Our mortgage calculator can help you find out how much you could borrow and what your repayments might look like.
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Your mortgage is secured on your home. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Your guide to being self-employed and seeking a mortgage
Deciding to look for a mortgage while self-employed shouldn’t have to be a difficult experience. At The Cumberland, we’ve applied our kinder banking philosophy to mortgages for the self-employed in an attempt to dispel some of the myths and provide you with the information that you need to help make your search a little easier. The first thing you'll spot is that we don't offer a particular 'self employed mortgage'. As somebody seeking a mortgage you will have options like everybody else. The only difference will be the requirements that self employed customers have when it comes to proving income.
What qualifies as self-employed in the case of a mortgage?
We thought we’d start at the beginning. We accept self-employed Sole Traders, Contractors, and Partnerships. For Limited Companies and Limited Liability Partnerships we will consider you if you have a shareholding of 25% or greater (this includes joint customers and immediate family members).
- Your last two years’ SA302s (HMRC statements which evidence your earnings), or, if you submit your tax return using professional software you can use the last two years’ tax computation in conjunction with the corresponding HMRC tax year overview.
- Your last 2 months business bank statements.
- In some circumstances we will need the last 2 years of certified accounts in addition to the above. If you do not produce certified accounts we may need a copy of your full tax returns.
And, you’ll need to supply the usual documents we ask for from all applicants:
- Proof of identity - We will complete an electronic ID check; however, we would also recommend that you bring two forms of ID. This could be your passport, driving licence, bank statements or utility bills.
- Proof of deposit - (e.g. a Savings Account Statement, gifted deposit form).”
Yes you can apply for a joint mortgage where one partner is employed and the other is self-employed – this would count as a standard mortgage application. The employed party would need to provide the standard documents and the self-employed party would supply the documents listed in the previous question (OK, I qualify as self-employed, but what documents will I need to apply for a mortgage?). In this instance, both parties would be responsible for the repayments.
While we review each application on a case-by-case basis, there are factors that you can influence which may make a difference to your application:
- Save for a larger deposit to bring down the loan-to-value of your application.
- Reduce any existing debt
- Improve your credit score and ensure that it is error free
Our friendly and expert mortgage team dedicate their time to reviewing mortgage applications on an individual basis. They'll look at your specific circumstances in the same way they would with any borrower, firstly looking to make sure you can afford it, then talking through the full range of mortgage products we offer, and these are available irrespective of whether you run your own business or you're a contractor.
Make an appointment to speak with us in person or over the phone. We look forward to hearing you from you.
We offer residential mortgages up to 95% loan to value (LTV) (75% in London & SE England).*
(*Subject to lending criteria at the time)
Next Steps
Want to make moving house as hassle-free as possible? You’re in the right place. From mortgage calculators to eligibility checkers, and online support to help you figure out how much to offer on your first home, we’re here to lend a hand.
Book an appointment
When you call The Cumberland, you'll always get to speak to a real person who can answer your questions.
Having trouble paying your mortgage?
Whether it is residential or commercial, we will always try to help. Our Money Worries Hub contains useful information about how we might be able to help.
Frequently Asked Questions
Buying a home is a big step and there’s a lot to consider.
Finding out how much you can borrow is a great place to start. It allows you to narrow down your search to the properties within your budget, ready for when the house hunt begins. You can find out how much you could borrow by visiting our mortgage calculator.
The quickest way to speak to a mortgage advisor who can potentially help you get on or move up the property ladder, or remortgage, is to Book an Appointment.
A mortgage is a loan, secured on a property, that is repaid with a predetermined set of payments over an agreed period of time.
The amount you could borrow will depend on your income, outgoings, property value, and how much you have available each month to pay back.
When looking to buy a property and take a mortgage out, you’ll need a deposit to put down. The minimum deposit needed can potentially be as low as 5% of the property’s value (dependent on the property you are buying and where you are looking to purchase).
To find out how much you can borrow and how much deposit you are going to need, you can make an appointment with one of our expert mortgage advisors who will be more than happy to guide you through the process.
To evidence self-employed income, we use an average of your last 2 years SA302’s. These show us the income that you paid tax on for the last 2 tax years, which is the income we can use to support the mortgage application.
As well as your last 2 years SA302’s, we also need your last 2 months business bank statements.
In some circumstances, we may need your last 2 years certified year end accounts in addition to the above. If you don’t produce certified accounts, we may need a copy of your full tax returns.
Your mortgage advisor would let you know the documentation they would need to verify your income during the application process.