Self-Employed mortgage brokers in Plymouth
6 independent, FCA-authorised advisers covering Plymouth and the wider South West area who handle self-employed mortgage cases. Contact them directly — we never sell your details.
Complete Mortgage Advice - Mortgage Broker In Plymouth
Plymouth
Mortgage Advice Bureau
Plymouth
Mortgage HQ
Plymouth
Nick Gott Mortgage & Insurance Specialist
Plymouth
Straker Financial Services Ltd
Plymouth
Stuart Ash Mortgage Services - Independent Mortgage Advice
Plymouth
Self-Employed mortgages in Plymouth: 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 Plymouth, 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 Plymouth
The waterfront districts of the Hoe, Barbican and Royal William Yard hold the higher-value and converted apartment stock. Mutley and Greenbank sit next to the university and support a long-established student rental market. Peverell, Hartley and Plympton are settled family suburbs; Devonport, Stoke and parts of the north of the city are considerably more affordable. Plymouth was heavily rebuilt after wartime damage, so there is more mid-century and system-built housing here than in most cities, and several of those construction types are outside standard lending.
- Armed forces and Ministry of Defence applications, including Forces Help to Buy and consent-to-let when posted away.
- Student HMOs around Mutley and Greenbank, needing HMO-capable lenders.
Can I get a mortgage on a non-standard construction house in Plymouth?
It depends on the exact construction type. Post-war prefabricated and concrete-framed houses cover many designs, some of which have been repaired to an approved standard and are perfectly mortgageable, while others are declined by nearly all lenders. The valuer identifies the type, and where repairs were carried out, the certificate confirming them is essential — without it the property is far harder to finance.
Questions worth asking a self-employed broker
- How many years of accounts do I need in Plymouth?
- 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.