Best ways to get on the property ladder even if you're self employed

DESPITE the gloomy predictions, the housing market in 2023 remained very resilient with prices in some areas increasing. 

- TRICIA PHILIPPS

With inflation continuing to fall, lenders rushing to cut mortgage rates and sellers eager to move, this year could be a good time for prospective housebuyers to get on the ladder.

And that includes those who are self-employed who may have been holding back on making their move.

Adrian Moloney of Precise Mortgages said: “After two decades of growth in self-employed people, there was a sharp drop in the pandemic.

“But over the last couple of years the figures have been on the rise again.

“Yet when it comes to applying for a mortgage, being self-employed can present some unique challenges.”

Unfortunately, some lenders view such workers as higher risk borrowers, and may want more documentation and proof of income than they would for employed applicants.

But by getting your finances and accounts in order and following advice from specialist mortgage brokers, you can greatly increase your chances of a mortgage approval.

Doing your homework before you apply for a loan will mean that being your own boss is not a barrier to landing your dream home.

Today we’ve teamed up with Adrian to bring readers top tips for getting on to the property ladder, particularly if you are one of the 4.5 million who are self-employed in the UK.

1Decide how much money you will need

Buying a home can be a costly process with various things to pay for. You will need money for a deposit, stamp duty on properties over £300,000, solicitors and valuation fees as well as removal.