Self Employed Mortgages

We consider one years accounts, when you don’t have the standard three. For businesses with less than three years accounts, additional information will be required.

Working for yourself is rewarding and hard work. It can also be tough finding a mortgage as many of the high street banks are reluctant to lend to people whose income is unpredictable.

At Saffron, we understand that many more people in the UK are successfully self employed and we believe you should have the same opportunities as anybody else when it comes to mortgages.

Our Mortgage Advisers know and understand the needs of the self employed. You can apply even if you have just one year’s accounts. On our variable rate products, if you have a really good year you can even pay off capital and benefit from a lower rate. This can also help you pay off your mortgage faster.

Whether you’re buying for the first time, moving home or remortgaging, talk to us about our specialist mortgages for the self-employed.

  • Designed specially for the self-employed with at least one year’s accounts

  • Reduced rate on our variable rate products if your balance drops into a lower loan-to-value band

  • Expert help from our friendly Mortgage Advisers

Your home may be repossessed if you do not keep up repayments on your mortgage

Our self-employed mortgages

Self Employed Mortgage

  • Initial rate2.79% Variable
  • then changing to our SVR, currently5.39%
  • The overall cost for comparison is4.5% APRC
  • Product periodfive years
  • Deposit required20%
  • Arrangement fee£625
View this mortgage ViewRepresentative Example

A mortgage of £958,655 payable over 30 years, initially on a Discount rate for 5 Years at 2.79% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 25 years, would require 60 monthly payments of £3,933.97 and 300 monthly payments of £5,157.25.

The total amount payable would be £1,783,593.68 made up of the loan amount plus interest (£824,968.68), an application fee of £135 and a redemption fee of £130.

The overall cost for comparison is 4.5% APRC representative.

Self Employed Mortgage

  • Initial rate3.89% Variable
  • then changing to our SVR, currently5.39%
  • The overall cost for comparison is5.0% APRC
  • Product periodfive years
  • Deposit required15%
  • Arrangement fee£1,250
View this mortgage ViewRepresentative Example

A mortgage of £959,280 payable over 30 years, initially on a Discount rate for 5 Years at 3.89% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 25 years, would require 60 monthly payments of £4,519.12 and 300 monthly payments of £5,262.34.

The total amount payable would be £1,850,240.93 made up of the loan amount plus interest (£890,990.93), an application fee of £135 and a redemption fee of £130.

The overall cost for comparison is 5.0% APRC representative.

Self Employed Mortgage

  • Initial rate3.99% Variable
  • then changing to our SVR, currently5.39%
  • The overall cost for comparison is5.0% APRC
  • Product periodfive years
  • Deposit required10%
  • Arrangement fee£1,250
View this mortgage ViewRepresentative Example

A mortgage of £959,280 payable over 30 years, initially on a Discount rate for 5 Years at 3.99% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 25 years, would require 60 monthly payments of £4,574.22 and 300 monthly payments of £5,269.90.

The total amount payable would be £1,855,737.51 made up of the loan amount plus interest (£896,487.51), an application fee of £135 and a redemption fee of £130.

The overall cost for comparison is 5.0% APRC representative.

Self Employed Fixed Rate Mortgage

  • Initial rate3.27% Fixed
  • then changing to our SVR, currently5.39%
  • The overall cost for comparison is4.9% APRC
  • Product periodFixed until 31/07/2020
  • Deposit required30%
  • Arrangement fee£999
View this mortgage ViewRepresentative Example

A mortgage of £959,029 payable over 30 years, initially on a Fixed rate Until 31.07.2020 at 3.27% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 26 years 7 months, would require 41 monthly payments of £4,397.99 and 319 monthly payments of £5,282.44.

The total amount payable would be £1,864,878.70 made up of the loan amount plus interest (£905,879.70), an application fee of £135 and a redemption fee of £130.

The overall cost for comparison is 4.9% APRC representative.

Self Employed Fixed Rate Mortgage

  • Initial rate3.67% Fixed
  • then changing to our SVR, currently5.39%
  • The overall cost for comparison is5.0% APRC
  • Product periodFixed until 31/01/2021
  • Deposit required15%
  • Arrangement fee£999
View this mortgage ViewRepresentative Example

A mortgage of £959,029 payable over 30 years, initially on a Fixed rate Until 31.01.2021 at 3.67% and then on our current Standard Variable Rate Mortgage of 5.39% (variable) for the remaining 26 years 3 months, would require 45 monthly payments of £4,397.99 and 315 monthly payments of £5,274.66.

The total amount payable would be £1,858,922.98 made up of the loan amount plus interest (£899,923.98), an application fee of £135 and a redemption fee of £130.

The overall cost for comparison is 5.0% APRC representative.

Case Study

The following example, although hypothetical, is typical of the type of situation which many self employed people face.

David the graphic designer

David is a graphic designer with more than 15 years experience working for a leading design agency.

He has been responsible for creating a number of award-winning advertising campaigns and running a department of more than 12 designers, who produce both digital and print work for a number of leading consumer and business-to-business clients.

Just over 18 months ago, David decided the time had come to break away from his employer and set-up his own agency. He knew he had the skills and experience and was confident that he could quickly build-up his own client base. But rather than simply handing in his resignation, David discussed his intentions with his boss who agreed to sub-contract some work to David, which would help during really busy periods.

David the graphic designer

This arrangement gave David the confidence to make the move and he set up his own agency, initially targeting leading retailers and online traders. His confidence was justified as new business started to roll-in and, before long, David had employed 3 additional designers and signed a lease on a studio within walking distance of his home. There was no looking back; the business was growing rapidly and going from strength-to-strength.

At the end of his first year, David’s accounts told an upbeat story with healthy profits and his income exceeding his salary as an employee. He therefore decided to celebrate by replacing both the bathroom and kitchen in his home, which were long overdue a facelift.

But when David tried to remortgage to raise the additional finance he needed, he was surprised to discover that several lenders wouldn’t consider his application because he had only one year’s accounts to show. He pointed out that he was trading profitably and had a growing order book and income stream, but his words fell on deaf ears.

David contacted his local Saffron Building Society branch who arranged for him to see a Saffron Mortgage Adviser. He explained to David that Saffron was willing to accept his first years’ accounts along with a projection of his future earnings and sight of 6 months’ personal and business bank statements.

Saffron's Solution

Saffron was able to offer David a 5-year discount with no Early Repayment Charges and gave him the facility to make capital repayments at any time and reduce his mortgage interest rate when his outstanding balance dropped into a lower loan-to-value band. This facility, which is free of charge, was of particular interest to David as it meant that if his business continued to perform well, he could pay off his mortgage sooner and benefit from a lower mortgage rate in the meantime.

Saffron’s Self Employed Mortgage was the perfect solution to David’s needs.

Talk to us today

To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100or complete the form below:





Thank you for your enquiry.

A Mortgage Adviser will be in contact with you within 3 working days.

Support for people who are self-employed or contracting

We have a range of specially designed mortgages for individuals working on short-term contracts and the self-employed.

Find out more