Self-Employed Applicants

If any of the following applies, the applicant(s) must be disclosed as self-employed:

  • Where the applicant(s) has a shareholding of 20% or more;
  • If joint applicant(s) own 20% or more between them, treat both applicants as self-employed (both applicants need to hold a % share);
  • A sub-contractor who derives income from more than one contract;
  • An applicant(s) has a partnership interest in a business i.e. income is not PAYE, irrespective of the percentage shareholding;
  • An applicant(s) owns a franchise;
  • An applicant(s) employed by a Private Limited Company (LTD) who receives a salary (PAYE) and dividends as part of their remuneration package;
  • An applicant(s) who is in a Limited Liability Partnership (LLP) and receives a share of Net Profit.

The applicant(s) must be self employed for 3 years and 3 years’ income documentation must be provided. If an applicant has been self-employed over 2 years but not 3 the Society may accept 2 years’ self-employment plus one year’s projected income.   A referral should be made to the Society’s local branch office where the applicant(s) have been self-employed less than 3 years.