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Mortgages for the self employed

We are happy to accept applications for self employed mortgages. All our residential mortgages are open to the self employed subject to at least two years accounts being available (other criteria will apply). We also have self employed mortgages for those with less than two years accounts. This includes a self employed mortgage for professionals, a specialist self employed mortgage and a mortgage specifically designed for contractors.

We have lots of experience in dealing with self employed mortgages. Our mortgage underwriters will review your case personally, taking a balanced view of your personal circumstances, work situation and variable income using their common sense rather than a computer model. We understand that life is not straightforward and even more so when you are self employed and looking for a self employed mortgage! So, we'll keep the process as straightforward as possible, whilst we may need some paperwork from you, we'll be up front about our requirements from the beginning. We try to make applying for a self employed mortgage as painless as possible.

If you are looking for a self employed mortgage then please get in touch and speak with one of our mortgage consutants who can talk you through our range of dedicated self employed mortgages to find the right one for you.

However, if you are just looking for more information at this stage, please visit see our other relevant content:

How to get a self employed mortgage
Self employed mortgages

Please note that our mortgage products are generally only available to direct applicants in England and Wales and via intermediaries based in, Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Please check the individual product details for the availability.

From time to time we may offer exclusive products through our brokers. Please contact us for further details.

Conditions for Self Employed Specialist products
• The applicant's accountant is suitably qualified in accordance with Lending Policy
• The applicant must be in the same line of work as that carried out for the previous three years
• Income is verified to the 12 months accounts in the first instance or via HMRC self assessments (SA302)

Conditions for Self Employed Professional products
• This is aimed at those self employed applicants who are in a professional occupation (i.e. Solicitors, Architects, Accountants, Dentists, Doctors, Surveyors, Pharmacists, Vets, and Optometrists) and are working as part of an established partnership (of at least three years)
• 1 years accounts+ - consider up to 90% LTV
• Less than 1 years accounts and established firm - consider up to 75% LTV

Condition for Contractor products
• Excludes CIS scheme

Mortgage products for self employed applicants

Self Employed 3.09% 2 Year Fixed Rate 90% LTV

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Fees
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Representative Example
  • FIXED RATE of 3.09% until 31 December 2021 then changing to Ipswich Standard Variable Rate (currently 5.74%)
  • 5.4% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.

Self employed - specialist

  • For applicants working in skilled manual roles, eg. electrician, plumber, mechanic or engineer
  • Minimum 1 years' accounts. applicants must be in the same line of work as that carried out for the previous 3 years

Self employed - professional

  • For applicants working in professional roles, e.g teacher, dentist, doctor or accountant
  • Working as part of an established partnership (of at least 3 years)
  • For those with 1 years' accounts we consider up to 90% LTV
  • For less than 1 years' accounts and an established firm we consider up to 75% LTV

Self employed - contractor

  • For contractors with at least 12 months' contract history in the same role
  • Excludes Construction Industry Scheme (CIS) contractors

SPE: 11080, 67115, 67116 PRO: 11082, 67119, 67120 CON: 11081, 67117, 67118

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£800 £199 Purchase: based on property value. Remortgage: FREE (up to a maximum property value of £1m) - £35 £500k

Fee free overpayments up to 50% of original loan

For overpayments over 50%, early repayment charge is 1% of the overpayment

Early repayment charge period ends 2 years from completion date

For remortgage only: fee assisted legals

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £189,000.00 payable over 25 years initially on a fixed rate until 31/12/2021 at 3.09%, and then on our Standard Variable Rate currently at 5.74% for the remainder of the mortgage term would require 27 monthly payments of £905.13 followed by 273 monthly payments of £1,164.79. The total amount payable would be £343,735.18 made up of the loan amount plus interest (£153,426.18), an application fee of £199, a completion fee of £800, a valuation fee of £180, a mortgage funds release fee of £35 and a mortgage exit fee of £95.

The overall cost for comparison is 5.4% APRC representative.

[This representative example is based on assumptions that the loan would start from 17 September 2019]

Self Employed 2.84% 2 Year Discount Rate 90% LTV

About
Fees
Apply
Representative Example
  • VARIABLE RATE currently 5.74% with a discount of 2.90% until 2 years from completion then changing to Ipswich Standard Variable Rate
  • 5.5% APRC
  • Available for direct applicants in England and Wales
  • For our Intermediary partners, products are available to Prestige members, selected partners nationally and all intermediaries based in Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire, Hertfordshire and Buckinghamshire.
  • To establish if you/your network is a selected partner, please contact our Intermediary Sales Team on 0330 123 1073.

