Dedicated mortgage advice for sole traders.

Sole trader mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

You may be a sole trader, but your mortgage is one thing you don't have to do alone. Our team of friendly advisors are here to help you achieve success.

Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.

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Finding The Best Sole Trader Mortgage Deal For Your Circumstances

If you are a sole trader, you may be concerned that the mortgage market isn't open to you. There is a range of products out there specifically tailored to the needs and circumstances of self-employed people.

Whether you've been declined previously, or are fearing the worst, our friendly team can get you back on track. Our specialist self-employed mortgage advisors are here to help you get the finance you need to achieve your home ownership dreams. The right mortgage deal for you and your business is just around the corner.

Can I get a mortgage as a sole trader?

Yes! Being self-employed doesn’t mean you can’t get a mortgage. It might feel like a lot of hard work to find a lender who understands your situation, but a specialist mortgage advisor will be able to guide you to the right one.

Whilst self-employed people might face additional challenges when applying for a mortgage, there is a range of products on the market designed with sole traders in mind. The trick is applying for the right mortgage deal the first time around – something our friendly team of mortgage brokers can help you with.

Can I get a sole trader mortgage with bad credit?

If you have bad credit, you might be scared that no lender will accept you. Don’t worry; plenty of people are in the same boat, and the good news is that mortgage approval isn’t off the table. Many lenders will be prepared to consider applications from those with low credit scores, you just might have to look beyond the high street banks.

Whilst you may face stricter terms and higher interest rates, the right mortgage advisor will be able to find the best deal available to your circumstances. Get in touch with our friendly team today with your credit report ready, and we can talk through your mortgage options.

Get Started with a Sole Trader Mortgage Broker

Maximise your chance of approval with specialist advice from an expert in Sole Trader Mortgage

What are the requirements for a sole trader mortgage?

If you’re a sole trader applying for a mortgage, you will likely be asked to demonstrate that you have been trading for 12 months at a minimum, with more trading history improving your chances of satisfying a mortgage lender. Since self-cert mortgages, which allowed individuals to borrow without having to prove their income, are no longer available, having been banned by the FCA in 2009, lenders will use financial documentation, including bank statements, to determine your affordability and how much they are prepared to lend.

For a sole trader mortgage, you will also have to pass all the usual credit history checks and provide a deposit. Whilst a good credit score and a large deposit are going to go down well, that’s not to say a self-employed person is required to have these things. When the Bank Says No has helped sole traders in a range of different circumstances achieve mortgage success.

Does the nature of my business affect my application with a mortgage lender?

It’s rare for a lender to favour a specific type of business over another. However, global events like the COVID-19 pandemic did see mortgage lenders considering the business type and how that was affected by current government restrictions. The good news is that now this situation has stabilised, the type of business is unlikely to hinder the chances of mortgage success.

Above all, lenders are looking to assess your business accounts, in particular your income. Provided you can verify your affordability by evidencing steady and sustainable cash flow, the likelihood of mortgage approval is high. Satisfying the affordability criteria also means that the self-employed mortgage deals you are likely to be offered are going to be no different to someone applying for a mortgage in regular employment.

Sole trader mortgages FAQs.

If you are seeking a mortgage on a residential property based on your sole trader earnings, this is still considered a residential mortgage and not a commercial mortgage. Commercial mortgages for sole traders are those that are used to buy commercial property or fund business ventures.

Deposits for self-employed mortgages start from 5% but are based on affordability and credit history. If you have adverse credit, for example, you may find lenders require a higher deposit to mitigate some of this risk.

If, however, you have a perfect credit score and are generating a large and sustainable income, there is scope for you to find a specialist lender asking for a lower amount. When the Bank Says No can look into all the mortgage options and best sole trader mortgage rates available to you and help you work things out to secure a good deal.

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Sole Trader Mortgage Calculator

Trusted advisors for self-employed mortgages.

However long you've been in business and whatever your particular circumstances, our team of expert advisors are here to help you achieve your mortgage. We know the mortgage process can seem complex for self-employed people, but we're here to take away the hassle.

When the Bank Says No and our expert brokers have already enabled sole traders across the UK to buy the home of their dreams. If you want to get started on your property-owning journey, our advisors are here to help you get the right result from mortgage lenders.

Supporting self-employed mortgage applicants.

Worried about the mortgage process as a sole trader? You don't have to be. Our friendly advisors are here to guide you through every step, making sure that you have all the advice, information and encouragement you need to achieve mortgage success when you're self-employed and perhaps concerned that mainstream lenders won't even consider you.

We'll take the time to understand your circumstances and what you need from us and plot your route as a sole trader to the right mortgage deal. With us, a self-employed mortgage is simpler than you think.

Let's get the ball rolling.

We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!

Check your credit file.

In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.