Let’s face it: the nature of work as we know has totally changed. The number of self-employed freelancers has skyrocketed in recent years -  from 3.8 million in 2008 to 4.6 million in 2015, and continues to rise thanks to the startup ecosystem and its need for outsourcing, as well as the millennials’ burning desire for freedom.

It goes without saying that traditionally, securing a mortgage as a freelancer was a headache and a half. However, the market is thankfully responding to the shift in work patterns and freelancers today have more options than ever before.

Want a more practical advice on how to secure a mortgage if you’re self-employed?

• Know the requirements. Get those accounts prepped- you’ll need to have two or three years’ worth of accounts, as well as any associated tax calculations at the ready. Some lenders will consider your applications if you are able to provide evidence of regular work, or that you have work lined up for the future.
• Work with an accountant. Freelancers have a lot on their plate: securing and managing clients, keeping on top of all the deadlines and, you know, having a life. No wonder, then, that dealing with tax returns is something few freelancers look forward to, so why not ease the stress and hire an accountant? If you think they’re too pricey, look for one based further out of London and you’ll be pleasantly surprised at their rates.
• Work on your credit history. This isn’t only relevant to freelancers, but everyone looking to take out a mortgage. Your credit history will have a huge impact on your chances of getting the green light, so make sure you pay off those debts.

• Understand how much you can borrow. You can do this by multiplying your day rate by the number of days worked each week, multiplied by 48 weeks. By multiplying the total by 5, you’ll be able to give the mortgage offer you can expect. So, a contractor on £450 per day could potentially raise £540,000 to buy a property. Most lenders’ approach is to take an average of the last 2 – 3 years’ net profit, but some will now look at your most recent set of accounts.

• Get professional advice. There’s a growing number of mortgage brokers out there that specialise in helping freelancers and their advice can be invaluable. If you feel like you need a bit of a boost, consider speaking to one.

Credit photo: Unsplash / Kimson Doan