Self-Employed? Here’s How to Get a Mortgage in Colchester

Being your own boss has many perks, but when it comes to getting a mortgage, the process can feel daunting. Lenders often see self-employed applicants as higher risk, but with the right preparation and guidance from a mortgage broker in Colchester that are specialists in helping self-employed clients, you can improve your chances of success.

Why Is It Harder for the Self-Employed to Get a Mortgage?

Lenders prefer stable income, and self-employed workers often have fluctuating earnings. This doesn’t mean you can’t get a mortgage – it just means you need to provide more evidence of your income stability.

What Do Lenders Look For?

Proof of Income

Typically, you’ll need at least two years of accounts, tax returns, or SA302s showing your income. Keeping your accounts up-to-date and accurate is key.

Deposit and Credit Score

A larger deposit can offset perceived risk, and a strong credit history demonstrates reliability. Work on both before applying.

Steps to Take Before Applying

• Organise your accounts with a qualified accountant.
• Check your credit report and correct any issues.
• Save for a substantial deposit.

How a Mortgage Broker Can Help

Working with a mortgage help Colchester expert ensures you have access to lenders who specialise in self-employed applicants. They’ll guide you through the paperwork and help present your case effectively.

Get Expert Advice Today

Our team at Fosters Financial is experienced in helping self-employed professionals secure mortgages. Contact us today to get started on your journey to owning a home.

Contact a mortgage advisor in Colchester now

Looking for more mortgage tips? Check out the links below:

• Tips for First-time Buyers in Colchester
• Deposit Needed to Buy a Home in Colchester
• Best Mortgage Deals in Colchester