Self-employed

We assess self-employed applicants on their individual merits, taking a sensible view on their income and trading history.

Income requirements:

• For Limited Companies, where applicants have more than a 33% financial stake in a business, we may consider their proportion of net profit and salary over the most recent years rather than their dividend income.
• The most recent SA302 or online HMRC Self Assessment Return can be accepted showing:
  - The tax calculation, showing the customer’s self-reported income and the HMRC calculation of the tax due on that income and;
  - The tax year overview, showing the total tax due and how much the customer has paid in tax.
• Alternatively, the latest audited accounts (prepared by a Certified or Chartered Accountant) may be accepted to determine whether the income appears reliable.
• An accountant's reference or other corroborative information may be required.

Contractors

If your client's a contractor, we've improved our criteria by reducing our annual minimum income requirement to £30,000. Our standard LTVs now also apply; up to 80% across our standard mortgage range or up to 95% for a Family Mortgage.
A reminder of our contractor criteria: 

• Minimum income now £30,000
• Maximum loan size £750,000
• No offshore income structures
• 2 years consistent history of contracting (or employment) required
• Contracting does not need to be continuous and fallow periods may be considered, providing above income levels have been sustained
• If contract expires within 3 months then confirmation of renewal will be required before completion (this can be an offer condition)
• We can accept those on a monthly contact who can demonstrate a track record, as long as confirmation of renewal can be shown
• For contractors in the NHS, education and IT, a reference from the employer will be accepted.
  
  

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