Head of Content
Mortgage Advisor & Director
Can taxi drivers get a mortgage?
Yes, taxi drivers can get a mortgage; however, they may find it more difficult as they are not typically an employee. At Teito, we recognise the challenges faced by self-employed people when applying for a mortgage. Our team of experts work with more than 100 lenders offering over 20,000 mortgage deals, including those suited to taxi drivers. If you're looking are the best deal on your new mortgage, get started now, and we promise to make your mortgage journey as straightforward and stressfree as possible.
Why can taxi drivers find it hard to get a mortgage?
Most taxi drivers are self-employed, which brings challenges when it comes to applying for a mortgage.
In the past, self-employed mortgage applicants could self certify their income. Nowadays, since the financial crisis lenders are required to perform additional checks on self-employed income to ensure affordability both now and in the future.
Proving your income as a taxi driver
As a self-employed taxi driver, you will be relying on your business accounts rather than payslips to demonstrate your income. The majority of lenders will want to see a minimum of three years of business accounts to assess your income. That being said, some lenders will consider two years of accounts and the minority that will accept just one. Typically, they will look for a certified, chartered accountant to have produced your annual accounts.
Some lenders may require your SA302 tax calculation, possibly in addition to your business accounts. Your SA302 shows your total income with HMRC, as well as income tax paid and national insurance contributions.
Learn more and apply now
As a whole of market mortgage broker, at Teito, our team of experienced advisors have access to thousands of deals. We've streamlined the application process to make getting your new mortgage as simple as possible. Get started now on your stressfree mortgage journey.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
