for freelancers, contractors, and the self-employed
Ready to move home but worried the lack of a monthly salary will prevent you getting a mortgage? We can help.
Our specialist brokers look at the whole market to help contractors, freelancers, and the self employed find the perfect deal.
What you need:
• Your current day rates, contract lengths, or previous year’s Self Assessment – we’ll take care of the rest.
What you get:
• Your own personal mortgage broker who specialises in mortgages for the self-employed.
• Access to the whole market – we offer trustworthy, unbiased advice over a wide range of mortgage products.
• No jargon – you’ll always know what you’re signing up for.
• Fast service – in most cases you’ll get a Decision in Principle within an hour.
Remember, your home may be repossessed if you do not keep up repayments on your mortgage.
Are you a Crunch accounting client?
Getting a mortgage is even easier. We’re already familiar with your finances and we’ll help you put together all the paperwork you need to get the best mortgage possible.
We’ll even throw in a mortgage reference for free!
Call 0333 122 7697 to get cracking.
Get the guide
Find out what you’ll need to apply for a self-employed mortgage, what the different requirements are depending on how you run your business, and how to maximise your chances of getting a loan.
Fixed rate mortgages
Keep your repayments stable and predictable with a fixed rate mortgage. A fixed rate mortgage will typically allow you to freeze the interest rate on your repayments for between one and five years.
If the Bank of England’s base interest rate rises you won’t be affected – however you also won’t be able to take advantage of any interest rate reductions.
Take advantage of movements in the Bank of England’s base rate with a tracker mortgage. Tracker mortgages typically last for between two and five years and tie your interest rates to the base rate plus a fixed amount – for example the current rate of 0.5% plus a fixed 1.5%, for a total interest rate of 2%.
If the base rate goes down, so do your repayments. But if the rate goes up, be ready for a higher mortgage bill every month. It’s important to consider affordability – our brokers will walk you through the basics.
Full repayment mortgages
With a full repayment mortgage your equity in the property increases with each monthly payment, and your interest payment decreases.
Your repayments are interest-heavy at the beginning of the mortgage term, but you’ll gradually pay more and more of the capital back, increasing your equity in the property. Unlike an interest-only mortgage at the end of the term the loan and interest will be fully paid off, and you’ll own your property outright.
Although generally not a preferred option, an interest-only mortgage can be a sensible choice if you know you will be able to repay the lump sum of the loan at the end of mortgage term.
Your monthly repayments will be purely interest of your loan, so will be lower than available with other mortgages, but you will not increase the equity in your property.
Interest-only mortgages can be a good interim option for freelancers, contractors, or small business owners with reduced earnings, as they can normally be switched to other mortgage types midway through the term.
Crunch Mortgages is a trading style of E-Crunch Ltd which is an appointed representative of Seico Insurance & Mortgages Limited. Seico Insurance & Mortgages Limited is authorised and regulated by the Financial Conduct Authority for the conduct of mortgage and insurance broking business. FCA number 300024. View our key facts document.