Important information: Mortgage Bridge provides general information and administrative support as a mortgage introducer. It does not provide mortgage or debt advice, assess eligibility, affordability or suitability, or recommend products. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Your home may be repossessed if you do not keep up repayments on your mortgage.
An Aldermore self-employed mortgage application involves separate questions about income evidence, credit history, affordability and the property. Meeting one requirement does not establish acceptance or that an Aldermore product is suitable for the applicant.
These circumstances do not establish that Aldermore is suitable for a particular applicant. Acceptance depends on current criteria, affordability, supporting evidence and the property.
This guide explains the areas that need to be checked. It is not a complete product specification, a recommendation of Aldermore or confirmation of eligibility. Products, rates, fees and criteria can change.
Aldermore self-employed mortgage assessment: separate checks
A lender considering self-employed income does not automatically accept an applicant’s credit history. Likewise, meeting a credit-history requirement does not establish that the income evidence or affordability assessment will be satisfactory.
Product features and exceptions should not be combined without checking that they apply to the same application. A particular income calculation, maximum loan-to-value limit and credit-history allowance may have different conditions.
The receiving adviser should check the current requirements against the complete circumstances rather than relying on a general description of the lender.
How Self-Employed Income May Be Assessed
The assessment depends on the business structure, available records and applicable lending requirements. Turnover, taxable profit, drawings and money held in a business bank account are different figures and should not be treated as interchangeable.
Sole Traders and Partnerships
Relevant evidence may include accounts, tax calculations, tax year overviews and bank statements. For a partnership, the applicant’s share of income needs to be established.
The adviser should confirm the required trading history, which accounting periods are relevant and how changes in income are assessed. A stronger recent year does not automatically mean that year alone will be used.
Limited Company Directors
Aldermore’s consumer information describes salary-and-dividend and salary-and-share-of-net-profit approaches in qualifying circumstances. The permitted calculation and evidence must be checked for the actual application.
Company profit, retained funds and the applicant’s personal income are not the same thing. Shareholding, business commitments and the accounts may be relevant. The same income should not be counted twice through different figures.
Using business funds for a deposit or other payments can also affect the business. The financial and tax implications require consideration separately from mortgage eligibility.
Contractors and Freelancers
Contractors and freelancers can work through different arrangements, including sole trading, a limited company or an umbrella company. The description of the role alone does not determine the income calculation.
Contract terms, work history, income records and supporting bank statements may be relevant. A daily or weekly rate should not automatically be converted into annual mortgage income without checking the lender’s method.
Variable or Multiple Income Sources
Bonus, commission, overtime, seasonal earnings and income from additional work may require different evidence. The amount received is not necessarily the amount accepted for affordability.
The adviser should establish which sources can be included and how their history and likely continuation need to be evidenced.
Previous Credit Difficulties
Aldermore publishes information for applicants with credit issues, but this does not mean every type or combination of credit history is acceptable.
Information requiring assessment may include:
- The dates, amounts and current status of defaults or court judgments.
- Missed payments and arrears on secured or unsecured accounts.
- Whether debts remain outstanding, were repaid in full or were resolved through an accepted partial settlement.
- Debt management plans, other debt arrangements or previous insolvency.
- Current borrowing and other financial commitments.
An older, smaller or settled entry is not automatically disregarded. A period without further missed payments does not guarantee that earlier credit difficulties fall within the lender’s criteria.
The original date of a credit event and the date it was resolved are different pieces of information. Full repayment, partial settlement and an ongoing repayment arrangement should not be described as the same outcome.
Where an arrangement or insolvency procedure is still active, check any restrictions on further borrowing with the relevant debt adviser or insolvency professional before making financial commitments.
Underwriting Does Not Guarantee Acceptance
Individual assessment does not mean that lending requirements can be ignored. Credit checks, income evidence, affordability and the property still need to meet the requirements applying to the application.
A factual explanation of previous difficulties may provide context, but it does not guarantee an exception or a mortgage offer. A higher consumer credit score also does not establish mortgage eligibility.
Affordability and Bank Statements
The lender will assess whether the proposed mortgage meets its affordability requirements. Relevant information can include accepted income, household expenditure, dependants, existing borrowing and other commitments.
Personal or business bank statements may be requested to support the assessment. The documents and periods required depend on the circumstances and applicable requirements.
There is no standard period of recent account activity that guarantees acceptance or cancels out previous payment difficulties. Account transactions should be assessed in context rather than treated as a simple measure of eligibility.
Need help with your mortgage?
What happens after a mortgage enquiry?
This is an initial enquiry for administrative support and an adviser introduction where appropriate. It is not a mortgage application or an eligibility assessment. Any mortgage advice comes separately from an adviser acting through an FCA-authorised and regulated network. The receiving firm explains its service, fees and information requirements.
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes. Acceptance is not guaranteed.
Ask about an adviser introduction
Send details of your enquiry for administrative support and an adviser introduction where appropriate. Mortgage Bridge does not provide mortgage or debt advice, assess eligibility, affordability or suitability, or recommend products. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Make a mortgage enquiryNo obligation. Mortgage Bridge acts as a mortgage introducer.
