Freelancer Mortgages: How to Get a Mortgage When You’re Self-Employed

If you’re based in the UK and are exploring how to secure a mortgage as a freelancer or self-employed worker, it may initially feel like you’re at a disadvantage.

Unlike salaried employees, freelancers can often find themselves facing fluctuating income and complex financial records, meaning they typically need to meet stricter criteria from lenders.

Fortunately, with self-employed and freelance contractor work becoming more common in recent years, getting a mortgage as a self-employed freelancer has become much easier.

In this article, we’ll guide you through the key steps to qualify for a mortgage as a freelancer, how lenders assess self-employed applicants, common challenges, and the full range of options available to help you get approved. Let’s begin.

Why Do Freelancers Struggle to Get Approved for a Mortgage?

The main problem that freelancers and self-employed workers face when applying for a mortgage is down to the way lender’s assess financial risk.

Although many freelancers earn a stable income, for lender’s, the nature of self-employed work means there is an increased risk of fluctuating income and job security.

As such, some of the main obstacles will include:

• Irregular income that changes month to month
• A short trading history (under two years)
• Difficulty proving income due to tax deductions
• Industry-specific volatility or seasonal income (supply and demand)

Understanding the mortgage criteria for self-employed applicants, set by your chosen lender, can greatly improve the success of your application. For this reason, working with a trusted mortgage broker can significantly increase your chances of approval.

Can Freelancers Get a Mortgage in the UK?

Yes. Freelancers can get a mortgage in the UK, but it’s important to note that the process and mortgage criteria can often differ from those for traditional employees.

This main difference focuses on how lenders assess freelancers and self-employed workers affordability. The reason behind this is due to the nature of self-employed work and the variability in income.

While salaried applicants may only need to provide payslips, freelancers, contractors, and self-employed applicants will often need to submit one to two years’ worth of tax returns or accounts.

Lender’s affordability assessments are in place to ensure that the borrower will be able to reliably repay the agreed upon mortgage repayments. Without a fixed and consistent income, lenders will commonly request for two years’ worth of tax returns to work out your income average – giving them a clearer insight into your financial standing and affordability.

As such, it is vital that when applying for a mortgage as a self-employed freelancer, you ensure that there is a key emphasis on providing up-to-date proof of a steady and reliable income.

How to Qualify for a Mortgage as a Freelancer

As we just touched upon, qualifying for a mortgage as a freelancer or self-employed worker, means showing lenders that you have a stable income and manage your finances responsibly.

While most lenders will require two years of self-employed income evidence, specialist lenders may consider just one year with additional financial proof.

If you’re wondering “how much mortgage can I qualify for as self-employed?”, it is typically based on your average earnings and overall affordability. For example, lenders will take into consideration the following:
Your net income over the last one to two years

• Business structure (sole trader, limited company, etc.)
• Credit score and debt levels
• Deposit size
• Evidence of ongoing, repeat, and forecasted work

Working with a trusted mortgage broker – like Boon Brokers – can help you compare which lenders are most likely to accept your application, as well as offer the most competitive rates, based on your specific circumstances.

How Long Do You Need to Be Freelancing Before Applying for a Mortgage?

While there is no exact period of time, it is important to note – and sorry for ‘hammering this point’ – that you demonstrate to your chosen lender that you have a stable income and will be able to reliably repay your desired mortgage repayments.

Most lenders prefer applicants who have been freelancing for at least two years, as this is considered to provide a reliable picture of your financial profile. However, specialist lenders who focus on providing mortgages for freelancers and self-employed, may be more flexible in their criteria, allowing freelancers to secure a mortgage with one year’s accounts.

As such, it is still possible to apply with just 6-12 months of freelance work, especially if you have worked in the same industry previously under PAYE.

Here are some key factors that can influence your eligibility:

• Length of time freelancing in the industry (ideally 2+ years)
• Stability of your income year on year
• Evidence of contracts for both future and ongoing work

It’s all about reducing your associated risk to lenders. The more evidence you can provide of sustained income and client work, the less risk you will appear to have and the better your chances of approval. Lenders look favourably on freelancers with consistent earnings and a track record of maintaining work.

