Your home may be repossessed if you do not keep up repayments on your mortgage.

Chelsea Building Society 2 Year BBR+0.94%
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.44% tracker
until 31 Oct 2016
5.65%5.0% APR
Yorkshire BS 2 Year BBR+0.94%
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.44% tracker
until 31 Oct 2016
4.99%4.5% APR
HSBC 2 Year 1.49% Fixed Special
0800 077 4270
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
60%1.49% fixed
until 30 Nov 2016
3.94%3.7% APR
TSB 2 Year BBR+1.04%
0333 3314495
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
60%1.54% tracker
until 30 Nov 2016
3.99%3.8% APR
Chelsea Building Society 2 Year 1.55% Fixed
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.55% fixed
until 31 Oct 2016
5.65%5.1% APR
TSB 2 Year BBR+1.09%
0333 3314495
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
75%1.59% tracker
until 30 Nov 2016
3.99%3.8% APR
Yorkshire BS Flexi 2 Year 1.60% Fixed
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.6% fixed
until 31 Oct 2016
4.99%4.5% APR
Yorkshire BS 2 Year BBR+1.14% Offset
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.64% tracker
until 31 Oct 2016
4.99%4.5% APR
Virgin 2 Year BBR+1.15%
0845 322 8311
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
70%1.65% tracker
until 01 Jan 2017
4.79%4.4% APR
Interest only mortgages are not available where property value is less than £500k or where combined applicants income is less than £100k. Maximum LTV is 70%.
Virgin 2 Year BBR+1.15% Remortgage
0845 322 8311
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
70%1.65% tracker
until 01 Jan 2017
4.79%4.4% APR
Available for remortgage only. Interest only mortgages are not available where property value is less than £500k or where combined applicants income is less than £100k. Maximum LTV is 70%.
First Direct 2 Year BBR+1.19% Offset Ltd Edition
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.69% tracker
for 24 months
3.69%3.6% APR
Available direct by telephone only.
Post Office 2 Year BBR+1.24%
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
60%1.74% tracker
until 31 Aug 2016
4.49%4.1% APR
Chelsea Building Society Flexi 2 Year 1.75% Fixed Offset
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.75% fixed
until 31 Oct 2016
5.65%5.1% APR
Virgin 2 Year BBR+1.25%
0845 322 8311
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
70%1.75% tracker
until 01 Jan 2017
4.79%4.4% APR
Interest only mortgages are not available where property value is less than £500k or where combined applicants income is less than £100k. Maximum LTV is 70%.
Virgin 2 Year BBR+1.25% Remortgage
0845 322 8311
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
70%1.75% tracker
until 01 Jan 2017
4.79%4.4% APR
Available for remortgage only. Interest only mortgages are not available where property value is less than £500k or where combined applicants income is less than £100k. Maximum LTV is 70%.
TSB 2 Year 1.79% Fixed >£200K
0333 3314495
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
60%1.79% fixed
until 30 Nov 2016
3.99%3.9% APR
Yorkshire BS Flexi 2 Year 1.80% Fixed Offset
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.8% fixed
until 31 Oct 2016
4.99%4.6% APR
TSB 2 Year 1.84% Fixed >£200K
0333 3314495
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
75%1.84% fixed
until 30 Nov 2016
3.99%3.9% APR
Chelsea Building Society 2 Year 1.84% Fixed
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.84% fixed
until 31 Oct 2016
5.65%5.1% APR
Yorkshire BS Flexi 2 Year 1.84% Fixed
Maximum LTVInitial RateSubsequent RateOverall Cost for Comparison
65%1.84% fixed
until 31 Oct 2016
4.99%4.6% APR

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How to Find the Best Self Employed Mortgage Lenders

Making the switch from working for an annoying boss to being self employed can be incredibly liberating but when it comes to getting a mortgage when self employed, things aren't quite so easy.

Lady Green Top Laptop

Lenders don't like risk and the uncertainty which can come with running your own business makes them nervous which in turn can make it tricky to find a good mortgage deal.

We take a look at self employed mortgage requirements and run through what you need to do to get onto the property ladder.

Overcome the problems finding self employed mortgages

There's no denying that finding mortgages for self-employed people is more difficult than if you were in regular employment.

There's lots of reasons for this but they all primarily centre around the risk a lender perceives.

It's much easier for a small business to fail and statistically speaking, a fair proportion do so. Lenders therefore like to see how you have performed over a longer period of time and hope to see stability of income or even steady growth before they will consider lending your money for a mortgage.

Your income is also much more difficult to calculate, making the self employed mortgage criteria much more complicated to assess.

For example, you may have equity you have retained in the business, perhaps you are utilising tax-efficiencies or you might even have marked seasonal variations in your income.

All of these reasons can make a it much more difficult to get approval for a sole trader mortgage and mean you'll need to take a pro active approach to getting a decent deal.

Help yourself land the right self employed mortgage

It may sound like a hopeless case but if you take some precautions and put in the legwork you can make it much easier to get the best mortgage rates.

To start with, organisation and planning are absolutely vital.

Get your SA302 ready in advance; getting HMRC to send a hard copy can take a few weeks.

Make sure your accounts are up to date. To stand any chance of getting a mortgage for self employed people, a lender will want to see accounts that aren't any older than 18 months. Getting your accounts completed by an accountant who is either certified or chartered can improve your credibility too.

Many will require you to have been trading - and profitable - for several years, 3 is often the minimum. This means it's often worth looking at fixing your mortgage rate for several years before you become self employed so that you have the security in place.

Once you are self employed and looking for a mortgage, making your business appear profitable and your income stable will be a priority for. Your accountant should be able to advise on the best way to do this.

Don't make fundamental changes to your business just prior to your application if you can help it. This makes lenders nervous, and when it comes to getting a mortgage self employed individuals need to do everything they can to show they are stable and secure!

It's also a good idea to reduce the amount of profit you leave in your business. Again this takes some planning ahead. However, by paying regular dividends it can make it easier for lenders to see your true income. This can help get approval, especially for those looking for mortgages for self employed first time buyers.

You could find that getting some self employed mortgage advice in advance will help put you in the best possible position for when you are ready to start applying.

Then when you are ready to get started, make sure you compare self employed mortgage deals as the rates on offer can vary quite significantly in the market.

How to get the best self employed mortgage deal

Some lenders are more willing to consider applications from self-employed individuals than others so this is a good place to start. 

Firstly, consider locking in to a fixed term deal; although by having a fixed rate with fixed repayments you won't benefit if the market falls, you will have the advantage of always knowing what your monthly instalment will be so you can budget accordingly (and get income protection insurance if you decide this is right for you).

Secondly, look for a lender that has some flexibility; there's plenty of mortgages around which offer the facility to overpay when times are good or take payment holidays for example.

Finally, make sure you compare the total cost of the self employed mortgage deals available and choose the option that is cheapest and works best for your circumstances.

Being self-employed can make it more difficult to get a mortgage but if you organise your finances and compare what's available, you will be able to find a deal that's right for you.

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