Self-Employed
Self-employed applicants now require at least a 40 per cent deposit. The lender said this was to help manage current service levels following.

Santander also said that it will not lend to self-employed borrowers. Whose businesses are not trading as a result of Covid-19 restrictions.

Santander is not alone in imposing lending restrictions on self employed borrowers. Nationwide has also reduced the maximum LTV for the self-employed to 85 per cent, even though it will lend up to 90 per cent for first-time buyers. Metro Bank is asking for more supporting evidence for the self-employed, including six months of bank statements, while businesses need to have been trading for at least three years.

Get a Mortgage


While it is trickier for self employed borrowers to get a mortgage, it is not necessarily impossible. Advice is more important than ever, which is where a whole-of-market broker such as AWS can help. We know which lenders consider self employed applicants more favorably and can advise on the best lender for your circumstances. Get in touch for more information.

Self-employed applicants are now required to pay at minimum a 40% deposit. The lender stated that this was necessary to manage the current level of service after.

Santander has also stated it would not provide loans to self-employeds people. Which businesses aren’t operating as a result of the restrictions imposed by Covid-19.

First time buyers


Santander isn’t alone in restricting lending to self-employed customers. Nationwide has also cut the maximum LTV of self-employed borrowers to 85 percent however, it can loan up to 90 percent to the first time purchasers. Metro Bank is asking for additional evidence to support those who are self-employed that includes 6 months worth of bank statement statements and business statements that be in business for at minimum three years.
Although it is more difficult for self-employed people to obtain the mortgage however, it’s not impossible. The importance of advice is greater than ever before, and that’s the reason why a broker that is a global one like AWS can be of assistance. We are aware of the lenders that consider self-employed applicants with more favorable terms and will help you find the most suitable lender for your situation. Contact us to find out more.