Self Employed Mortgage UK: How It Works
The documents UK lenders want from self-employed applicants: two to three years of accounts, SA302s and tax year overviews — and the 72-hour rule.
Business Banking
A sole trader is not legally required to have a business bank account. Whether you want one is a different question, and it is the one this guide answers first.
If you are choosing, the comparison of business accounts for sole traders covers the field, with fuller reviews of Tide, Countingup and Wise. One distinction does real work here and is easy to miss: an e-money account is not a bank account, and the difference shows up in what FSCS protection you actually have if the provider fails.
Already banking somewhere and thinking of moving? The Current Account Switch Service takes seven working days, and the account you move to may decide whether you get FreeAgent free.
Two adjacent things people ask about: where to keep the money you are setting aside for tax, and how lenders look at self-employed income.
Checked 26 August 2026. General information, not financial advice.
Do Sole Traders Need a Business Bank Account? Not Legally
No law requires a business bank account — but your bank probably does. Santander and Barclays both say a personal account for business breaches their terms.
Best Business Bank Accounts for UK Sole Traders (2026)
Starling, Monzo, Mettle and Tide compared for sole traders — including what each free plan limits, like Tide’s five transfers a month.