Self Employed Home Mortgage
Self Employed Home Mortgage - For People Who Work From Home
Working from home, trying to obtain a mortgage - is it a common thing? Will I stand out for opting for a self employed home mortgage?
With unemployment rates set to rise*, more and more people will have to resort to home-based, self-employed or consultancy work. This means more people finding that they are no longer regular, prime borrowers; instead they too will become people who need a self employed home mortgage.
Many people find it easier to telecommute. The rise of the Internet and mobile technology has made it simple to talk to clients, customers and employees from the comfort of your own home. It's also cheaper and gives you more freedom - but is it more expensive when it comes to financing your home, which doubles as your office? How simple is it to get hold of a self employed home mortgage?
Being self employed and working from home shouldn't create any problems what so ever. A self employed home mortgage is catered for by numerous lenders who will take your employment circumstances into account when arranging a mortgage to buy a house or to refinance any existing mortgages that you have in place. The key to getting hold of a self employed home mortgage is making sure all your documentation is in place - letters from employers, accountant's notes and audited accounts - everything that proves that you can afford your self employed home mortgage.
A self employed home mortgage is specifically designed for you if you operate your own business as a sole trader or partner from an office at home. There is no additional paperwork to be completed for a self employed home mortgage as the criteria for lending is similar to that of a mainstream mortgage application. In some circumstances you may even qualify for a mainstream self employed home mortgage - let your broker consider all the available options for you.
The good news is that just because you work from home and can't prove your income does not mean that there isn't a mortgage lender out there who will lend to you. A self employed home mortgage will be available to you and the choice of lenders and mortgage products can be immense so it would be wise to let your broker sift through the options that are available - leaving you the time to get on with other important matters. A self employed home mortgage will be harder to get hold of these days thanks to the credit crunch, but with some planning and advice it shouldn't be impossible.
* CBI, November 2008