Self employed - specialist

  • For applicants working in skilled manual roles, eg. electrician, plumber, mechanic or engineer
  • Minimum 1 years' accounts. applicants must be in the same line of work as that carried out for the previous 3 years

Self employed - professional

  • For applicants working in professional roles, e.g teacher, dentist, doctor or accountant
  • Working as part of an established partnership (of at least 3 years)
  • For those with 1 years' accounts we consider up to 90% LTV
  • For less than 1 years' accounts and an established firm we consider up to 75% LTV

Self employed - contractor

  • For contractors with at least 12 months' contract history in the same role
  • Excludes Construction Industry Scheme (CIS) contractors

SPE: 15180, 72256, 72257 PRO: 15181, 72258, 72259 CON: 15182, 72260, 72261

Completion Fee Application Fee (Payable with application and non-refundable) Valuation Fee (Payable with application) Higher Lending Charge CHAPS (Fee for transfer of funds to solicitor) Maximum Loan Amount
£800 £199 Purchase: based on property value. Remortgage: FREE (up to max property value of £1m) - £35 £500k

Fee free overpayments up to 50% of original loan

For overpayments over 50%, early repayment charge is 1% of the overpayment

Early repayment charge period ends 2 years from completion date

For remortgage only: fee assisted legals

To apply, please speak to one of our expert Mortgage Consultants, based in Ipswich, on 0330 123 0773 - we're happy to discuss your application over the telephone or, if you'd prefer, we can arrange to meet with you at one of our 9 branches across Suffolk.

In the meantime, you may find it useful to look at our mortgage calculator to get an idea of what your monthly payment may be.

To apply for this product visit our Apply and Track section, or give our intermediary sales team a call on 0330 123 1073.

Representative example (this information is based on a typical application and not to your individual circumstances. It does not contain all of the details you need to choose a mortgage):

A mortgage of £142,500.00 payable over 35 years initially on our Standard Variable Rate currently at 5.74% with a discount of 2.90%, giving a current rate payable of 2.84% until 2 years from completion and then on our Standard Variable Rate for the remainder of the mortgage term would require 24 monthly payments of £538.91 followed by 396 monthly payments of £779.94.
The total amount payable would be £322,244.08 made up of the loan amount plus interest (£178,455.08), an application fee of £199, a completion fee of £800, a valuation fee of £160, a mortgage funds release fee of £35 and a mortgage discharge fee of £95.

The overall cost for comparison is 5.5% APRC representative.

[This representative example is based on assumptions that the loan would start from 3 September 2018]


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Key features of the self employed mortgage - specialist

lighthouse

For those who are self-employed in a variety of occupations

sunflower2

Aimed at those self employed for less than the standard two years, but for at least 12 months so that one years trading accounts are available

housekeeping

We accept one year's accounts verified by an accepted accountant

Key features of the self employed mortgage - professional

lighthouse

Designed for professionals including doctors, solicitors, dentists, vets and many more

sunflower2

Where there is at least one years set of accounts we can consider loans up to 90% LTV

housekeeping

We welcome applications from those new to a practice as long as the practice has three years of trading history

thatched house

If the applicant has been self employed for less than one year, we can consider applications up to 75% LTV where the Senior Partner or Partnership's Accountant can confirm that the partnership is trading well and is well established and the applicants earnings to date and the applicant's estimated earnings for a full 12 month period

Unusual construction

Applicants with under one year's accounts can apply up to 75% LTV (verified by an accepted accountant)

Key features of the contractors mortgage

lighthouse

Designed for IT contractors or interim appointments

sunflower2

Up to 90% LTV

housekeeping

Can accept under 6 months on your existing contract with 24 months continual contract history

Please note that our mortgage products are generally only available to direct applicants in England and Wales and via intermediaries based in, Suffolk, Norfolk, Essex, Cambridgeshire, Bedfordshire and Hertfordshire. Please check the individual product details for the availability.

From time to time we may offer exclusive products through our brokers. Please contact us for further details.

Your home may be repossessed if you do not keep up repayments on your mortgage.