Self-Employed Mortgages Without Accounts
How to get a self employed mortgage without accounts and how to secure the best rate
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We explain how getting a self-employed mortgage even without accounts is possible. Read on to find out how it works, what supporting evidence you’ll need and how a broker can help you secure the loan you need.
Can you get a self-employed mortgage without any accounts?
Yes, it’s definitely possible. Although most lenders do prefer you to have three years’ worth of accounts there will be plenty who are open to lending to people who are more newly self-employed and have other ways to show they can afford the loan. It may also be that as a freelancer you don’t employ an accountant, but can offer other evidence of your earnings.
The potential downside to this is that the pool of lenders willing to consider your application whilst in this position will be smaller than for someone who has a number of years trading behind them. As a result, the terms and rates that apply to your mortgage could be less attractive.
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What supporting evidence will lenders ask for?
For a self-employed mortgage without accounts, your lenders will want to see any other evidence you have of your recent, current and potentially future income.
If you don’t have any formal accounts because you’re a sole trader doing your own self-assessment tax returns then you can normally use your SA302 tax calculations as evidence of your earnings over the last few years.
If you don’t have accounts or tax returns because you’ve not been trading long enough, then you may need to think about what else you have that shows your income, trading record to date and suitability for a mortgage.
This could include:
- Invoices and receipts
- Bank statements
- Contracts for current and future work
- A business plan
- Certified financial projections
If you’re self-employed in the same industry as you were previously employed, this could also help your case as it shows a strong track record and knowledge of your new business.
If you have any other regular income that could count towards your affordability calculations, such as income from investments, benefits or rental income, then do include evidence of these too as it may mean you’re able to borrow more.
Mortgage lenders for self-employed applicants
The table below offers a snapshot of some of the best rates and terms available for self-employed mortgages. If you’re just starting out in self-employment the smart move is to first speak with a mortgage broker who has experience arranging mortgages for similar applicants, rather than approaching a lender directly. They will be able to help with the process from start to finish, including identifying the best mortgage lender for your circumstances.
Looking for more rates and deals?
We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market.
Last updated October 2023
The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.
How to get a mortgage without accounts
Because the mortgage application process could be a bit trickier in this situation, the smart first move to make is to speak with a mortgage broker who already has experience successfully arranging mortgages under these circumstances.
Using our free broker-matching service you can speak straight away to the right mortgage broker by simply making an enquiry online. They’ll be able to help with:
- Downloading all your credit reports in advance – a strong credit history will definitely count in your favour
- Finding the right lenders who have a track record assisting people get mortgages with no self-employed accounts
- Gathering documentary evidence – business plans, income projections etc. – that can further support your mortgage application
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Will you need a bigger deposit?
Possibly, but the answer will vary between lenders and some may well ask for a larger deposit (20%-25%). Being self-employed with no accounts equates to a higher risk for a lender and being able to offer a larger deposit helps to mitigate this risk. Having a larger deposit and lower LTV always strengthens a mortgage application, whatever your circumstances, and opens up more options and potentially lower rates.
Your credit record will also play a big part in your mortgage application as this is the other significant risk factor for lenders. If you’re able to show that you have a strong credit history with no previous issues, missed payments or defaults then this will help to boost your chances and balance out the risk from your employment status.
How much could I borrow without accounts?
If you have no accounts to offer a lender to prove your earnings, then the income used to calculate how much you could borrow would likely be based on either:
- Earnings from previous employment
- Projected / future earnings from self-employment
Mortgage lenders will then use this figure for their affordability assessment. To work out how much someone can borrow a lender uses a multiple of their income – typically 4-4.5 times.
To see how this could work out for you, use our calculator below:
Mortgage Affordability Calculator
Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Which lenders will consider your application?
Having no accounts may well limit the number of lenders who will consider your application, but a good broker should be able to find you specialist lenders who will be more flexible in their eligibility criteria.
Generation Home, for instance, will consider applications from people who have been self-employed for less than two years if they can provide evidence of a track record of previous employment at a similar level of income and in a similar line of work. Kensington Mortgages will accept a trading history of 12 months with proof of income in some form and a capped LTV at 85%.
Anything that increases the potential risk to lenders normally equates to higher interest rates, so be prepared to pay a little bit more, at least to start with. After an initial period on a higher rate though you’ll be in a much stronger position, with more equity and a longer self-employment track record, and so you should then be able to remortgage on a better deal.
Bear in mind that the best way to quickly find out if you are eligible for a mortgage is to speak to an expert mortgage advisor – like the ones we work alongside. They have years of experience in helping people with unusual circumstances take out a good mortgage.
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Can you remortgage without accounts?
Yes, potentially. Remortgaging with no accounts works much like getting a new mortgage – your lender will be looking to ensure that you can afford to make the repayments through evidence of your income, and they’ll want to see that you have a good credit record to support that.
Remortgaging when you’re self-employed may be slightly easier than a new mortgage depending on how much equity you already have in your home. If you have a good amount of equity then your LTV will be lower and you’ll have a wider pool of lenders open to you.
Get matched with a mortgage broker experienced in self-employed cases
While getting a self-employed mortgage without accounts can be a little more complex, it’s by no means impossible with the right expert support. Don’t rush in alone and risk having your mortgage declined – let our free broker matching service find you exactly the person you need to help you get the mortgage you want.
Call us now on 0808 189 2301 or make a quick online enquiry and we’ll look at your unique circumstances and match you with the broker who has the right blend of experience and knowledge for you. Our service is no obligation and free of charge, so get in touch today.
Speak to a self-employment expert
Maximise your chance of mortgage approval with a specialist in self-employed mortgages
You will need to have a bank account to get a mortgage. Your lender will want to see your recent bank statements to verify your income and other financial commitments to make sure you can afford your mortgage. They will also need you to have a bank account so that they can collect your monthly repayments.
No. You will need at least some form of income proof to get a mortgage as the mortgage provider would not be lending responsibly if they didn’t ask for evidence of your earnings.
However, some lenders are more flexible than others when it comes to what kind of income proof you need to provide. While many lenders expect self-employed people to produce accounts, others may accept SA302 tax calculations and other forms of income proof.
No, it’s not possible to simply create a figure that you ‘believe’ you’ll earn. A mortgage lender would need something more solid and credible than that. But, if you already have contracts agreed for work over the next 12 months then you could ask a qualified accountant to produce a written financial projection, based on this information.
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