Joint Mortgage Self-Employed
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Joint Mortgage Self-Employed (Part 1)
Can I get a joint mortgage if I’m self-employed?
Yes, you can. A joint mortgage allows you to combine your income with that of somebody else, potentially to borrow a larger amount. It works the same way, whether their income is from an employed or self-employed source. As long as the income can be evidenced in the way lenders require, those earnings can be used.
How does being self-employed affect your eligibility for a joint mortgage?
Being self-employed on a joint mortgage doesn’t make you ineligible, but some lenders have certain criteria that need to be met, such as a minimum time of being self-employed, types of income evidence required, and other information depending on the type of self-employment.
What documentation is typically required for self-employed individuals applying for a joint mortgage?
Most lenders typically request two years’ tax computations and overviews, two years’ limited company accounts for a company director, and three months’ business bank statements.
Occasionally, they also request an accountant’s certificate.
However, some lenders won’t need as much as this – or can even require more. It all depends on the individual circumstances of the case.
Are there any specific requirements or restrictions for self-employed applicants considering a joint mortgage?
Some of the key requirements are around the income evidence they will accept. The lender will want to understand the structure of your business as this enables them to have a full picture.
Some restrictions you could face is how long they’ll want you to have been self-employed, depending on your earnings and the income multiple they offer for affordability. Sometimes there can be restrictions when you’ve had a large increase in profit – a lender will want to understand the sustainability of this increase.
How can self-employed individuals improve their chances of being approved for a joint mortgage?
Being organised with your income evidence is key when you’re self-employed. You declare your income once a year via a tax return to HMRC, due by 31 January following the end of the tax year in April of the previous year. For example, the tax year ending in 2025 is due to be declared by 31 January, 2026.
But just because you can wait until January, that doesn’t mean you should. Lenders will actually require the figures around October. When this hasn’t been done, it can cause delays.
The amount of income declared is also key. It needs to be a true reflection of what you’ve earned over the year, for the right chance of having your mortgage approved.
Can self-employed applicants include their spouse or partner in a joint mortgage application?
Yes, absolutely. Your partner or spouse can be added to the mortgage, whether they’re also self-employed or they are employed. The lenders will then use both sets of income towards the affordability of the mortgage, potentially boosting your borrowing power.
The process is very similar to a joint mortgage application where neither applicant is self-employed.
Are there any additional considerations for the self-employed applying for a joint mortgage compared to the employed?
Lenders want to understand your financial position and be sure that the income declared on your tax return is still the case in the month you’re applying for the mortgage. Things can change for the better, or get worse. To do this, they may request three months’ business bank statements to understand how the business is performing.
What are the advantages and disadvantages of applying for a joint mortgage as a self-employed individual?
There are more advantages than disadvantages, which is a great start. On a joint mortgage, if you both have income that can go towards the affordability, it will boost how much you can borrow compared with applying alone.
A disadvantage could be that when you’re applying in joint names, both applicants are liable for the mortgage. Any issues in the future while the mortgage is active could affect both people’s credit histories.
How can self-employed individuals navigate potential challenges or obstacles when applying for a joint mortgage?
Mortgages as a whole can be a minefield, with complex criteria from each lender. Having a mortgage broker working with you will put you in a good position to have a mortgage application approved.
Please note that for a mortgage broker to assist you, you need to have all of your documentation ready before an application can be submitted.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
THERE MAY BE A FEE FOR MORTGAGE ADVICE. THE PRECISE AMOUNT OF THE FEE WILL DEPEND UPON YOUR CIRCUMSTANCES, BUT WILL RANGE FROM £99 TO £549 AND THIS WILL BE DISCUSSED AND AGREED WITH YOU AT THE EARLIEST OPPORTUNITY.
ASSET HARBOUR MORTGAGE AND PROTECTION LIMITED TRADING AS ASSET HARBOUR MORTGAGE AND PROTECTION ARE AN APPOINTED REPRESENTATIVE OF HLP PARTNERSHIP LIMITED, WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
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Joint Mortgage Self-Employed (Part 2)
What factors do lenders take into account when assessing the affordability of a joint mortgage for self-employed applicants?
Lenders will consider combined income from an employed role, a self-employed role or elsewhere. Credit worthiness is also a factor, looking at both credit scores and credit history.
Lenders will look at your current commitments – your credit cards, loans, car finances, child maintenance payments, etc. The application assesses both people at the same time, and both people need to meet the lender’s criteria. There’s no differentiation in how they assess you if you’re self-employed – it’s just that what they need could differ.
Are there any specific types of joint mortgage products designed for self-employed individuals?
Some lenders have products specifically for types of self-employed applicants. They may be being creative with their standard criteria and doing something new, such as accepting one year’s accounts rather than two.
However, as a whole, lenders don’t differ in the rates or options available for the self-employed compared with employed applicants, so you’re not at any advantage or disadvantage.
Can self-employed applicants benefit from any government schemes or initiatives when applying for a joint mortgage?
Government schemes don’t usually specify types of employment. There’s no reason why being self-employed should exclude you in any way. However, the schemes can have income limits and other features.
If the amount you earn exceeds the eligibility criteria, it wouldn’t make a difference whether you are self-employed or employed.
What should self-employed individuals know about the income assessment process for a joint mortgage application?
It’s the same as for a sole application. The lender will need to verify the income and expenditure declared for both applicants, to ensure it fits their affordability and criteria. The assessment process shouldn’t take any more time on a joint mortgage, as it’s mainly system-based and completed for both applicants at the same time.
How does the length of self-employment history impact the likelihood of being approved for a joint mortgage?
Lenders set a minimum trading period for the self-employed because they need to be comfortable with the income you’re earning and whether this can be maintained long term. Most lenders require a minimum trading period of two years.
However, there are lenders that will use just one year’s trading, which helps people move forward rather than waiting another year – in some cases waiting may not be an option.
Are there any self-employed friend friendly lenders or mortgage brokers you would recommend for joint mortgage applications?
Some mortgage broker firms will specialise in mortgages for the self-employed, but all mortgage broker firms should be able to offer you advice on mortgages – regardless of how you’re employed.
Can self-employed applicants include income from multiple sources in a joint mortgage application?
Yes, absolutely. As long as that income can be evidenced and is accepted by the lender, it can be used towards affordability. One of the main additional sources of income we come across is Child Benefit or having a second job.
How can a mortgage broker help, here? Have you got any final thoughts?
A mortgage broker is an expert in their field, utilising their knowledge to give you comfort in knowing you have secured the rightt mortgage option for your circumstances. That’s only going to benefit you in the long run.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.
THERE MAY BE A FEE FOR MORTGAGE ADVICE. THE PRECISE AMOUNT OF THE FEE WILL DEPEND UPON YOUR CIRCUMSTANCES, BUT WILL RANGE FROM £99 TO £549 AND THIS WILL BE DISCUSSED AND AGREED WITH YOU AT THE EARLIEST OPPORTUNITY.
ASSET HARBOUR MORTGAGE AND PROTECTION LIMITED TRADING AS ASSET HARBOUR MORTGAGE AND PROTECTION ARE AN APPOINTED REPRESENTATIVE OF HLP PARTNERSHIP LIMITED, WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.
