What is Santander’s mortgage policy for the self-employed?
Santander is one of the UK’s largest lenders providing a huge number of mortgages to the self-employed.
The bank will not typically accept applications from borrowers who have not been self-employed or owned their business for less than two years.
Where the applicant's shareholding in a company (or combined shareholding of all applicants) is 20% or more, the applicant will be treated as self-employed. If the shareholding is less than 20% the applicants will be classed as employed.
For family business employment, the bank requires bank statements evidencing the latest three months' salary credits.
Aaron Strutt, product director at Trinity Financial, says: “Santander regularly provides best buy mortgage rates, free property valuations and £250 cashback. It also produces fast mortgage offers.
"Santander will ask for the Self Assessment Tax Calculation forms (SA302's) plus the Tax Year Overview's covering 24 trading months for residential mortgage applications. It is a minimum of one year for buy-to-let mortgage applications."
For all self-employed applicants, income proof for the most recent year-end must not be more than 18 months old before the date of the application. If the applicants’ dividends are exceeding the net profit, the figure used for affordability must not exceed the net profit figure.
Case study
Trinity recently arranged a self-employed mortgage for a limited company director using the average of the latest two-years salary and dividends. We secure a five times salary mortgage and a mortgage offer with five working days.
You can also read about the other mortgages we have arranged by clicking here.
Call Trinity Financial on 020 7016 0790 to secure a self-employed mortgage
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