Self Employed Mortgage Options

 

Mortgage Information for People Who Are Self Employed

As you know being self employed has many great benefits such as working from home or working your own hours as well as the possibility of making a large income. The only drawback to being self employed is the eligibility factors for securing a mortgage.

Most banks want to see a stable pattern of work history before giving out large loans such as a mortgage. If lenders see that you are self employed but have worked at the same job for several years you may have a decent chance of getting a mortgage. If you are new to the job it will be very difficult to get an approved mortgage.

Mortgage Brokers

One option to consider when trying to get an approve mortgage is to find a good mortgage broker. Mortgage brokers are very helpful for finding which lenders are more likely to say yes as well as find the best possible deal for your specific situation. This also avoids having your credit score shoot up if you are talking to more then one lender. By having the broker do the hard work for you, you are not risking to have your credit score go off the charts. This will also prevent lenders from seeing that you may have been turned down elsewhere therefore eliminating any stress or hesitation they may have by giving you the loan or mortgage. You should always ask the broker if there is a fee for the service or is their pay commission based, otherwise you might be expected to pay for the visit.

Self-Certified Mortgages

A self certified mortgage is a type of mortgage where you officially certify what your income is but you do not have to prove it. This will come at a cost and that is a higher interest rate which means thousands of dollars more then a common loan or mortgage.

Flexible mortgages

Flexible mortgages are one of the best types of mortgages for self employed people as you can overpay the mortgage and if you go through a rough patch where you can’t pay for a month or more then you won’t get a default and risk losing your home. These are the best type of loans for the self employed sector.

If you would like to know how much you can be approved for just fill out our application. We will give you a free no obligation quote.

 

To find out how much your new mortgage will cost click quote and apply button below to fill out our online application form or give us a call on 01634-404183.

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