As a self-employed individual, you know that your income can fluctuate from month to month. This can make it difficult to get approved for a traditional mortgage. However, there are options available for self-employed individuals to get approved for a mortgage.

Self-employed enterpreneur working from home

Mortgage options for self-employed individuals

Self-employed individuals have a few extra challenges when it comes to securing a mortgage. Most importantly, they need to show proof of consistent, predictable income in order to qualify.

It is important to know the standard mortgage application process in order to get the most accurate information for your situation. When lenders consider your application for a mortgage, they will look at your net income.

If you are self-employed, they will often use a lower figure than your gross income as they take into account any claimed expenses and tax deductions. In London, Ontario, self-employed mortgage applicants are often given this flexibility.


There are a number of factors that lenders consider when determining mortgage rates, including the borrower's credit score, employment history, and income. Self-employed borrowers often have more volatile incomes than traditional employees, making them a higher risk for default.

Lenders will typically want to see that you've been in the same occupation for at least two years and have operated your business for a minimum of two years. They'll also assess your mortgages based on your self-employed income and tax returns.

Presenting your notice of assessment to enable you to access the same low mortgage rates as traditional borrowers which differ from the higher rates typically offered to self-employed mortgage applicants.

It's important to work with a lender who understands your unique needs and can offer you the best terms possible. Contact The Mortgage Firm for self-employed mortgage consultations.

If you are self-employed and applying for a mortgage in London, Ontario, you may be required to provide the following:

  • Personal and business credit scores
  • Financial statements for your business
  • Proof indicating full payments of your HST and/or GST
  • Proof of principal ownership in the business
  • Contracts showing previous and potential/expected revenue for the next couple of years
  • Copy of GST license or Article of Incorporation proving that you are licensed or a copy of your business license
  • Evidence indicating that your down payment was not a gift

There are many advantages to being self-employed when it comes to securing a mortgage. Here are just a few:

  • Competitive rates
  • Higher mortgage amount
  • Efficient approval process
  • Saving money on taxes

There are also a few disadvantages to getting a mortgage when you're self-employed:

  • You may not qualify at your bank
  • Higher rates than conventional mortgages
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