Self Employed Mortgage Advice in Scunthorpe

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Advice for Self Employed Mortgages in Scunthorpe.

Obtaining a mortgage while being self-employed can present unique challenges since demonstrating a stable income is essential. However, it’s important to understand that securing a mortgage as a self-employed individual is entirely achievable, especially with the guidance of a trusted mortgage broker in Scunthorpe.


While it’s natural to hope for equal treatment for all individuals embarking on their mortgage journey, lenders have a responsibility to ensure that self-employed applicants can comfortably meet the affordability requirements for a mortgage. To assess this, they typically consider several factors, including:

  • Lenders will evaluate your income and salary, seeking evidence of consistency and reliability.
  • Your past years of accounts provide valuable insights into your financial history and stability.
  • Understanding your business’s operational costs and expenses helps lenders assess your financial capacity.
  • Bank statements offer a comprehensive view of your financial transactions, allowing lenders to gauge your financial health.


Our dedicated Mortgage Advisors in Scunthorpe are available seven days a week, ensuring that you can reach out at your convenience. We encourage you to take advantage of our complimentary mortgage appointment today, allowing us to help you in navigating the path to securing a mortgage, even as a self-employed individual.

1000s of Self Employed Mortgage Products

Having our fast and friendly Mortgage Advisors in Scunthorpe by your side can significantly alleviate the challenges of navigating the mortgage landscape. Our dedicated team is here to provide unwavering support throughout the entire mortgage journey, ensuring that you proceed with confidence and minimal stress. We make it a priority to be available to address all your mortgage-related inquiries promptly.


Our Mortgage Advisors in Scunthorpe possess extensive and in-depth knowledge of the lending criteria specific to self-employed individuals. Over the years, they have helped numerous independent self-employed applicants from diverse backgrounds. Each client turns to us to leverage our extensive panel of lenders, allowing us to identify the most suitable mortgage solutions tailored to their unique circumstances.


We have access to a vast array of competitive self-employed mortgage products, offering you a wide selection to choose from. Once we identify the ideal mortgage product for your needs, we can efficiently initiate the mortgage application process if you decide to proceed.


Rest assured, our Mortgage Advisors in Scunthorpe are available seven days a week to ensure that you can reach out at your convenience. We encourage you to take advantage of our complimentary self-employed mortgage consultation today, taking the first step towards securing the right mortgage for you.

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FAQ’s From Self Employed Applicants

How many years on the books do I need?

Typically, self-employment history of at least two years is a common requirement among lenders. The majority of high street lenders prefer to see evidence of this duration when considering mortgage applications. Although some specialised self-employed lenders may assess applications based on a single year of accounts, it’s important to note that most traditional lenders will seek a minimum of two years’ financial records.

How will a Lender assess my income?

High street lenders usually request financial accounts spanning 2 to 3 years. These accounts should provide a detailed breakdown of your income, expenses, and operating costs. This thorough examination helps lenders evaluate your ability to make consistent and timely mortgage repayments. Additionally, some lenders may take into account retained profits within your business as part of their assessment of affordability.

I’m a Director of my own Limited Company, how does the process work for me?

Directors, even within their own businesses, are often considered employees by most lenders. Typically, lenders require that you own less than 25% of the shares in the company to be eligible for assessment. Lenders often incorporate the dividends you’ve drawn into your annual salary when calculating your yearly earnings. The maximum borrowing amount may vary depending on this combined figure. However, some lenders may focus on net profit instead of dividends or salary, which can be advantageous for directors who keep their drawings low.

How much deposit do I need to put down?

Self-employed mortgage applicants usually need to provide a minimum deposit of 5%. However, the exact deposit requirement can vary based on your individual financial circumstances and the lender’s policies.

Can a Self Employed Contractor get a Mortgage?

Contractors often face unique challenges when seeking mortgage options due to the prevalence of short-term contracts. Lenders may consider your “daily rate” as a basis for assessing your income rather than solely relying on net profit figures. Additionally, most high street lenders will inquire about the remaining duration of your current contract to gauge your ability to make mortgage repayments consistently. In some cases, it may be possible to secure a mortgage, even if this is your first contract, depending on your specific circumstances.

Common Self Employed Mortgage Scenarios

Popular Self Employed Scenarios in Scunthorpe

We have had the privilege of helping numerous self-employed individuals in the past, providing them with expert, prompt, and approachable Mortgage Advice in Scunthorpe. Here is a range of common self-employed scenarios that our advisors have encountered over the years while working with applicants like yourself:

  1. You hold a significant role in a company, whether as an owner, director, sole trader, or business partner, and you are seeking specialised self-employed Mortgage Advice in Scunthorpe.
  2. The bank has offered you a borrowing amount that falls short of your requirements, and you wish to explore the possibility of securing a larger loan.
  3. As a self-employed business owner, your income may consist of a combination of salary, dividends, or a directors’ loan.
  4. You typically retain a substantial portion of your net profit within your company instead of drawing a higher salary for yourself.
  5. Despite having a strong credit score, you find that you do not meet the stringent lending criteria imposed by banks for various reasons.
  6. Your net profit shows an irregular pattern.
  7. Your business has been operational for just one year.
  8. Your company is currently experiencing a busy period, and you require the expertise of a Mortgage Advisor in Scunthorpe to navigate your mortgage options.

