Yes you can buy with Generation Home if you're self-employed.
Please note that we will need to see your self-employed finances over the past 2 years.
Would I be considered self-employed?
You’ll be considered self-employed if you are currently:
Acting as a director of limited company with current shareholding of 20% or more.
A contractor (If this is through a limited company).
A partner in a partnership.
A sole trader.
As a self-employed applicant, you will generally fit into one of these two categories:
What documents will I need to provide?
We will need to see the following documents:
Tax calculations and Tax Year Overview (SA302). These show your earnings and the tax you have paid to HMRC. You will receive these when you fill in your self-assessment tax return. You can also download these from HMRC here. The documents must cover the previous two years and we will need three months of business bank statements to aid your application.
Salary & dividend payments. If you are a director and own 50% or more of a limited company, we will take your salary & net profit into consideration. If you own less than 50% then we will need to see your salary & dividend payments.
What if I only have one year's accounts?
We can consider one year of self-assessments or accounts if there is another homeowner on the application and they are employed. (They would need to meet our minimum salary requirements.)
Every buying group is different! If you have any questions about whether you're eligible for a Generation Home mortgage, please reach out over webchat or via [email protected].
Could you take my other income into account?
If you receive income from another job, we can take this into consideration. For temporary contracts, we will need to see 12 months of consistent employment and earnings.