0330 043 0327
0330 043 0327
WRITTEN BY
Richard Aston
Mortgage Adviser

Jan 05 2023

In this Guide

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

Self employed mortgage advice

Self-Employed Mortgage Advice – A common misconception on todays mortgage market is that it is now very difficult for a self-employed person to get a mortgage in Northern Ireland. However this is simply not true if you have the right paper work and can prove your income the process is pretty much the same for the self-employed as it is for the employed.

In the past self-certification mortgages tended to be the go to product for the self-employed however these products have now been outlawed as they were being abused by both lenders and borrowers alike. These products enabled a borrower to apply for a mortgage without having to prove their income. They were originally aimed at a small minority of self-employed people but ended up being deliberately mis-sold and were subsequently banned.

What products are available to the self employed?

The reality is that there is no such thing as a self-employed mortgage product. Self-Employed people have access to all the same deals that are available to the employed providing you can prove that you have adequate income to keep up with the repayments.

Which lender should you use?

It’s important to remember that all lenders have different criteria when dealing with the self-employed or any other borrower for that matter. Some will request 3 years accounts some will be happy with 2 years and you may even be accepted with 1 years accounts depending on your circumstances.

Lending criteria changes all the time and for this reason it would be foolish for us to list lenders by their criteria here as this information could be outdated next week.

If you have already been turned down by one lender don’t despair it doesn’t mean that they will all say no. The best thing to do is contact a mortgage broker who can give self-employed mortgage advice and who can assess your situation. Our brokers know each lenders individual criteria and will instantly know who is most likely to accept your application and we never charge a fee for our services.

The Latest 80% LTV Residential Purchase Products

The products below are based on a purchase price of £150000 with the applicant contributing a depsoit of £30000 which means the loan amount would be £120000. All of the products listed are based on a mortgage term of 30.

2 Year Fixed Rates
5 Year Fixed Rates
Tracker Rates

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£614.46
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
4.59%
Initial Rate
6.99%
Follow on Rate
6.8%
APRC
£14747.04
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 6.99%, Cash Back £0.00, Total fees £999.00. An early repayment charge is applicable to this mortgage until 28-Feb-27.

Your rate of 4.59% will last for the first 25 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For HSBC that's 6.99%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £235865. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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£615.17
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
4.6%
Initial Rate
7.49%
Follow on Rate
7.2%
APRC
£14764.08
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 7.49%, Cash Back £0.00, Total fees £1,079.00. An early repayment charge is applicable to this mortgage for the first 2 years

Your rate of 4.6% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Nationwide BS that's 7.49%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £251667. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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£618.05
Initial Monthly Payment
2 year fixed
Rate Type
£1495
Product Fee
4.64%
Initial Rate
7.74%
Follow on Rate
7.4%
APRC
£14833.2
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 7.74%, Cash Back £0.00, Total fees £1,525.00. An early repayment charge is applicable to this mortgage until 31-May-27.

Your rate of 4.64% will last for the first 28 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For NatWest that's 7.74%. Based on what you've told us, your loan to value (LTV) is 80%, the maximum loan to value for this product is 80%. The total cost of this mortgage is £260067. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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