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Deposit and Loan-to-Value Requirements
Loan-to-value (LTV) compares the proposed mortgage borrowing with the property value used by the lender. The applicable limit can depend on the product, transaction, property, income circumstances and credit assessment.
A headline maximum does not mean every applicant can borrow at that level. A limit advertised for employed applicants should not automatically be applied to a self-employed application.
A larger deposit does not override credit-history requirements or affordability checks. Its source must also meet the lender’s requirements and be supported by the evidence requested.
Where the deposit includes a gift, a loan or money from a business, the nature of the contribution must be disclosed accurately. The adviser and conveyancer can explain the evidence required.
Property and Transaction Requirements
The property must meet the lender’s requirements as well as the applicant meeting its financial criteria. Relevant matters may include location, construction, condition, tenure, lease terms and valuation.
Purchase and remortgage requirements may differ. Any additional borrowing also needs to be assessed for its purpose, affordability and applicable conditions.
A mortgage valuation is undertaken for the lender’s purposes. It is not a substitute for a survey chosen to assess the property’s condition for the buyer.
Rates, Fees and Mortgage Terms
The available rate and fees depend on the product and circumstances at the time. Relevant costs may include lender fees, valuation costs, legal costs, adviser fees and early repayment charges.
Adding a fee to the mortgage increases the amount borrowed and can result in interest being charged on that fee. A longer term may reduce monthly repayments while increasing total interest.
The adviser should explain the relevant costs and conditions. Neither an illustration nor a decision in principle is a final mortgage offer; further evidence and checks may be required.
Information Needed for an Assessment
The receiving adviser or lender will explain which documents are required. These may include:
- Identity and address evidence.
- Accounts, tax calculations and corresponding tax year overviews.
- Contracts, payslips or evidence of other income where relevant.
- Personal and business bank statements.
- Credit reports and documents explaining the status of previous debts.
- Deposit evidence and information about the property.
Provide accurate information through the secure document-sharing process specified by the receiving firm. Documents and explanations support an assessment but do not guarantee acceptance.
Decisions about repaying debts, changing borrowing or using personal or business savings require consideration of their wider effects. This guide does not recommend those changes to influence a mortgage application.
If repayments are difficult, free debt support is available through MoneyHelper’s debt advice locator.
How Mortgage Bridge Can Help
Mortgage Bridge provides general information and administrative support and passes mortgage enquiries to advisers acting through an FCA-authorised and regulated network. We do not recommend Aldermore or any other lender, assess suitability or confirm mortgage eligibility.
An enquiry about this guide does not guarantee an application to Aldermore. The receiving adviser can discuss your circumstances, explain their service and any fees, and assess potential mortgage options within the scope of their service. Any application remains subject to the lender’s criteria, checks and decision.
Mortgage Bridge has commercial relationships with receiving firms. When an introduced case completes, we receive a percentage of the commission earned by the adviser. We therefore have a financial interest in completed introductions.
Read more about our role on our About Us page, in our Terms and Conditions and in our Privacy Policy.
This guide provides general information only. It is not mortgage or debt advice and does not confirm eligibility or guarantee acceptance.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Eligibility, affordability and suitability
Eligibility concerns a lender’s current requirements. Affordability concerns whether repayments can be maintained, taking account of relevant income, expenditure and commitments. Suitability concerns whether a recommended mortgage meets individual needs and circumstances and is assessed when an adviser acting through an FCA-authorised and regulated network provides mortgage advice. Meeting one assessment does not establish the others. Mortgage Bridge does not carry out these assessments.
Costs and independent debt support
Free, independent debt advice is available through MoneyHelper’s debt advice locator. This guide does not recommend changing debt repayments, using savings or taking additional credit to obtain a mortgage.
Securing previously unsecured debts against a home increases the risk to the home. Lower monthly payments do not necessarily mean lower total costs. Longer repayment terms and fees can increase the total amount repaid.
Referral disclosure
Mortgage Bridge has commercial relationships with receiving firms and receives a percentage of the adviser’s commission when an introduced case completes. An introduction does not guarantee acceptance or completion.
Read about us, our terms and conditions and our privacy policy.
Frequently asked questions
Does meeting one criterion guarantee a mortgage offer?
No. The lender assesses the complete application, including credit, affordability, property and other requirements. Acceptance is not guaranteed.
Does Mortgage Bridge assess eligibility or recommend a mortgage?
No. Mortgage Bridge provides general information and administrative support as a mortgage introducer. It does not assess eligibility, affordability or suitability or provide mortgage or debt advice. Mortgage advice comes from an adviser acting through an FCA-authorised and regulated network.
Sources and review
- FCA Handbook: responsible lending
- FCA Handbook: mortgage advice and suitability
- TransUnion: account information and reporting
- ICO: credit records and accuracy
- MoneyHelper: consolidation risks
- Aldermore: self-employed income
Last reviewed: . This article is subject to periodic review. Information and lender criteria may change. General information only; this is not a personal recommendation.
Check your credit in detail
View your full credit report
See your credit information from all three major credit reference agencies with Checkmyfile. Try it free, then it becomes a paid monthly subscription. You can cancel online anytime.
Check your credit report