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How to get a mortgage being a sole trader
We understand that ‘one size does not fit all’, especially for sole traders’ mortgages.
We offer innovative mortgage products designed to provide solutions for sole traders who are often overlooked by their own bank.
Most high street banks will say they require two years’ solid figures before being able to consider your application. What makes this even worse, is they’ll use an average over the last two years often leaving you short of where you’d like to be.
If this sounds familiar, then don’t be discouraged. You’re about to witness the power of having a team of sole trader experts fighting your corner!
Our unique approach involves manually underwriting mortgages with common sense, without relying on credit scoring. This, along with our deep knowledge of the sole trader mortgage market, brings solutions you never thought possible.
If you want to take advantage of the benefits of being a sole trader whilst remaining as tax efficient as possible, then you’ve come to the right place.
Our lenders love sole traders, and with exclusive deals at high street rates, your mortgage dreams can finally become a reality.
What Documents Do Sole Traders Need for a Mortgage Application?
Applying for a mortgage as a sole trader often feels more complicated than it should be, but with the right paperwork, the process becomes far smoother. Lenders need to see a clear picture of your income and business activity. The most common documents include:
- SA302s and tax calculations: These are official HMRC documents showing your declared income and tax paid. Most lenders will ask for the last two years, although some will work with just one.
- Latest year’s income evidence: If your most recent trading year was stronger than the one before, it can sometimes be used on its own to improve affordability.
- Business bank statements: These help underwriters understand how your income flows, identify regular payments and check for financial stability.
- Proof of regular contracts (if applicable): If you work on contract or freelance agreements, evidence of upcoming work can reassure lenders that your income is reliable.
Can You Get a Mortgage With One Year of Trading?
Yes, it’s possible, although the options are more limited. Many mainstream lenders still prefer to see two or three years of accounts. However, some specialist providers are willing to consider just one year, provided your figures are strong and well-documented.
New Wave’s in-house underwriting team can present your case in the best light. Instead of relying on a computerised decision, we look at your latest tax return, bank statements and any future contracts to build a more complete picture. This often means we can secure mortgage offers for clients who might otherwise be declined on the high street.
How We Help Sole Traders Borrow More
One of the biggest challenges sole traders face is that lenders don’t always judge income fairly. New Wave works differently:
- Using your most recent year’s profit instead of an average: This can make a big difference if your income has grown year on year.
- Explaining fluctuations in income to underwriters: A dip doesn’t have to count against you if there’s a genuine reason, such as investment back into your business.
- Specialist lender relationships that understand self-employment: We work with lenders who actively want to lend to sole traders, meaning your application is reviewed with more flexibility.
Why Work With Us
Here are just a few ways we’re DIFFERENT from other companies
Specialists
Underwriting
More Money
Success Rate
Sole Trader Success Story
Thanks to our tailored service, sole trader Ben secured his dream property with partner Erin. We expertly positioned their case with the lender, leading to approval. They’ve moved in, and their labradors, Loki, Roghan, and Wallace, are loving their new garden
The new wave method
Here’s the SIX STEPS to GUARANTEE Self-Employed Mortgage SUCCESS
Pro-TIP:
Sole Traders
Our expert Dylan says “Being a sole trader is amazing! We have a number of strategies in our arsenal to ensure we take advantage of your sole trader status. With us, you get rewarded not penalised.
Ask our Experts
Yes, we charge a one-off broker fee when your mortgage is accepted by the lender. At this stage your application has been submitted, they’re happy with your paperwork and their surveyor has valued your property. At this point, you’ll be sent a formal mortgage offer which is a legally binding document to confirm the mortgage is approved. We’ll then invoice for our broker fee of £1,995.
Typically, it takes 2-4 weeks to get your application approved by the lender. The quickest we have turned an application around is just 48 hours! If speed is important, then tell your expert and they’ll match you with the right lender to ensure it gets accepted as quickly as possible.
As a rule of thumb, lenders restrict the amount you can borrow to 4.5 x your most recent figures. Being experts in sole trader mortgages, we have access to lenders that will lend significantly more! Use our quick calculator to get an estimate based on your self-employed earnings.
The answer to this is simple. Yes! It’s just question of when you’ll be able to get the mortgage you’re looking for. Our unique service for sole traders provides all the best shortcuts out there to bring you the best mortgage options in the quickest timeframes possible.
This depends on the lender your expertly matched with. As a minimum we require proof of ID, proof of address and proof of income. We’ll need your tax calculations (otherwise known as SA302) for the last 2 years. If you’ve only got one year’s figures then just this tax calculation is required.
We are so confident your application will be approved that you’ll receive £250 Amazon vouchers if we don’t. That’s the New Wave Guaranteee. We also take all the risk so you don’t have to… this means you don’t pay us a penny if we’re not able to secure the mortgage we promised.
Most lenders ask for at least a 10% deposit, but having 15% to 20% can give you access to a wider range of deals and better rates. A larger deposit reduces the lender’s risk, which can be especially useful if you have only one year of accounts or fluctuating income. For those with just 5% deposit, buying a home is still possible – rates will just be more expensive and options will be more limited.
Not always. While many lenders ask for two or three years, others accept one year if the figures are strong and supported with clear evidence. Manual underwriting can improve your chances, which is where our in-house underwriting really helps.
It depends on your income, outgoings and credit profile. In many cases, lenders will use the average last 2 years tax returns. With the right preparation, you may be able to borrow more than you think if your income has recently increased for the latest year
Not necessarily. While some specialist lenders have slightly higher rates, many are competitive with standard mortgage products. The key is matching you with the right lender based on your circumstances.
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