Prime mortgages from Atom

If an applicant has more than a 20% shareholding in the business they work for, we’ll treat them as self-employed, but if their shareholding is 20% or under, we’ll class them as employed.

Applicants who own a franchise or have a partnership interest in a business will be assessed as self-employed, as will sub-contractors who derive income from more than one contract. In all cases, we might seek references from their accountants.

We’d normally expect applicants to have been self-employed for a minimum of two years (and preferably three years) and for the business to have been profitable throughout that time.

Income for affordability is taken as follows:

• For self-employed customers, multiple year (minimum two years, preferably three years) pre tax net profit figures will be captured on the intermediary portal. The system will determine the average net profit for the applicant by taking a simple average.

The maximum LTV for self-employed applicants is 90% for Prime products and 85% for Near Prime products.

Construction Industry Scheme (CIS) Contractors will be treated as self-employed. Therefore, two years’ accounts or two years’ HMRC self-assessments (SA302s or Online Tax Calculations) will have to be provided to evidence income.

Limited Liability Partnerships (LLP) - Income from a partner within an LLP is acceptable and can be evidenced by providing two years company accounts. Where the appointment is too recent to be shown in the accounts, income can be validated by a letter from the managing partner confirming the applicant’s partnership share and income for the most recent financial period.

* Accountants certificate - if you want us to apply for an accountant’s certificate, rather than sending in accounts, then please email mortgageprocessing@atombank.co.uk with your request.