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Special feature by Precise Mortgages

Did you know there are more self-employed people in the UK than ever before? The latest figures from the Office of National Statistics* show there are now 4.8 million people working for themselves – that’s more than 15% of the workforce. That means there are potentially 4.8 million self-employed customers that you could be helping.


The self-employed challenge

While the market has grown from 3.3m in 2001 to nearly 5m in 2018, many people who work for themselves still struggle to secure the mortgage they need. The end of self-certification has meant that lenders no longer accept a borrower’s word on how much they earn. In fact, many mainstream lenders will turn down applications because they deem a self-employed customer to have a variable or unpredictable income, or haven’t been trading for long enough.


How Precise Mortgages can help

As a specialist lender, Precise Mortgages understand the difficulties self-employed customers face when trying to secure the mortgage they need. They know every customer’s circumstances are unique and assess each application on its own merits. Here are just some of the ways they can help your self-employed customer:

  • They accept customers with 1 year’s trading figures
  • They work on the average or the last year’s figures, whichever is higher
  • They’ll work off the latest tax calculation/SA302 up to 85% LTV (plus lender fees)
  • DIPs only leave a soft footprint
  • Available to self-employed customers across our first and second charge lending policies


Let’s take a look at an example 

Mr Green is a self-employed cabinet maker. He would like a buy to let mortgage and has submitted his accounts for 2016 and 2017.


His accounts for 2016 were very healthy and show a net profit of £50,000. In 2017, he purchased some new workshop space, so only recorded a £25,000 profit that year.


The good news for Mr Green is that we can work off the average profit for 2016 and 2017 of £37,500.


Find out more about how Precise Mortgages can help by clicking here or see their self-employed guide here.

If you have a question, speak with the team of experts at Brightstar on 01277 508955, or email helpdesk@brightstarhub.co.uk


Liza Campion – Head of Key Accounts

Precise Mortgages