As mortgage specialists, one question we often hear asked by self-employed applicants, is whether or not taxi drivers can get a mortgage. The reason why this question is posed is due to the issue self-employed taxi drivers can often face with the high street lenders. Here’s our answer:

Taxi drivers can get a mortgage but will often face challenges with traditional mortgage lenders due to the application requirements over historical payslips, stable and regular income. However, with the support of an adviser, there is no reason why taxi drivers can’t get a great mortgage deal. 

How our advisers can help taxi drivers get a mortgage

We have a large panel of mortgage advisers across the UK, all of whom have their own specialist knowledge of certain markets. Self-employed mortgage applications are one such speciality and we’ve got a huge amount of information online on how taxi drivers can get mortgages which you can read here.

The reason that taxi or private hire drivers (including black cab drivers and Uber drivers) struggle to get deals with the high street lenders is all down to risk.

In recent years, the mortgage market has tightened up how it operates, with legislation and rulings now in place requiring lenders to gather proof of regular income.

Many taxi drivers will have a lack of accounts or will find it hard to prove to a lender their affordability due to the way in which they get paid.

Our advisers have access to mortgage lenders prepared to work with taxi drivers, and in fact could get your access to deals and rates that aren’t available on the high street. Contact us today to start your enquiry.





Why taxi drivers find it hard to find a good mortgage deal

Being a self-employed cabby can be very rewarding, letting you work the hours that you want. And in many cases, that gives you the opportunity to build up a healthy deposit to put down on a home purchase.

However, this self-employment status also means your monthly income can fluctuate. This causes many lenders to decline applications, as they want to see regular and stable income, backed up with contracted work payslips.

You won’t have that, meaning you have a much smaller mortgage market to choose from.

When you add in the complexities of self-employment relating to taxi work such as tax-deductible expenses like insurances, fuel, and car maintenance, the application approval can become even more complex.

These items can reduce what your net income looks like, and whilst you know that you can most likely afford a mortgage, lenders might not take the same view.

Mortgage lenders will use net income to come up with a calculation on how much you can afford to borrow on their terms. They will also take into account existing loans, any bad credit history (do you have bad credit?), and your historical employment record.

However, there are lenders in the market which our advisers have access to where it is possible for taxi drivers to get mortgage deals to suit them and their individual circumstances.

And that’s where our advisers can help.

It is not impossible to get a mortgage as a taxi driver, and with one quick call into our team, you could be on the first steps to owning your own home.

Our panel of mortgage advisers can help you to;

  • Collate the evidence of income in a format that will be acceptable to the lender.
  • Correctly present an application based on your self-employed status.
  • Submit your application to the mortgage lender most likely to accept you.

The types of taxi drivers that our mortgage advisers can help include, but are not limited to:

  • Self-employed taxi drivers
  • Self-employed mini cab drivers
  • Self-employed Uber drivers (yes, Uber drivers can get a mortgage!)
  • Drivers with only 1 to 2 years’ worth of accounts
  • First time buyers, re-mortgaging, or buy to let purchasers

What to do next

For a no-obligation discussion, talk to our friendly team now. Taxi drivers can get mortgages, and with expert help, our advisers will be able to help you structure your application and submit it to the lender most likely to accept you.