top of page
  • Writer's pictureCharlotte Oakley

Sole proprietorship and mortgages

Updated: Dec 20, 2023

A sole proprietorship is a type of business structure in which an individual owns and operates a business on their own. This person is also known as being a ‘sole trader’. This means that the owner has complete control and is solely responsible for all aspects of the business, including its finances, debts and legal obligations.

When applying for a mortgage, a mortgage broker is a valuable resource for sole traders, as we can help the borrower navigate the application process and increase their chances of approval.

At Your Mortgage Room, we can help sole traders in several ways:

Access to a variety of lenders: We work with multiple lenders and have access to a wider range of mortgage products and rates than a borrower could find on their own. This means that we can help the borrower find a lender that is willing to work with sole proprietors and offers terms that suit their needs.

Expert advice: We provide expert advice during the application process and help the borrower navigate any challenges or issues that arise. We can also advise the borrower on the documentation required and help to prepare a strong application that maximises the chances of approval.

Income verification: We can help the borrower verify their income by providing lenders with a detailed analysis of their business finances, including tax returns, bank statements, and financial statements. This can help the borrower demonstrate the stability of their income and increase chances of approval.

Negotiation: We can negotiate with lenders on behalf of the borrower to secure the best possible mortgage terms and rates. This can be especially valuable for sole proprietors, who may have less leverage than employed borrowers when negotiating with lenders.

Your home may be repossessed if you do not keep up with your repayments

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but will be agreed with you before proceeding.


bottom of page