Mortgage offers can vary drastically between lenders, with attitudes to lending to self-employed Uber drivers being very different depending on which lender you talk to. Many of the high street lenders are taking their time to catch up with what is being referred to as the “gig economy”, so can Uber drivers get a mortgage?
Yes, Uber drivers can get a mortgage, but as with all self-employed people and sole traders, you will need to provide evidence of income plus provide your year-end tax calculations. However, there are only some mortgage lenders in the UK market who will consider this type of mortgage application.
So that’s the short answer, but what does it actually mean for you as an Uber driver looking to get a mortgage or home loan?
As with all self-employed people and sole traders, you will need to provide evidence of income, plus provide your year-end tax calculations.
High street lenders will vary, some will dismiss applications entirely from self-employed people and sole traders where a full 3 years trading accounts cannot be supplied or the majority of income comes from what the lender perceives to be a non-traditional source of employment.
For people working in the gig economy this can cause problems.
We can help you to improve your chances of getting a mortgage as an Uber driver or similar type of employment status.
How to get a mortgage as an Uber driver
Thankfully there are mortgage lenders in the market who will consider your application, many of whom are adjusting their approval model to suit people who work in freelance and contract work.
Finding those mortgage lenders and making sure you produce an application that stands a high chance of success is where we can help. We can put you in touch with a mortgage adviser who specialises in obtaining mortgages for Uber drivers or indeed self-employed taxi drivers in general.
Your mortgage adviser will work with the lender criteria to assess your application and establish whether you can afford to take out a home loan.
Your adviser will understand that mortgage lenders will want to see proof of earnings and be comfortable knowing that you can afford the repayments on the mortgage conditions.
Different lenders have different requirements, and these may include:
- Business accounts if available
- SA302 year-end tax calculations
- Credit scoring checks
- Proof of regular and stable income
Due to the way in which Uber drivers work and get paid, it will be key to work with a mortgage adviser who understands the best way in which to present an application such as this.
By using a specialist mortgage adviser, they can help you to source and identify the right mortgage lender who will be prepared to offer you affordable terms as an Uber driver.
Your adviser will work with you to submit a mortgage application that gives a fair and just overview of your actual income from all sources, so that the mortgage company can be comfortable that you have the ability to afford the mortgage they are prepared to lend to you.
Your tax status as an Uber driver
As of October 2018, Uber drivers are still classed as self-employed.
For now, Uber drivers are still classed as being self-employed which means you are responsible for paying taxes and your own contributions for National Insurance and you will be filing your own tax returns either directly or through a bookkeeper/accountant. It’s important to keep a record of everything to help with your mortgage application.
What you can do next
If you want to talk with a specialist mortgage adviser who understands the unique circumstances of Uber drivers, the why not contact us today? We have a large panel of taxi driver mortgage experts.
We have a large panel of expert advisers who help and support people every day in the UK who are self-employed or who have unique income structures.