Sole Traders & Partners

Mortgage for sole traders and business partners

Securing a good mortgage deal when you are a sole trader or part of a partnership can be particularly difficult, but it certainly isn’t impossible.

If this is a problem you are facing then Active can help. We understand the needs of sole traders and partners, and specialise in helping this community secure the best mortgage  and property refinancing deals on the market.

Did you know that 76% of private sector businesses do not employ anyone aside from the owner(s)? 56% of these are sole traders, and 20% in partnerships.

This is a huge number of people and business owners that are keeping this country running and our economy growing. Active do not want you to be distracted from running your business; stressing and struggling to secure a mortgage deal that reflects the work you do and the income you generate.

How to prepare for mortgage application success as a sole trader or business partner

Our preparation tips for successfully applying for a mortgage if you are a sole trader or part of a partnership include:

Step 1

Prepare your certified earning reports for as far back as possible, at least two years but some lenders may ask for 5 years. So best to have as many as you can. You need to show your business is profitable.

Step 2

HMRC Tax reports – for at least last two years

Step 3

Contracts – you need to prove that your earnings will continue. Remember you are proving to a lender that your business is secure, and they can be confident in your ability to pay back the mortgage. This could potentially be more important if your business has had a slower year recently.

Step 4

Use a chartered accountant to sign off your accounts, a mortgage lender will look more favourably if you do.

Step 5

Check your credit report and look at improving it before the application. This can be done in a number of ways; ensuring you are paying off as much credit card debt as possible, you are on the electoral roll and paying your bills on time.

The next step...

There are no specialist mortgages that are designed for sole traders and business partners available from lenders, but it is about being able to obtain a mortgage deal, without the security of an employer confirming your income.

Use our mortgage calculator today to see how much you could borrow and what type of mortgage rate you might be able to get.

Maximising the chances of getting your mortgage application accepted as a sole trader or business partner

Wondering how to get a mortgage when you are a sole trader or partner? The Answer is simple, ask Active. Our expert mortgage advisers help business owners like you every day, to find the mortgage deal that you deserve. There are more steps involved in securing a mortgage when you are a sole trader or partner compared to an employed applicant. But it is not impossible and a specialist sole trader/partner mortgage adviser can take the task on for you.

Self-employed mortgage lending is our speciality, and we have experts that focus exclusively on finding top notch mortgages for our clients. So, you know you are in safe hands.

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