the ways lenders may assess income when you are self-employed.
Explore self-employed income →
Do I need two years of accounts?
Understand why lenders may ask for a trading history and whether requirements can vary between lenders.
Explore account requirements →
I only have one year of accounts
Explore mortgage considerations where you have one completed year of business accounts.
Explore mortgages with one year of accounts →
I’ve been self-employed for less than a year
Understand some of the issues that may arise when your current period of self-employment is relatively recent.
Explore recent self-employment →
How does my business structure affect things?
The information lenders may consider can differ for sole traders, company directors, partners and LLP members.
Explore business structures ↓
What documents might I need?
Learn about some of the financial information lenders may use when assessing a self-employed mortgage application.
Explore SA302s and income evidence →
Yes. Being self-employed does not automatically prevent you from getting a mortgage. As with any mortgage application, a lender will want to understand whether the borrowing is affordable. The difference is that the way income is evidenced and assessed can be more involved when you run a business or work for yourself.
There is no single set of requirements that applies to every self-employed borrower. Different lenders can have different approaches to trading history, accounts, income calculations and business structures.
01
YOUR INCOME
A lender will need to establish the income it is prepared to use when assessing affordability. The figures considered can depend on how you are self-employed and the lender’s criteria.
02
YOUR TRADING HISTORY
How long you have been self-employed can form part of the assessment. Some lenders may want to see a longer trading history than others.
03
YOUR BUSINESS STRUCTURE
Sole traders, limited company directors, partners and LLP members can receive income in different ways, which can affect the information a lender considers.
04
YOUR WIDER CIRCUMSTANCES
The lender may also consider your deposit, credit history, existing commitments, property and other factors relevant to the mortgage application.
THE IMPORTANT POINT
Self-employed borrowers are not necessarily restricted to specialist mortgages. The appropriate lender and mortgage will depend on the individual application, including how income can be evidenced and assessed.
How income is assessed can depend on the way you work and how your income is received.
Lenders can use different calculations and may ask for different evidence, so the figures used for mortgage purposes are not necessarily the same for every applicant or lender.
Sole traders
A lender may consider income shown through the business and tax records of a sole trader. The period assessed and the way the figures are treated can vary between lenders.
Explore sole trader mortgages →
Limited company directors
A company director may receive income in different forms. The figures a lender is prepared to consider can depend on its approach to company directors and the applicant’s circumstances.
Explore limited company director mortgages →
Partners and LLP members
Where someone is a partner or member of an LLP, lenders may consider their share of income or profits using information relevant to the partnership or LLP.
Contractors
Contractors can have different working and payment arrangements. A lender’s approach can depend on the nature of the contract, income evidence and individual circumstances.
Explore contractor mortgages →
THE IMPORTANT POINT
The way you describe your income for everyday purposes is not necessarily the way a mortgage lender will assess it. Different lenders can use different evidence and calculations when considering a self-employed application.
There is no single number of years of accounts required for every self-employed mortgage application. A longer trading history can provide a lender with more information about your income, but requirements vary. Some applicants may have several years of accounts, while others may be applying after a much shorter period of self-employment.
The options available will depend on the individual circumstances and the lender’s criteria.
01
Do I need two years of accounts?
Where a longer trading history is available, a lender may use information from more than one accounting period when assessing income.
Do I need two years of accounts? →
02
One year of accounts
Having only one completed year of accounts does not necessarily mean that a mortgage is unavailable. The options will depend on the application and lender criteria.
Explore mortgages with one year of accounts →
03
Less than one year self-employed
A very recent move into self-employment can make the assessment more dependent on the applicant’s circumstances, available evidence and the lender’s approach.
Explore mortgages with less than one year self-employed →
THE IMPORTANT POINT
The number of years you have been self-employed is only one part of a mortgage assessment. A lender may also consider how your income is evidenced, your previous work history, business circumstances and the wider mortgage application.
A mortgage lender will normally need evidence to understand your income and wider financial circumstances.
The information required can depend on how you are self-employed, how long you have been trading and the lender’s individual criteria.
ACCOUNTS
Business accounts can help a lender understand trading performance and income over the periods available. The number of years requested can vary.
TAX INFORMATION
Tax documents may be used as evidence of income in some self-employed mortgage applications.
BUSINESS INFORMATION
Depending on the business structure and application, a lender may request additional information to help it understand the business and the income being assessed.
PERSONAL FINANCES
As with other mortgage applications, lenders may also request information about your deposit, bank transactions, existing commitments and wider financial circumstances.
THE IMPORTANT POINT
The documents one lender requests are not necessarily the same as those required by another. It can be useful to understand what evidence is likely to be needed before making a mortgage application.
SELF-EMPLOYED MORTGAGE GUIDES
Our guides explain how different aspects of self-employment can affect a mortgage application, from trading history and income evidence to the way your business is structured.
Income, accounts and trading history
HOW IS SELF-EMPLOYED INCOME CALCULATED? →
Learn about some of the ways lenders may assess income when you work for yourself.
DO I NEED TWO YEARS OF ACCOUNTS? →
Explore why trading history can matter and why account requirements can vary between lenders.
MORTGAGE WITH ONE YEAR OF ACCOUNTS →
Explore mortgage considerations where you have one completed year of business accounts.
LESS THAN ONE YEAR SELF-EMPLOYED →
Understand some of the considerations where your current period of self-employment is relatively recent.
HOW MANY YEARS OF ACCOUNTS DO I NEED? →
Learn why the amount of trading history a lender wants to see can vary.
Your business structure
SOLE TRADER MORTGAGES →
Explore mortgage considerations for people who operate as sole traders.
LIMITED COMPANY DIRECTOR MORTGAGES →
Learn about some of the income and mortgage considerations that can apply to company directors.
MORTGAGES FOR PARTNERS →
Explore mortgage considerations where income is received through a partnership.
MORTGAGES FOR LLP MEMBERS →
Learn about some of the considerations for members of limited liability partnerships.
Other self-employed circumstances
MORTGAGE ADVICE
If you are self-employed and would like help understanding your mortgage options, MortgageAdvice.co.uk can review your enquiry and, where appropriate, introduce you to a selected mortgage adviser.
No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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