Are There Issues Getting a Mortgage When you are Self Employed?

Dubai has proven to be an exceptional city to start a business and provide for your family, but you may be wondering if there are any issues getting a mortgage when you are self employed.

Whether this has been an issue for you in the UK or not, being self employed in Dubai should not stop you from getting a mortgage. You have to meet slightly different criteria than an employed individual would, but there are plenty of self employed British expats in Dubai who have a mortgage at a highly favourable rate.

Let’s take a look at the self employed mortgage criteria you need to know.

Is Your Business Stable?


Money lenders take a significant risk when anyone borrows from them. In order to reduce this risk, the banks of Dubai will need to assess how likely you are to keep up with mortgage payments. For the self employed, this means proving your business is stable.


Most lenders will expect you to have run your business successfully for a minimum of two years. With only one year or less trading, the banks of Dubai won’t be able to fully assess the stability of your business. This doesn’t mean you can’t get a mortgage, but it may be a problem for some lenders.


Your self employed mortgage criteria may also change depending on whether you’re:


  • A sole trader
  • A contractor or freelancer
  • A limited company director

If you’re in any doubt as to how your employment status will affect your eligibility, you should speak with an independent mortgage expert for more information.


Can You Improve Your Chances of Getting a Mortgage?



Having a stable business greatly improves your chances of getting a mortgage when you are self employed, but that’s not the only factor lenders take into consideration. You can do your best to help with the process by:


  • Speaking to a mortgage broker to find the most suitable lender: You can save yourself a significant amount of time and hassle by speaking to an expert in the industry first. Brokers will know which lenders are a safer bet, and which have strict criteria.
  • Ensuring there are no adverse entries on your credit file: Your credit score will be a huge deciding factor in whether to grant you a mortgage, and an adverse entry could lower your score.
  • Keeping on top of your accounts: An impeccable credit record keeps more options open. Ensure everything is paid and on time.
  • Do not max out your credit card: A credit card that’s at its limit may look like you are in financial distress, and the higher the usage the lower your credit score.
  • Have a deposit ready: A deposit shows seriousness on your part, and proves you are responsible with money. This is something all banks like to see.

What Documents are Needed?



As a self employed British expat, the banks of Dubai will need to see a range of documents. This includes:


  • A valid residency permit
  • A copy of your passport
  • Proof of your current address
  • 2 year’s worth of business audits
  • 1 year’s worth of bank statements

On average, it takes between 5 and 7 working days to be pre-approved for a mortgage, and 4-5 working days to receive a final mortgage offer.


How to get a Mortgage When Self Employed


Applying for a mortgage when you’re self employed can be confusing — especially when you aren’t fully up to date with the local customs in Dubai — but Expat Mortgage was set up to help British expatriates find their dream homes in the city

We will approach the banks on your behalf, ensuring they’re happy with you being self employed and securing the best rate on your mortgage. From start to finish, we’re here to make the entire process hassle-free, and our clients save an average AED 150,000 over the course of their mortgage. That’s the equivalent of £30,00.


To eliminate any issues getting a mortgage when you’re self employed, come and speak to the experts.