Self Employed and Contractors
Self employed directors, sole traders and contractors have different income patterns to those with a regular income and this can affect mortgage eligibility.
At The Mansfield, each application is assessed by one of our expert underwriters on a case by case basis. Detailed below are some of the ways we proactively help self employed people to get a mortgage that meets their needs.
All of our residential mortgage products are available to self employed applicants on properties located across England and Wales.
To see what types of mortgages are currently available, please feel free to compare mortgages from our range. You can also speak to our sales team on 01623 676345 to find out more.
Limited Company Director & Sole Trader Income
When assessing affordability for limited company directors we will use:
100% of the gross dividend, if a shareholder/director of a limited company
100% of Directors remuneration, if a director of a limited company
For a self employed sole trader or partner, we will use 100% of the net profit when assessing affordability.
Typically we will require 2 years trading accounts as proof of income for self employed directors and sole traders on mortgages up to 95% loan to value. We usually require formal trading accounts, however we will consider HMRC agreed tax assessments instead of, or alongside, trading accounts.
Self Employed Contractors
We will lend up to 80% loan to value subject to a minimum income of £35,000 per annum net of expenses for self employed contractors. Evidence of continuous contracts across a minimum 24 month period is required with the remainder of the current contract being greater than or equal to 6 months at the date of the mortgage approval.
Our Residential Mortgage Range
For specific mortgage product information please visit our residential lending pages for
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE