Self Employed Mortgages

We specialise in Mortgage Advice for Subcontractors paid via the Construction Industry Scheme (CIS)

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Self-Employed Mortgages

Technically, there is no such thing as a “self-employed mortgage”? Instead, you can apply for a regular mortgage but because you are self-employed, you will have more hoops to jump through in order to get approved for a mortgage.

Whilst there are a lot of benefits to being self-employed, it can be frustrating when trying to find the right mortgage. The good news, though, is that with the right help, you can get a mortgage in your self-employed circumstances, even if it is a little trickier to secure.

What You Will Need to Get a Mortgage

Self-employed workers, be it as a sole trader or limited company director, have to be able to prove their income to a mortgage lender. Usually, a lender will request that you show a minimum of two years of accounts or tax returns, and the more years you have to show for yourself, the better.

The paperwork you will need include:

  • Two years’ accounts
  • An accountant – someone to back up your working history
  • A track record of regular work – no large employment gaps
  • A healthy deposit – the more the better
  • A good credit score

Lenders make their lending decisions based on the information that you provide. They will base their decision on your net profit average over the past few years which is why it’s important to have an accountant. The accountant must be either certified or chartered, so make sure that yours is so that you won’t run into any roadblocks.

Before you approach a lender, ensure that your accounts are up to date. Lenders won’t be impressed if the figures aren’t in date, and if you have less than two years of accounts, you may still be in luck.

Some lenders are happy to see less than two years of accounts, especially if you have an excellent track record of work. If you already have a mortgage, your existing lender may be able to help, as they know your payment history, too. Your lender has a history with you and they know your capabilities to meet your repayments.

You will still need a deposit if you want a mortgage as a self-employed individual, and the bigger your deposit the better off you will be.

The Dos and Don’ts of Self-Employed Mortgages

There are plenty of things that you can do to improve your chances of getting a mortgage, and these include:

  • Keeping up to date with your accounts and records
  • Hiring an accountant who is certified to sort your tax returns and accounts
  • Discuss your needs with a specialist self-employed mortgage broker

There are also things that you should avoid doing, including:

  • Minimising your income for tax reasons as it’ll affect your mortgage application.
  • Assume it is impossible to get a mortgage. With the right help, it’s not!

We Say Yes To CIS

Less than 1 year self-employed

5% Deposit

Less than 3 years in the UK

High day-rate with low net profit

paul montgomery
paul montgomery
10:15 12 Nov 19
Can’t give nothing but praises and thank you to David and CIS Mortgage’s from very first conversation to being offered a Mortgage he and his company kept me informed of every process and explained in every detail of application and history required with nothing but first rate professionalism throughout I will use him in future and recommend him to anyone in the same difficult situation I was in, as I was given bad advice before this company which gave me the feeling would never get on property ladder now David has dealt with my case will be moving into my first home in couple months thank you again David and CIS team. If you’re in difficult situation or just need advice please just call CIS Mortgage’s.Paul.read more
Becca larkin
Becca larkin
11:19 18 Oct 19
If you are thinking about using CIS mortgage, 100% do it! I can't explain how happy my partner and I are with the service. After seeing a previous mortgage adviser who told us we couldn't get a mortgage, David, within days got us a mortgage. So pleased with the outcome and it was so refreshing to speak to someone who completely understands CIS through and through. Amazing!!!read more
Ruaridh black
Ruaridh black
13:56 24 Aug 19
Went directly to a bank for a mortgage with my cis statements and they didn't even consider giving us the mortgage. Me and my wife were gutted as it was our dream home and one we could start a family in together. Thanks to David here we managed to get a mortgage and got the house we wanted! We are now expecting our our first child and in our dream home! Wouldn't have been possible to get the house/mortgage without them so very appreciative. Fast and professional and would recommend them to anyone who works under the CIS payment scheme and are self employed.read more
P. Jiten
P. Jiten
09:56 17 Aug 19
For CIS self employed people this is the best company in UK. Got mortgage in principle certificate after submitting required documents and mortgage approved in 10 days after submitting file. Hassle free process throughout and any question or query promptly answered. David and Lisa are amazing people to work with.read more
Michelle Perrin
Michelle Perrin
09:28 17 Aug 19
My husband and myself have been dealing with David since our first property purchase in 2012. David has a vast amount of knowledge, has always put us at ease and answered our questions throughout the process. David is great to deal with, always goes above and beyond and we have already recommended him to several of our friends and family, one of which is nearing completion of their first home. Always fantastic service, highly recommend CIS Mortgage Adviceread more
Veronica Grosu
Veronica Grosu
09:36 12 Aug 19
Fantastic service from start to finish. David made it simple and effective for us. We are very happy with the outcome. I would definitely recommend!read more
Rob
Rob
09:23 18 Jul 19
David has been faultless from the beginning and helped me and my girlfriend out loads and without him we would not be moved into the house we are in now. He understands the difficulties of being a CIS worker with mortgages and gives you the best advice he can and is very quick on the ball at getting stuff sorted. My case I appointed him for was more complex than most I would say due to being self employed and having a limited company but he had no trouble with achieving me a great mortgage deal and borrowing amount with the information I gave him. It has been a pleasure to deal with david through buying this property and I shall definitely be using him on any future purchases or remortgages. Nothing was ever to difficult for him and he was always just at the end of the phone when you needed him even after his working hours he went above and beyond by helping me with help to buy also.read more
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About CIS Mortgage Advice

At CIS Mortgage Advice, we specialise in helping CIS subcontractors find the right mortgage, where they might otherwise be refused by a mainstream lender.  

Contact us today and one of our mortgage advisers can give you an initial Fee Free, no-obligation telephone assessment. 

During this initial call, we will calculate how you may borrow based on your CIS day-rate before tax, instead of using an average of your last two year’s self-employed income which most banks will ask for. 

Subject to providing us with evidence of your income and identification we can even obtain an instant provisional lending agreement.

If you’ve only been a subcontractor, or self-employed, for less than a year, then our mortgage advisers can even help you get a mortgage without having to complete 2 or 3 years of accounts.

Give us just five minutes of your time, and we can advise you how much you may be able to borrow on a mortgage.