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Self-employed and want a mortgage?

If you’re one of the UK’s nearly five million self-employed people, you may know how tricky it can be to get a mortgage.

‘All borrowers are jumping through more hoops than ever, but the self-employed will have to leap far higher,’ said a spokesperson at analyst, Moneyfacts.

Unlike employees with a steady salary stream, the self-employed can be faced with ups and downs in income – good years and bad years. There can also be problems providing evidence of income, especially if you have only recently started trading and haven’t got accounts going back for two or three years.

You will need to ask your lender or mortgage provider what they will accept as evidence of income, but the good news is that there are increasing numbers of mortgage providers and lenders accepting a SA302 self-assessment tax calculation printed from your HMRC online account, or a tax calculation printed from the tax return software we use, as Agents. Also needed is a tax year overview from your online tax account.

You can find the list of lenders on the gov.uk site here…

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