At Metro Bank, we recognise that the self-employed work in different ways which is why we have a common-sense approach to assessing mortgage applications.
Applicants are classed as self-employed if they own more than 25% of the shares in the business.
Self-employed highlights
- Directors of Ltd Companies – an average of the last 2 years profit before taxation plus director’s remuneration can be considered if 100% of shareholders are on the mortgage. If less than 100%, the average of the last 2 years Directors remuneration plus dividends is used.
- Partnerships/Sole traders – minimum of 3 years trading proof required. We use a 2-year average of profit from self-employment. Please refer to packaging guide for documentation requirements.
- Contractors – will consider any profession not just IT workers. Income is calculated as daily rate x 5 days x 46 weeks unless the contract is restricted to less. No minimum contract value or time remaining on contract.
- Income from rental profit – 100% of the latest years allowable profit used.
For full details on how we support individuals who are self-employed, visit our guide online.
Want to find out more?
Get in touch with your local Business Development Manager; they would love to hear from you. Find your nearest BDM here or call our Broker helpdesk on 020 3427 1019.
