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Mortgages for Self Employed

Mortgages for borrowers with less predictable earnings.

Whilst your self employed clients may struggle with lenders who use automated evaluation processes, we do things a little differently! Because we use expert underwriters who look at each case manually, we're used to taking personal circumstances into account and building up a individual view of each applicant.

All of our residential mortgage products are available for those who are self employed, and from time to time we also offer special products designed for those who are self employed or a contractor.

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

Self Employed 3.09% 2 Year Fixed Rate 90% LTV

About
Fees
Apply
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]

Key features of our self employed mortgages

  • All deals feature fee free overpayments up to 50% of original loan amount
  • No maximum age limit
  • Self employed applicants with over 2 years' history can access our normal residential range (no LTV cap)
  • Contractors can access our normal residential range up to 75% LTV
  • We do not reset the clock when a self employed person goes from being a sole trader to a limited company
  • Maximum loan £350,000
  • New build houses accepted
  • We can assess zero hour contract workers with 18 months' employment history
  • Loans available on capital and interest, interest only including sale of property (up to 50% LTV, min £150k equity) and part/part
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