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.

Offset Mortgage

• Our Offset mortgage is ideal for those that have high earnings and have to put cash aside in order to pay tax twice a year. They could benefit from using this money to offset their interest payments on their mortgage.  
• We are able to offer term reduction and payment reduction options on their mortgage, calculated against their savings.

Find out more about our Offset mortgages

Further Information

View our Lending criteria

See how much your client could borrow with our Affordability calculator

Download an Accountant's certificate form