Can I get a mortgage if I’m self-employed? Plus other commonly asked employment questions…

Work habits in the UK continue to evolve and change. And so, the mortgage industry is addressing concerns from the self-employed. Guess what? Did you know you can get a mortgage if you are self-employed? You may just need to get some extra steps in place. But we are here to help and get you ready for homeownership!

Let’s dive in!

Yes, you can get a mortgage in the UK if you’re self-employed, unemployed, retired, or haven’t been in a job long. But the process may be more complex. Lenders focus on affordability, income stability, and creditworthiness. Here’s what to expect:

  1. Self-Employed

✅ Possible? Yes, but stricter requirements

📌 What You Need:

  • 2-3 years of accounts
  • SA302 tax returns + tax year overviews from HMRC
  • Bank statements to show your income stability
  • A good credit score & deposit (10-20% is usually needed)

💡 Tip: Using an independent mortgage broker specialising in this to find more accommodating lenders.

  1. Unemployed

✅ Possible? Yes, but harder

📌 What You Need:

  • Proof of alternative income (e.g., savings, rental income, pension, benefits)
  • A larger deposit (often 20%+)
  • A strong credit score

💡 Tip: Some lenders may approve if you have a co-signer or guarantor.

  1. Retired or Nearing Retirement

✅ Possible? Yes, but age limits apply

📌 What You Need:

  • Proof of pension income, savings, or investments
  • Some lenders have a maximum age limit (often 75-85 years old at mortgage end)
  • Equity Release (like lifetime mortgages) or retirement mortgages may be an option.

💡 Tip: A Retirement Interest-Only (RIO) mortgage may offer lower repayments.

  1. Haven’t Been in a Job Long

✅ Possible? Yes, but depends on the lender

📌 What You Need:

  • Some lenders require at least 3-6 months of employment
  • If you are switching jobs but in the same industry. It’s easier to get approval
  • A strong credit score and larger deposit may help

💡 Tip: If on probation, some lenders may still approve. Especially if you have a contract showing stable employment.

General Tips for Approval

✅ Improve Your Credit Score – Pay off debts, avoid overdrafts, and check your credit file.

✅ Save a Bigger Deposit – A 10-20% deposit makes approval easier.

✅ Use a Specialist Mortgage Broker – Some lenders specialise in self-employed, unemployed, or retired applicants.

✅ Show Stable Income – Even if it’s from investments, pensions, or side businesses.

Would you like help finding a mortgage for your situation? Hit ‘reply-to’ to chat with us today!

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