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Self-employed mortgages

Being self-employed shouldn't prevent you from getting a mortgage. Whether you're looking for a freelance, small business, or contractor mortgage, our specialist self-employed mortgage brokers know the market inside out and will find the best deal for you.

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If you're self-employed and have had trouble getting a mortgage, don't despair. These are the different mortgages available to you...

Fixed rate mortgages

There are a variety of self-employed and contractor mortgages that can work for you. Keep your repayments stable and predictable with a fixed rate mortgage, which typically allows 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.

Full repayment mortgages

Finding the perfect self-employed and contractor mortgage needn't be difficult, there are plenty of options to suit you. With a full repayment mortgage, your equity in your 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.

Tracker mortgages

The variety of self-employed and contractor mortgages available means that there will always be one for your circumstances. 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 when looking for a self-employed mortgage – our advisors will walk you through the basics.

Interest-only mortgages

Although generally not a preferred option, an interest-only mortgage can be considered if you know you'll be able to repay the lump sum of the loan at the end of the mortgage term.

Your monthly repayments will just be interest on your loan, so will be lower than with a repayment mortgage, but you won't increase the equity in your property.

Interest-only mortgages can be an interim option for freelancers, contractors or small business owners with reduced earnings, as they can often be switched to other self-employed mortgage types midway through the term.

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    E-Crunch Ltd t/a Crunch Mortgages is an appointed Representative of Seico Insurance & Mortgages Ltd for mortgage broking purposes. Seico Insurance & Mortgages Ltd is authorised and regulated by the Financial Conduct Authority under Firm Registration Number 300024.