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Freelancer mortgages

Finding the right mortgage deal can be less straightforward for freelance workers, due to having less predictable monthly income. The right advice from an experienced broker familiar with how mortgages work with complex income can make a big difference.

With over 20 year’s relevant experience, our team know exactly where to look to find the best freelancer mortgage deals and rates available.

We specialise in helping self-employed workers put the best possible mortgage deals in place. Our highly skilled specialist brokers have helped many freelance workers save thousands on their mortgage or remortgage deals.

Freelance work is popular with UK workers, with the increased flexibility of when and where you work being very appealing. Between January and March 2022, the number of freelance workers in the UK was around 609,000.*

Mortgage advice for freelancers

There can be great options available for freelancer mortgages, as long as you get reliable advice from a broker with the right background and experience.

With self-employment being a popular choice in the UK, most lenders will have experience in lending to people with the same income factors as you. Lenders will generally have a similar process for assessing freelancers’ income and will ask questions such as:

  • How long have you been a freelance worker for?
  • Do you have multiple income streams?
  • Can you provide proof of income? (e.g. accounts and tax returns)
  • Do you have up to date accounts? Do you have an accountant?

Every lender will have slightly different lending criteria, so it is worth speaking to a broker who will know which lender will be most appropriate for your mortgage. A fully qualified and experienced broker will know exactly which lenders to approach to get your mortgage in place quickly and efficiently.

In this section (mortgages for freelancers):

How do freelancers get a mortgage?

Freelancers may be concerned that their income will cause issues with their mortgage application. Although self-employed income can be less straightforward to assess, this is something lenders come across often and they will have a standard process in place.

Income will be a main element in how lenders assess affordability before approving or declining any mortgage application. As long as you can meet the lending criteria and requirements of the lender, you should be able to get a freelancer mortgage with minimal issues.

Lenders will usually want to see:

  • 2 to 3 years of accounts
  • A reference from your accountant
  • Profit projections for the next year
  • 3 months of bank statements
  • Evidence of other profits/dividends
  • A self assessment tax return (SA302)

If you cannot provide all the above and need further advice, one of our highly trained brokers will be able to help.

We have years of expertise with complex income factors and freelancer mortgages and know the most appropriate next steps to get your mortgage sorted.

Which are the best lenders for freelancer mortgages?

When looking for the right mortgage, it can be hard to know which lender will be best with so many available options. The right advice can be very helpful in ensuring you choose the lender offering the best rates for the mortgage you need.

There are many factors to consider including the type of mortgage you want (repayment vs interest only), interest rate type (fixed or variable rate) and even the type of property you wish to buy.

The best lender for freelancer mortgages will depend mainly on the above factors and individual financial history and circumstances. In some cases, there may be additional elements such as a low credit score or poor credit history that can mean a specialist lender will be the better choice.

We have access to a wide panel of over 50 of the UK’s top lenders, meaning we can help freelance workers of any background find the perfect lender for their needs.

Some of the top lenders for freelance workers include:

  • Accord Mortgages
  • Barclays
  • Halifax
  • HSBC
  • Natwest
  • Newcastle Building Society
  • Santander
  • And more…

With years of expertise in self employed mortgages, our team can help freelancers choose the most appropriate lender for their new mortgage or remortgage deal.

How to find the best freelancer mortgages

There are 3 main ways in which you can apply for a freelancer mortgage or remortgage and each will impact the rates and deals available to you. You can apply for a mortgage by:

  • Speaking to a mortgage broker or advisor: this is a common approach and allows you to compare a variety of deals and rates across multiple lenders. This approach can be helpful due to having access to additional expert advice and support.
  • Applying directly to a Bank or Building Society: applying directly with a bank or building society can also be a good option for some borrowers, particularly if there are no additional elements to consider such as poor credit history. This will limit the choice of deals though as you will only be able to access rates through one lender.
  • Applying online or via a price comparison site: this choice is growing in popularity due to its convenience and lower costs. It can however easily become confusing or time consuming to apply via this method.

With self-employed income, it is worthwhile to consult with an experienced broker before submitting a mortgage application. This can help you avoid wasting time applying to lenders who may not be best suited to this income type.

Getting the right advice can be key to having your mortgage approved with minimal issues and better rates with lower monthly mortgage repayments.

Can freelancers get a mortgage?

Freelancers should be able to find a great mortgage deal, with many options for lenders and mortgages currently on the market.

As freelancers work by hiring out their services to others, monthly income is more unpredictable. Some months may have more income than others, due to having multiple ongoing projects.

This can make it more difficult for lenders to assess your overall income. This means advice from an experienced broker can be key. An expert advisor will know which lenders will be best to approach for freelancer mortgages with competitive rates.

Specialist lenders can be a good choice if struggling to find a mortgage through mainstream banks and building societies. Our team have access to a broad panel of excellent lenders, so we can find the best deals available for any borrower no matter their occupation and income.

Getting a mortgage as a freelancer

Every mortgage application will be different, as all applicants will have different financial histories and requirements. There can be factors such as bad credit history or complex income that could complicate your application without the right advice from an experienced advisor.

Some of the main things that should be considered before applying for a freelancer mortgage include:

  • Your income (can you provide evidence of it?)
  • Your credit score/history
  • The amount of deposit (loan to value)
  • The mortgage type you need (residential, commercial, buy to let, joint mortgages etc)
  • The interest rate you want (fixed or variable rate)
  • The property type (new build, older property, non-standard construction)

All these factors will have an impact on your borrowing and can mean certain lenders may be more appropriate depending on the situation.

Best freelancer mortgages

There are many different types of mortgage available on the market, and some will work better than others for freelancer mortgages.

It can take some research to find the right deal and lender. Our team will be able to help with this. Choosing the right lender will affect the mortgage deals available and the income multiples offered, with the potential to borrow more with some lenders.

Our expert brokers can compare hundreds of available deals, to make sure you put the mortgage in place with the right terms and rates for your needs and monthly budget.

Mortgage broker for freelancers

Mortgages for self employed people are an area we know incredibly well. We have over 20 years expertise in helping freelancers, sole traders, business owners, contract workers and more find the best mortgage rates and deals.

Having access to the right advice can make a significant difference in the ease and speed at which your mortgage application gets approved.

If you need help with your freelancer mortgage, our fully qualified brokers will be able to offer support and expert advice throughout your application.

*according to the Office for National Statistics

Useful resources

Gov.uk – Working for yourself

Freelance UK – What you need to know about freelancing

Gov.uk – Self-employment: detailed information

Citizen’s Advice – Buying a home

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