Directly approaching banks may not always be the most suitable path for self-employed applicants. Many banks rely on automated systems, which can lead to unfavourable outcomes regardless of your longstanding relationship with them or your regular financial transactions. Fortunately, engaging a Mortgage Broker in Scunthorpe, such as Scunthorpemoneyman, offers several advantages. Our advisors meticulously assess your unique circumstances and current financial status to identify the most appropriate lender for you. This tailored approach significantly enhances your prospects of achieving your mortgage objectives.

Self Employed Customers & Bank Mortgage Advice

Most major mortgage lenders on the high street have established their own internal credit scoring policies when it comes to determining mortgage eligibility. These credit scoring policies typically draw from the lender’s extensive experience with previous mortgage applicants throughout their history.


In their assessments, they scrutinise past mortgage repayment records, historical data related to repossessions, and other recurring patterns to identify common factors that are considered higher risk. This approach streamlines the lender’s decision-making process, saving them time and resources. However, it often places many self-employed mortgage applicants at a disadvantage.


Historically, one could argue that lenders encountered a notable number of self-employed mortgage applicants who fell into arrears. However, it’s essential to acknowledge that self-employed individuals have consistently faced challenges when applying for mortgages compared to other customers.


If you’ve conducted your own research, you’re likely aware that high street lenders typically impose stringent lending criteria. Many of these lenders require a minimum of three years’ worth of accounts, with some basing their assessments on a three-year profit average.


While this isn’t a universal rule, as some lenders may only demand one year’s worth of accounts, it is advisable to have more than just a single year’s financial history. This broader financial history enhances your range of mortgage options and strengthens your application.

Self Employed Mortgages – Enquire Online

Booking a free mortgage appointment for Self Employed mortgage advice in Scunthorpe is easy. Just complete our ‘Book Online’ form, and you’re one step closer to your mortgage goals.


When dealing with most high street mortgage lenders, it’s important to understand that they rely on their proprietary credit scoring policies when evaluating mortgage applications from customers. These lending policies and scoring systems are formulated based on the lender’s extensive experience within the industry.


Lenders conduct thorough assessments, examining historical mortgage repayment data, repossession records, and other prevalent trends to identify applicants they consider to be higher lending risks. This approach is efficient for lenders as it saves them both time and resources. However, it can often leave self-employed individuals with limited options to achieve their mortgage objectives.


As previously mentioned, the majority of high street lenders maintain stringent lending criteria. Many of them require a minimum of 2/3 years’ worth of accounts, with some calculating an average over three years to assess your eligibility.


While this isn’t an absolute rule for all lenders, we recommend having a few years of financial history to bolster your chances of securing a mortgage.

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Common mortgage

Your free mortgage consultation in Scunthorpe with a dedicated advisor will last for approximately 30 mins. From that point, we will then recommend a mortgage for you, with no obligation to accept and proceed if you change your mind at any point.

We will carry out a Fact Find to establish your individual circumstances and needs prior to recommending the most suitable mortgage. A credit check is something that will be required for an Agreement in Principle. Once you have given all the relevant documentation and a valuation of the property has been undertaken, a formal mortgage offer can then be issued to you.

To avoid facing disappointment at a later stage, we recommend you obtain an Agreement in Principle before you begin any property viewings in Scunthorpe. At the very latest you should obtain one before you start making offers, as that will assist your bargaining position.

An Agreement in Principle will generally last for anywhere between 30 and 90 days depending on the mortgage lender. If your Agreement in Principle expires, your mortgage advisor in Scunthorpe can refresh this for you.

It may be possible to get a second mortgage on your home if you’re looking to work towards debt consolidation or any home improvements, as well as if you’re wanting to use it for yourself, a family member, a holiday home or a potential Buy to Let.

The minimum deposit when for a property purchase in Scunthorpe with High Street Lenders is 5%, though it can be higher if you have had prior credit problems.

If you have a recent history of credit problems, it’s not impossible for you to get a mortgage, though you may possibly be required to put down a slightly higher deposit than typically expected, perhaps 15% of the property purchase price.

The documents you will need if you are an employee are three payslips to prove income and for self employed, you will need the latest 2 years’. As well as this, you will also need proof of ID, address and 3 months’ bank statements.

A free consultation usually lasts up to 30 mins or so. An agreement in principle can be ready for you within 24 hours. It takes on average three weeks for a formal mortgage offer.

You will be eligible for a mortgage but only once you have submitted at least one year’s accounts. Many Lenders calculate the maximum mortgage by taking your salary plus dividend, however, others are known to go off your net profit.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Scunthorpe.

Step 3

Make an offer on the property in Scunthorpe that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links & Scunthorpemoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
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The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR

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