Self-Employed mortgage brokers in Exeter
5 independent, FCA-authorised advisers covering Exeter and the wider South West area who handle self-employed mortgage cases. Contact them directly — we never sell your details.
Beerstone Financial Services
Exeter
Kelly Gribble - Mortgage adviser - Elite Financial Consulting Ltd
Exeter
Mayflower Mortgage And Finance LTD
Exeter
Professional Mortgage Services
Exeter
The Mortgage Quarter
Exeter
Self-Employed mortgages in Exeter: what to know
Self-employed applicants are not treated worse than employees, but they are assessed differently. Lenders want to see a track record — usually two years of accounts or tax calculations, occasionally one — and they differ substantially in what income they will actually count. Sole traders, company directors and contractors are each assessed on a different basis. For self-employed borrowers in Exeter, choosing the right lender is often the difference between a comfortable approval and a decline.
- Sole traders are generally assessed on net profit; company directors on salary plus dividends, though some lenders will use salary plus retained profit, which can be far more generous.
- Day-rate contractors are often assessed on an annualised day rate rather than accounts, which frequently produces a much higher borrowing figure.
- Most lenders average the last two years, but some use the most recent year alone. If your income is rising, that difference is significant.
- Aggressive expense claims reduce declared profit and therefore borrowing power. It is worth understanding that trade-off with your accountant well before you apply.
What matters locally in Exeter
St Leonard's and the Newtown and Heavitree fringes hold the higher-value period stock; Pennsylvania and Mount Pleasant sit near the university and carry the student and academic rental market. St Thomas, Exwick and Whipton are the more accessible districts, and the outer estates and surrounding villages absorb family demand. The city is compact, with substantial Victorian terraced and mid-century suburban stock and a growing volume of new-build on the eastern edge. Parts of the lower city lie close to the Exe, so flood risk applies to specific streets rather than the city as a whole.
- Self-employed and small-business income, heavily represented in the wider Devon economy.
- Student and NHS-staff lets around Pennsylvania and Heavitree, requiring HMO-aware lending.
I am relocating to Exeter — should I buy before selling?
Buying before you sell means either a bridging loan or a let-to-buy arrangement, both of which are more expensive and more complicated than a straightforward chain. Bridging is short-term, carries arrangement fees and is repaid from the sale; let-to-buy converts your existing home to a buy-to-let and releases equity for the new deposit. Both are legitimate, but they need pricing carefully against simply selling first and renting.
Questions worth asking a self-employed broker
- How many years of accounts do I need in Exeter?
- Two years is the common requirement. A smaller number of lenders will consider one year, usually with a larger deposit or where you were previously employed in the same line of work.
- What income will a lender actually use?
- It depends on your structure. Sole traders are typically assessed on net profit, company directors on salary plus dividends, and some lenders on salary plus retained company profit. Contractors are frequently assessed on an annualised day rate.
- Do I need my accounts signed off by an accountant?
- Most lenders accept SA302 tax calculations with the corresponding tax year overviews from HMRC. Some also want accounts prepared by a qualified accountant, particularly for limited companies.
- Can I get a mortgage in my first year of trading?
- It is difficult but not impossible, especially if you moved from employment into self-employment doing similar work. Expect a narrower lender pool and a larger deposit requirement.