Self Employed Mortgage Advice in Sheffield

Self Employed Mortgages

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Helping you secure a mortgage as a self employed applicant

As a mortgage broker in Sheffield, we know the struggle that most self employed applicants go through in order to get accepted for a mortgage. Whether it’s a challenge to meet different lender’s criteria, or hard to prove your income, we know that it can often take more than an employed applicant to secure that mortgage offer


In reality, everyone would love to be treated the same going into the mortgage journey, however, lenders need to be certain that you, as a self employed person, can afford a mortgage. They will look at factors such as:


  • Your income/salary
  • Your previous years of accounts’
  • Business operating costs and expenses
  • Bank statements


Speak to our Self Employed Mortgage Advisors in Sheffield

Our mortgage advisors in Sheffield are here to help you secure you a self employed mortgage product that is best suited to your scenario.


We will provide our full support and guidance throughout the whole mortgage process, giving you advice and helping you back up your application by referencing your income and years of accounts’.


As a self employed mortgage broker in Sheffield, we can access 1000s of competitive self employed mortgage products. Once we find the perfect deal for you, if you want to continue with it, we can start preparing your mortgage application.


Our advisors work 7 days a week to make sure that you can get in touch at a time that suits you best. Take advantage of our free self employed mortgage consultation today.


How does it work?Get a quote nowMeet your advisor

We search 1000s of mortgage deals across a large number of lenders, including:

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Popular Self Employed Scenarios

We regularly work with a large variety of different self-employed mortgage customers, all of whom are in need of fast & friendly mortgage advice in Sheffield.


Below we have compiled a small selection of a handful of different scenarios that we have faced throughout our time as a mortgage broker in Sheffield, when speaking to applicants who are self-employed.


  • As a self-employed owner of a business, you are being paid a combination of either salary, dividends or a directors’ loan.
  • Your company is going through a rather hectic business period and you are in need of a trusted mortgage advisor in Sheffield to guide you throughout the mortgage process.
  • You leave the majority of your net profit sitting in your company, rather than paying yourself a salary that is larger.
  • Your business hasn’t been trading for more than one year.
  • Despite having a really great credit score, for some reason you don’t seem to match the banks’ strict lending criteria.
  • You’re a company owner, a director, a sole trader or you are a business partner, in need of self-employed mortgage advice in Sheffield.
  • The bank is limiting the amount you are able to borrow and you need to borrow more than that amount.
  • Your net profit is unsteady.


As a general rule of thumb, banks are not always the best place for self-employed mortgage applicants to go to seeking mortgage advice. These banks have automated systems and unfortunately, regardless of the length of time that you have been banking with them or the amount of money you often pay into your account, if you get declined, there’s not much more you can do with them.


It is at times like this where a mortgage broker in Sheffield can step in and see what they are able to do to help. Our dedicated team are able to match up your needs and current financial position to various lenders mortgage criteria, hopefully allowing your mortgage journey to continue.

Self Employed Customers & Bank Mortgage Advice

Pretty much every high street mortgage lender that comes to mind will use their in-house credit scoring policies when looking to allow customers to take out a mortgage with them. These credit scoring policies tend to be based on the mortgage lenders own experience and history during their tenure within the mortgage industry.


In doing this, they will  take a look at previous mortgage repayment statistics, any information they have on repossession and other common patterns in order to determine what would be considered a high-risk when lending. This saves the lender both time and money, but unfortunately leaves many self-employed applicants 10 steps back when looking to purchase their dream home.


In years gone by, it would likely be safe to estimate that mortgage lenders have had a lot more self employed applicants fall into arrears than anyone who is a regular employee. On the flip side, it is also fair to point out that those employed applicants likely probably didn’t have as hard of a time trying to get a mortgage in the first place as self-employed applicants do.


If you’ve been doing some research, you’ll likely be aware that the vast majority of high street lenders out there have incredibly strict lending criteria, with many wanting to see your profits going up over a minimum of three years accounts, with some taking a three year average.


