Self-Employed mortgage brokers in Swindon
3 independent, FCA-authorised advisers covering Swindon and the wider South West area who handle self-employed mortgage cases. Contact them directly — we never sell your details.
177 Mortgages
Swindon
Future Planning - Independent Financial Adviser | Mortgage | Wealth Management | Pension Adviser Swindon, Wiltshire, UK
Swindon
TED Mortgages
Swindon
Self-Employed mortgages in Swindon: 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 Swindon, 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 Swindon
Old Town holds the higher-value period stock and the strongest local demand. The railway-era terraces of the Railway Village and central Swindon are the oldest housing; Wroughton, Highworth and the western villages sit at the family end. Large planned developments on the eastern and southern edges — Wichelstowe and the eastern villages — supply a continuous stream of new-build. A significant number of local homes were purchased with the former Help to Buy equity loan, which makes remortgaging around an outstanding equity share a common local situation.
- Homes carrying a Help to Buy equity loan, where remortgaging or repaying the share needs a lender that will work alongside it.
- First-time buyers, well served by prices that remain within conventional income multiples for the region.
How do I remortgage a Swindon house with a Help to Buy equity loan?
You can remortgage and leave the equity loan in place, which needs both the new lender and the loan administrator to agree, or borrow enough to repay the share outright. Repaying requires a current valuation, because the amount owed is a percentage of today's value rather than the sum originally advanced. Both take longer than a standard remortgage, so begin several months before your current deal ends.
Questions worth asking a self-employed broker
- How many years of accounts do I need in Swindon?
- 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.