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To help you make the right choice from the many Self Employed Mortgages available use a qualified mortgage advisor.
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Self Employed Mortgage
Taking out a mortgage when self-employed after the credit crunch has asked for many more requirements to fulfil. The credit crunch hit after the time when self-certification loans were available for self-employed, which let the self-employed confirm their own income.
Self-certification loans put too much trust onto the self-employed and created problems which resulted to the product being driven out the market and leaving lenders not so lenient when carrying out mortgages. This is because when self-employed, risks are much higher to default, whereas someone with a fixed income knows how much is expected of each month.
On a general if you are self-employed, proof up to 3 years of accounting maybe required. For someone who has just become recently self-employed a check into the past might be taken, to see if the past industry is related to which you are self-employed for currently.
With the FSA putting a lot of pressure on the requirements for self-employed, by introducing it ‘responsible lending’ criteria, the ease of taking out a mortgage has been effected. The criteria outline that income should meet outgoings, and the maximum amount able to be borrowed will be taking into account the month with the least income, so basically worst case scenario.
When looking for a mortgage it’s a good idea to seek advice from a mortgage advisor, as they can offer products which not all major banks could. Most advisors will probably need bank statements and audited accounts from the borrower. With the choice of lender depending on the current situation the advisor will know what lenders are worth approaching and then filtering all options with the best result.
With everything said you would still have questions to be answered and that’s why below is a form which will put you in touch with one of our advisors. Simply fill it out and an advisor will be at your service.
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