How Mortgage Lenders Assess Freelancers and Self-Employed Applicants

Mortgage lenders for self-employed applicants will complete an in-depth evaluation when assessing affordability. Without traditional payslips, lenders have to rely on financial records to build a clear picture of your income patterns and borrowing viability.

In most cases, they’ll review your average income over the past two or three years to evaluate how consistent and reliable your earnings are. In addition, they may also consider your profession, the stability of your client base, and how likely your income is to continue in the future.

To support your application, lenders will typically request the following documentation:

• SA302s and Tax Year Overviews from HMRC
• Certified company accounts prepared by an accountant
• Business bank statements
• Details of current and upcoming contracts

However, it is important to note that the specific documents required often will be dependent on your chosen lender and your current income structure. For example, whether you’re a sole trader, a limited company director, or working on contract-based freelance terms.

Below, we explore the key financial records that lenders may ask for, and how each type of evidence helps demonstrate your affordability.

Tax Calculations & Tax Year Overviews

If you’re a sole trader, limited company director, contractor on a retainer, or a partner in an LLP, most lenders will ask to see your Tax Calculations (formerly SA302s) and Tax Year Overviews.

These documents are issued by HMRC and provide a clear record of the income you’ve declared and the tax you’ve paid in any given financial year.

Lenders will typically request documentation for the last two to three tax years, using these figures to calculate your average income. This helps them assess your affordability and income consistency.

Contractor, Fixed-Term Income, and Additional Evidence

Freelancers working on fixed-term contracts or through umbrella companies may be taxed differently, which can affect what documents are needed.

While some contractors provide Tax Calculations and Overviews, others are paid via PAYE or through an umbrella company where tax is deducted at source. In these cases, lenders might also ask for:

• A copy of your current and past freelance contracts
• Payslips or invoices if relevant
• Confirmation of your daily or hourly rate
• A summary of your contracting history or renewal terms

Because contractor arrangements can vary, lenders will typically look for strong evidence that your income is sustainable and ongoing.

Using Company Accounts as Evidence

If you’re a director of a limited company and own a significant share (typically over 20%), some lenders will accept company accounts in place of personal Tax Calculations.

This can be especially helpful if you leave income in the business rather than taking it as salary or dividends.

These lenders will assess:

• Profit and loss accounts
• Balance sheets
• Your company’s retained profits
• The amount you could reasonably draw as income

This unique approach allows lenders to consider the overall financial strength of your business, rather than just personal withdrawals. It’s particularly useful for directors who prefer to keep cash within the company for tax efficiency or reinvestment.

Whatever your income structure, working with a trusted mortgage broker can help you identify the exact documentation your chosen lender requires based on your employment type and affordability requirements.

At Boon Brokers, our dedicated advisers can guide you through the entire process, from gathering the right paperwork to ensuring your application is well-prepared and positioned for success, helping streamline the process and reduce the risk of delays or rejections.

What Are Your Mortgage Options as a Freelancer?

In reality, freelancers and self-employed applicants have access to the same mortgage opportunities as employed individuals – the path and application is simply different.
As such, there are several freelancer mortgage options available, depending on your income structure and overall profile. Some freelancers can access standard residential mortgages from high-street banks, while others may need to work with specialist lenders.

Here we provide a list of the most common mortgage types open to self-employed workers:

• Standard residential mortgages
• Joint mortgages
• Specialist self-employed mortgages
• Government scheme backed mortgages

Your options will depend on how long you’ve been freelancing, your credit profile, and your deposit. A qualified broker can help you navigate these choices and identify the most suitable lender.

Get Your Freelancer Mortgage with Boon Brokers

At Boon Brokers, we understand that getting a mortgage as a freelancer can feel complex and at times, overwhelming. That’s why we’re dedicated to making the process straightforward, transparent, and stress-free – for you.

Our expert advisers specialise in freelance mortgages and understand the unique challenges faced by the self-employed. Whether you’re newly self-employed or an experienced contractor, we can provide you with tailored advice that will help you achieve the most competitive mortgage deals that are on the market today.

With our fee-free, no-obligation consultation, you can discuss your situation openly, explore your options, and receive personalised guidance every step of the way.

Don’t let the complexities of getting a mortgage as a freelancer hold you back. Contact Boon Brokers today and take the first step towards owning your home with confidence.