Getting A Mortgage Despite Being Self Employed Has Never Been Easier


Being a self-employed sole trader has a lot of benefits. Flexible time, being your boss, doing what you love to do, etc. but getting loans easily is not one of them. Oftentimes, banks and money lenders hesitate to give loans and mortgages to self-employed people. Their apprehension is not unwarranted, they are in this business for making a profit.

Offering a mortgage to a self-employed person has a lot of allied risks like non-repayment of the money due to unsteady or no income. Banks are not willing to take these risks. If you are a self-employed person, looking for sole trader mortgages, you might encounter multiple difficulties. It is advised that you reach out to Mortgage Experts Online.

They’re a UK based advisor agency. Their expert team gives you the best advice and that too from the comfort and safety of your home by online video calls.

How to Overcome the Barriers?

As it has been stated, getting a load after being a self-employed person is difficult. But it is not impossible.

Read also: GST and Tax Audit Requirements For Companies In Singapore

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If you follow the following hacks, your chances of procuring the mortgage would increase significantly.

1 – Prove your credibility – If you can show that you are an expert at what you do and your business is reputed in the market, lenders will not hesitate to offer you a mortgage.

2 – Experience – An experienced self-employed person is much more likely to get a mortgage as compared to a greenhorn in the field. It is advisable that you garner the experience of at least 2 years before applying for a mortgage.

3 – Excel in your credit score – The probability of you securing a bank mortgage is directly proportional to your credit score. A high credit score yields higher chances of bank mortgage regardless of the fact that you are a self-employed sole trader.

4 – Provide a large down payment – A large down payment reduces the chances of the borrower walking away. This will foster confidence in the mind of the money lender or the bank and you could easily secure a mortgage despite being a sole trader.


5 – Keep your cash reserves – Having a contingency fund that caters to any emergency needs signify that even if your business was to collapse, you would have sufficient reserves to re-pay the monthly mortgages and recover from insolvency.

6 – Pay your entire consumer debts – If you have no pending debts or you have paid off all the existing debts; it insinuates that you are less likely to fail in your monthly payments. Since your financial burden will be less, you can easily focus on repaying the existing mortgage. Besides, paying off all the credit card bills on time will increase confidence.

7 – Provide the required documentation – Your chances of qualifying for a loan also increase when you are ready to fully document the income proof along with the tax returns, profit and loss statement, balance statement, etc.


The following documents are required for procuring a self-employed loan- 

  1. List of all of your debts.
  2. List of the asset holdings.
  3. Bank statement.
  4. Business proof.
  5. Any additional source of income.


As difficult as it may sound, procuring a mortgage on being a self-employed person is possible if you follow a proper strategy.

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