Joint Mortgages When One Person is Self-Employed and the Other is Employed
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Joint Mortgages When One Person is Self-Employed and the Other is Employed
Archie Thomas explains how a joint mortgage works if one person is self-employed and the other is employed [podcast recorded in July 2025].
Can I get a joint mortgage if one person is self-employed and the other is employed?
Definitely, yes. If one person is employed and the other is self-employed, it’s absolutely doable to get a joint mortgage. The process will depend on affordability, and specifically for the self-employed party, lenders usually require proof of income with at least two years of full accounts. However, there are lenders who will consider an application with just one year of accounts.
Can you get a bigger mortgage if one person is self-employed? How much can you borrow?
Typically, the amount you can borrow is similar to cases where both are employed. Lenders look at the combined income of both the self-employed and employed applicants. The borrowing amount is calculated based on both incomes together, applying the lender’s specific criteria and affordability calculations.
How does one of you being self-employed affect your eligibility for a joint mortgage?
Being self-employed does not prevent you from obtaining a joint mortgage. The main difference is in the documentation required. For the employed applicant, lenders generally ask for three months’ payslips and bank statements. For the self-employed person, most lenders require two full years of accounts, and they often calculate the average income over those years. If you have less than two years of accounts, your options are more limited, but this is still possible with some lenders.
Are there any specific requirements or restrictions on joint mortgages if one is self-employed and one is employed?
The primary requirement is that the self-employed applicant needs to provide two years of accounts and relevant tax returns. Lenders may also want to see bank statements to corroborate savings and income. Preparation and having all documents ready is key.
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What obstacles might self-employed individuals have to navigate when applying for a joint mortgage with someone who is employed?
The biggest obstacle is ensuring the accounts are up to date. Having the latest two years’ worth of accounts is crucial. If, for example, the most recent accounts stop at 2023 and you’re applying in 2025, that could present a problem. Timeliness and accuracy in your self-employment records are vital.
What should self-employed individuals know about the income assessment process for a joint mortgage application with an employed person?
Lenders typically want to see two years of self-employed accounts. They usually take an average of the two years; if recent earnings are lower than the previous year, lenders will likely use the lower amount. They do not base affordability on just your best year.
What factors do lenders take into account when assessing the affordability of a mortgage for joint self-employed and employed applicants?
Beyond the accounts, tax returns, and payslips, lenders also examine credit history and any existing loans or credit commitments. They will review bank statements and may question significant spending patterns.
Are there any specific types of joint mortgage products designed for where only one applicant is self-employed?
There aren’t many restrictions based solely on self-employment. Most products on the open market are available to you. However, there is an option called “joint borrower, sole proprietor,” where both incomes are considered for the mortgage, but only one name goes on the title deeds. This option is more accessible if you have two years of accounts as a self-employed person.
Can you benefit from any government schemes when applying for a joint mortgage when one person is self-employed?
Yes, self-employed applicants can access government schemes just like fully employed applicants. Examples include shared ownership mortgages. Buying a share (usually 25–75%) of a property and paying rent on the remainder. The First Homes Scheme, which offers discounts on new builds for first-time buyers. Self-employed applicants still need to meet the income and documentation requirements of these schemes.
Are there many lenders or mortgage brokers for joint mortgage applications where only one is self-employed?
Yes, it’s not especially restrictive. Many lenders on the open market cater to joint applications with one self-employed and one employed applicant. The key is matching the lender’s criteria and providing the required documentation.
How can a mortgage broker help?
A mortgage broker can:
- Help identify which schemes and lenders you’re eligible for, instead of you searching everywhere for information.
- Match you to lenders who are more flexible with self-employed income.
- Navigate documentation requirements.
- Find the most suitable rate and mortgage product for your unique situation.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
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