Self-employed? Get a mortgage with Tembo
If you're struggling to get the mortgage you need with your self employed salary, try Tembo. Our average buyer boosts their budget by £82,000.
Average £82,000 boost to affordability
Voted the UK's Best Mortgage Broker
Available 7-days a week, plus evenings
Why Tembo?
We help buyers, movers and homeowners discover how they could boost their affordability in 3 simple steps. It’s why we’re the UK’s Best Mortgage Broker.
How to get a mortgage when you're self-employed
If you’re self-employed or a sole trader and looking to get a mortgage, in theory you will have access to the same range of mortgages as everybody else. However, in order to qualify for a mortgage you’ll need to pass the lender’s affordability checks, which can be more difficult when you're self employed because you'll need to provide more evidence of your income.
This normally means supplying last two years worth of accounts, or the lender will use your most recent profit figure if it’s lower to assess your affordability. For sole traders, you'll be asked for Self Assessment Tax Calculation (SA302) forms, as well as a tax year overview and your latest three months’ business and personal bank statements.
How to get a self employed mortgage with loved ones' support
Income Boost
Increase the amount you can borrow for a mortgage by adding some or all of a family member or friend's income to your mortgage application. You'll still be the sole owner, they'll only step in if you need help making your repayments.
Deposit Boost
Unlock money from a loved one's home to boost your house fund. With a bigger deposit, you can access lower mortgage interest rates, or even afford a larger property.
Deposit Loan
Borrow a deposit from a loved one with an equity loan. They'll get a share of your property in return for helping you, and you can get access to lower interest rates to even afford a larger property.
Savings as Security
A loved one will put cash savings in a secure savings account equivalent to 10% of the property's value. This means you could get a mortgage with no deposit saved yourself!
Dynamic Income Boost
Add some of all of a family member's income to your application to increase your borrowing power. They can choose to build up equity in the home by contributing to the repayments, while you'll still be sole owner.
How to get a self employed mortgage without family help
Standard Mortgage
A normal repayment mortgage where you will borrow between 4-4.5 times your total income. You'll put down a house deposit, and borrow the remainder from your mortgage lender.
Dynamic Ownership
Buy a home with up to five friends or siblings - together, you can boost your buying budget and buy sooner by pooling your resources together. You'll own individual shares in the property, so each person can own a different percentage.
Private Shared Ownership
Buy a share of a home, then pay rent on the rest to a private provider. Over time, staircase your way up to full ownership by buying more of the property each month or in lump sums.
Government Shared Ownership
Buy a share of a home, then pay rent on the rest to a housing association. Over time, staircase you way up to full ownership by buying more of the property in 10% increments.
The application process
4 simple steps to getting the keys to your new home
Make a Tembo plan
Check your eligibility for a range of buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Talk to an expert
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the budget boosting schemes we advise on.
Find a property
Once you’ve found a property, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
Make home happen
During conveyancing, we’ll liaise with the seller and your solicitors to ensure a smooth purchase. We’ll also provide a free protection review for your insurance needs.
