Start your home ownership journey with Yomo
Buying your first home is a monumental milestone but many can find the process daunting. Emotions run high, balancing eagerness with caution, as dreams of homeownership materialize. But behind the excitement there is a need to assess budgets, weighing affordability and long-term commitments to find the best mortgage product tailor specifically for you. Here at Yomo Finance, we are determined to offer our clients access to the very best rates coupled with excellent service and ensure that you get the keys to your new home as quickly as possible.
Finding the best product for you
Depending on your income, budget and circumstances, there is a huge range of mortgage products to choose from from a variety of lenders. Yomo Finance can help you narrow down the choice and choose the product that works best for you. You may prefer a fixed rate mortgage, where the interest rate is set at a certain percentage for a number of years, or a tracker mortgage, where the interest rate is set at and follows the Bank of England base rate. We’ll discuss all options with you to help you make an informed choice
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How much can I borrow?A typical mortgage applicant can expect to borrow four and half times their annual income. This should not be affected by your employment type unless your income is low or you have a poor credit score.
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What deposit will I need?There is no specific deposit requirement needed by self-employed applicants and the minimum deposit usually needed for a standard residential mortgage is 10%. That being said, with a short trading history, you will increase your chances of securing a mortgage if you are able to offer more than the minimum deposit requirement. This can also give you access to more competitive mortgage rates.
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Do I have access to the Help to Buy scheme if I’m self-employed with one years’ accounts?All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you. All of the government home ownership schemes were created to help those applicants who would struggle to get a mortgage under normal circumstances. This extends to self-employed applicants and, although there will certainly be less availability if you have fewer years of accounts available, Yomo Finance will be able to help you.
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What documentation is needed for a self-employed mortgage application?Tax returns, business accounts and possibly a reference from an accountant. This all depends on whether you are a sole trader, a director of a Limited Company or are in a partnership.
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How many years of accounts do I need to provide?Usually, two to three years of accounts. However, you can get a mortgage with one year's books.
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Can I get a mortgage if I am a contractor or freelancer?Yes, but you may need to provide more evidence of income stability. Typically you would need 12 months history.
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How do lenders assess self-employed income?They typically look at your average income over the past two to three years.
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What can I do to improve my chances of getting a mortgage as a self-employed individual?Keep thorough records, pay your taxes on time and maintain a good credit score. You should also limit the amount of expenses you put through in order to maximise your income.
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Are there specific lenders that specialise in self-employed mortgages?Yes, some lenders are more flexible with self-employed applicants.
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How does fluctuating income affect my mortgage application?Lenders prefer stable and predictable income but may consider averages.
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What is the impact of a limited company structure on getting a mortgage?Your income may be assessed differently, focusing on salary and dividends.
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Are interest rates higher for self-employed mortgages?They can be, depending on the perceived risk by the lender but most do not charge higher interest rates for self-employed applicants.
See how much you could borrow for your first home
*mortgage calculator coming soon*
What our clients have to say
