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Finding the right mortgage when you’re self-employed

Securing a mortgage from your bank is difficult when you’re self-employed. Fortunately, Mortgage Partners has mainstreamed this process and can help provide several options
Mortgage Partners Spotlight_July 2021

Securing a mortgage can be tricky for people who are self-employed. Traditional banks and lending institutions often require income documentation that does not take into account the unique ways that income is reported for self-employed individuals. Because of this, some self-employed people or sole proprietors are often either rejected or offered less-than-ideal mortgages that are expensive and cumbersome. 

The main source of the problem is that most banks and lending institutions require income to be reported on T1s and Notice of Assessments, which may work for employed individuals but not necessarily for those who are self-employed. 

Mortgage Partners can offer solutions for all

Thankfully, there are mortgage options available for people who are self-employed or sole proprietors. Kash Toor, CEO of Mortgage Partners Corporation has been finding mortgage solutions for a wide variety of clients since 2010. 

“Unlike banks, we do not require traditional income documents such as T1 Generals and Notice of Assessments,” he explains. “As an independent mortgage brokerage, we have the largest programs available in our arsenal when it comes to self-employed individuals. We understand the complex tax implications on corporations and sole proprietorships who may declare little to no income.” 

Instead of requiring the traditional income documentation, Kash and his team at Mortgage Partners Corporation can secure fair loans based on stated income. 

They have brokered these types of loans for many different property types including farm, agricultural zoning, tear down, construction mortgage, raw land, buildings with rent roll, bridge loans between the sale and new purchase and commercial zoned properties.

Unique Challenges for Self-Employed Individuals

According to Kash, there are a few issues that self-employed individuals can encounter when qualifying for a new mortgage or mortgage renewal. If there are liens registered against their property, a high amount of accumulated interest charges, and/or their taxes (including HST) are in arears, qualifying for a new mortgage or mortgage renewal could be difficult. All of these things have a negative impact on the individual’s credit bureau rating. Working with Kash and his team at Mortgage Partners Corporation can help self-employed individuals overcome these obstacles. 

Options Outside of the Major Banks 

Thinking outside of traditional lending restrictions is one of the perks of working with an independent mortgage broker like Kash. “This has truly been our speciality and we have been able to successfully place these types of mortgages throughout the years,” he says. 

Kash and his team at Mortgage Partners work with their clients to understand each individual situation. They are able to step in when people are finding it difficult to work with the major banks’ stringent rules and qualifications processes. “We are able to prove alternative solutions and ensure that our clients have options,” says Kash. 

Mortgage Partners Corporation serves South Simcoe and office locations in Vaughan, Richmond Hill and North York. For more information about mortgage options for self-employed individuals, call them at 1-800-571-4996 or visit them online at