Whilst these rules don’t apply to all mortgage lenders (with some only requiring one years’), it’s always better to make sure you have a handful of years to go off just in case, as this will likely increase your chance of obtaining a mortgage.

Self Employed Mortgage Advice in Sheffield

Lending criteria can be completely different depending on the lender, regarding self employed mortgages. Our dedicated mortgage advisors in Sheffield will always work hard to ensure that you are appropriately matched up with the most suitable lender for your personal circumstances. We always aim to get this right the very first time!


As mortgage advisors in Sheffield we tailor our service to the customer in question. We will always have our customers best interests at heart.


Throughout our many years within the industry, we have gained a lot of experience with helping lots of limited company owners, sole traders, partners that receive a salary, dividends or a mixture of both. We use our expert knowledge to try and find solutions for those who really need help with their mortgage.


We are able to use our mortgage market expertise to find you the most appropriate mortgage for your personal and financial circumstances.

Having Mortgage Problems?

We regularly speak with customers who for some reason have found approaching their bank directly for a mortgage to be quite challenging. Some of the reasons that we have heard for this include;


  1. Failed banks criteria
  2. Fluctuating net profit
  3. Personal situation
  4. Bank won’t lend enough
  5. Pay structure
  6. Credit score


Definitely refrain from approaching various different lenders by yourself, especially if you’re unfamiliar with their lending criteria. Doing so can have a negative effect on your credit score and possibly even stop you getting a mortgage altogether.

Reviews Stars4.95 Rating185 Reviews

Common mortgage

Your free mortgage consultation with a Mortgage Advisor in Sheffield will last approximately an hour. Once they have evaluated your situation, they will recommend a mortgage for you with no obligation for you to proceed. Based on the deal, you can decide whether or not you want to continue the process with us or not.

As a trusted Mortgage Broker in Sheffield, we carry out a fact find to verify your needs before recommending you with a mortgage deal. After a Mortgage Advisor in Sheffield has evaluated your situation, they will perform a credit check on you, this is required for an agreement in principle. Then after you have provided all of the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued.

We always advise that you obtain an agreement in principle before you start viewing properties in Sheffield, to avoid disappointment. If you want to get yourselves a head start, you should get one prior to making an offer.

Typically, an agreement in principle lasts for between 30 and 90 days, however, this can change depending on your lender in Sheffield. If your agreement in principle expires, you can renew it quite easily.

Yes, you can get a second mortgage. Whether this is for debt consolidation or home improvements, this is possible. It is also possible to take out a second mortgage on a second property but only if it is own use, the use of a family member, a holiday home or a Buy to Let.

To buy a property in Sheffield, you will need to meet a minimum deposit. Typically, with high street lenders, this is usually 5%. This percentage can be higher if you have previous credit problems.

It will be harder but yes you can. You will have to show that you can afford a mortgage by putting down a higher deposit, perhaps 10% or 15% of the purchase price.

Yes, however, you must submit at least one years’ accounts. Most lenders use your salary + dividend to calculate the maximum mortgage, whereas other lenders in Sheffield could base it of your net profit.

If you are an employee, you will need to provide three payslips to prove your income. If you are Self Employed in Sheffield, you will have to prove for the latest 2 years’ accounts. Along with this, you must produce proof of ID, address and 3 months’ bank statements.

Our free mortgage consultation in Sheffield will take about an hour. Once your consultation is completed, we can arrange an agreement in principle for you within 24 hours. A formal offer takes up to three weeks on average.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action to get to know your Self Employed situation a bit better.

Step 2

You can take some time out to browse potential properties in Sheffield.

Step 3

Make an offer on the property in Sheffield that you have your eye on – we’ll finalise your figures and help you get your best deal as a Self Employed applicant.

Step 4

Our Mortgage Advice and recommendations. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links & Sheffieldmoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited registered in England, registered number 6789312 and registered office 10 Consort Court, Hull, HU9 1PU.

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