Mortgages for the Self Employed
Mortgages For The Self Employed | Avoid The Pitfalls
There are a lot of advantages to being self employed. You get to work for yourself, when you want, where you want. There are also some disadvantages, but not being able to get onto the property ladder is no longer one of them. That's because many banks, building societies and mortgage lenders now offer mortgages for the self employed. These are the same as conventional mortgage products, but they allow borrowers to self certify their income. This means that lenders offering mortgages for the self employed will not ask customers to prove their income. So how do you know if you are eligible for such a mortgage?
Self-employment takes many different forms. You may own your own business, such as a shop or pub. Or you may just work for yourself, by being a freelance artist or hair stylist, an IT consultant or a taxi driver. Whatever you do, you are not alone. More and more people in the UK are now self-employed and no doubt countless others will become so in the future. For those that want to buy their own home, mortgages for the self employed could be the best option.
Mortgages for the self employed can be used to finance home purchase by anyone that can't prove their income, not just business owners. For example, people that take home large bonuses or commission that counts as part of their income. And many people in the UK now derive income from investments, which mean their incomes can fluctuate.
Other examples of people who may be eligible for mortgages for the self employed include seasonal workers or those contracted to multiple employers. Temp or agency staff, whose income varies and cannot be predicted, may also need to self-certify their income - in which case mortgages for the self employed could be right up their street. In addition, some 
people have second or even third jobs, which again means they earn more than the salary from their main job. And some people, such as nurses, manufacturers and journalists, are able to boost their main income through shift work. These types of people, and indeed anyone who can't prove their income, could find mortgages for the self employed could be the answer to getting on the property ladder. Being unable to prove your income no longer means buying a home is just a pipedream. Once upon a time their financial situation and fluctuating income may have meant being rejected for a loan. But now, lenders that offer mortgages for the self employed realize that such borrowers may still be perfectly able to meet their mortgage repayments.
