Mortgages for Self-Employed Individuals

A guide to sourcing the right mortgage for people who are self-employed.

Working for yourself is no walk in the park

There are a lot of benefits to working for yourself. You have control over what you do, you can manage your own time, and you get to be your own boss. Of course, there are significant challenges too: potentially long hours, no guaranteed income and the unpredictability of economic forces outside your control.

Some people would add “getting a mortgage” to the list of challenges. Because you don’t have a steady, guaranteed pay cheque—at least in the eyes of lenders—you may be seen as a credit risk. The result can be a mortgage that requires additional equity or a slightly higher rate.

Self-employed, contractor or consultant? Let’s talk.

Based in Vancouver, B.C., Nest has worked with many, many self-employed and gig workers, small-business owners, consultants and contractors to find mortgage solutions that work. We understand the special needs of Canadians who provide their own paycheque, and we go out of our way to make the process of securing a mortgage simple and stress-free for the self-employed.

You work hard for your money. We work hard for your mortgage.

Mortgages for Self-Employed FAQ

What documentation will I need to provide?
Typically you’ll need to show:
- Your articles of incorporation, if your business is incorporated
- Your business registration and GST registration, if you’re a sole proprietor or unincorporated partnership
- Evidence that you are current with your GST payments
- At least six months of bank statements
- Your last two years of T1 tax forms and Notices of Assessment
Can I get approved for more than my stated income would warrant?

Perhaps. Banks use your net income stated on your tax documents and financial statements to determine how much mortgage you qualify for, and at what interest rate. If much of your earnings are kept in your business, and not illustrated in your net income, we can help you qualify for more mortgage using the gross deposits of business income over the past year. This enables you to benefit from the actual quality of your business earnings, even if they aren’t reflected in your tax documents.
How long do I need to be self-employed for?

We can work with as little as six months of self-employment. We’ll double your gross business income from the past six months to create a viable annual figure.
Does it matter if my income is cyclical through the year?

No. All that matters is the total of your income or gross deposits each year.
My partner has a full-time job and I’m self-employed, will that help?

Yes. If you are buying the home together, having one spouse with a full-time job can help show consistent, guaranteed income. This type of information will be helpful to our process.
How is Hub better than my last mortgage experience?

Hub is made up of mortgage experts. We have decades of combined experience working with self-employed people just like you on a vast array of mortgages and homes throughout Western Canada and beyond. We’ve applied our years of experience to create a simple and stress-free approach to mortgages, starting with an easy online application process. And if you ever have questions, we’re easy to connect with in person or on the phone.

Don’t believe us? Check this out

Joe Harb

A pleasure to work with. They pre-approved my mortgage and checked in periodically to see how my house hunting was going. When I found the right place, Hub Mortgage Co. were quick with responses and provided information and advice wherever possible. They still continue to check in and see how things are going. Experts in the industry, you can rest easy using their services.

Sarah Richards

As a first time home buyer in the intimidating Vancouver market, I had a lot of questions and fears about the process. Hub Mortgage Co. were with me all the way, helping guide me through everything I was unsure about. They treated me like I was their #1 customer, and not just in the care and attention the paid. They also got me an amazing rate on my mortgage.

Gabby Still

Referred to us by a friend, Hub Mortgage Co. were able to help us out with our mortgage renewal. It being our first time renewing, we had some issues and also a ton of questions that Ray and Merissa took care of without hesitation. We would recommend Ray and his team to anyone who’s looking for a mortgage broker.