Securing a mortgage can be a daunting task, and if you’re self-employed, you might feel like you’re
facing an uphill battle. The truth is, obtaining a mortgage as a self-employed individual is not as
impossible as it may seem. At Ezfees Financial we’re here to guide you through the process, ensuring
you have all the information and support you need.
Qualifications for Self-Employed Individuals
From a bank or mortgage lender’s perspective, you are considered self-employed if you fall into any of the following categories:
- Working freelance
- Sole trader or business owner
- Company director
- Director of a partnership
If your income is directly tied to the performance of your business or freelance work. Unlike PAYE
employees with a fixed income, your financial situation is more variable.
How Many Years of Trading is Required for a Mortgage?
The number of years you need to be self-employed before applying for a mortgage varies among
lenders. Most will request 3 years’ worth of accounts, although some may consider 2 years. If you’ve
recently returned to Ireland and are establishing your business, an additional year may be required
to demonstrate consistent income.
Additional Documentation for Self-Employed Applicants
Applying for a mortgage can be overwhelming, but having your documents prepared and organised
is crucial for a smooth process. As a self-employed applicant, you’ll need to provide additional
information beyond what standard applicants submit:
- Proof of identification, such as a recent passport or driving license
- Proof of address, such as a recent utility bill or bank statement
- Your PPS number (Personal Public Service Number)
- Proof of income, including your most recent accountant-certified audited financial accounts (typically 2 years)
- Bank statements, covering 6 months of both business and personal accounts, as well as any business borrowing statements
- Revenue documents, including 2 to 3 years of your most recent Revenue Acknowledged Forms 11 and tax clearance confirmation
How to Prove Mortgage Repayment Capability:
To assure lenders that you can meet your mortgage repayments, consider the following:
- Hiring a certified accountant ensures your financial records are audit-ready, organised, and up-to-date, addressing potential concerns raised by lenders.
- A larger deposit not only reduces borrowing but also showcases your financial stability and responsible saving habits, improving your appeal to lenders.
- Reducing or clearing any existing loans demonstrates financial responsibility, increasing your chances of mortgage approval.
- Protect yourself against unforeseen events by considering income protection insurance, ensuring you can meet monthly mortgage repayments even if you’re unable to work temporarily.
Partner with Ezfees Financial for Expert Guidance
At Ezfees Financial, we believe that everyone deserves the opportunity to own their own home, and
we are committed to helping you achieve that goal. With our expertise and personalised approach,
we can help make your dream of homeownership a reality.
Why not book a comprehensive Mortgage Consultation with us today via our “Book A Consultation”
option on our website; https://ezfeesfinancial.ie/book-consultation/
Our Dedicated and qualified Mortgage Advisors will guide you every step of the way. Contact us
today at 0818 910800 to learn more about the self-employed mortgage application process and how
we can assist you.
Navigating the mortgage application process as a self-employed individual can be challenging, but with the help of Ezfees Financial, you can overcome these challenges. We understand the unique needs of self-employed individuals and are dedicated to helping you secure the mortgage you need. Contact us today to begin your journey toward homeownership.