Self Employed Home Mortgage
Self Employed Home Mortgage - For People Who Work From Home
If you have searched under the keywords self employed home mortgage you may be concerned that you can't get a mortgage because of many reasons: You're self employed, you find it hard to prove your income and you work from home. The good news is many lenders will offer this type of mortgage and do in fact specialise in this type of lending.
Being self employed and working from home is more common then you think, as the stats will show below. Getting a mortgage wont be as difficult as you imagined and in circumstances such as yours, now may be the time when you consider using the services of a good mortgage broker to find the right deal for you.
Working from home, trying to obtain a mortgage - is it a common thing?
Are you alone in working from home?
Latest figures from the UK National Statistics Agency confirm that there is no levelling off in the increase of home-based workers. 3.1 million people now officially work mainly from home with a further 1 million people in the survey found to be working at home on a more occasional basis.
The figures refer to people who work "mainly" in their own home or use their home as a base and does not include occasional home - or teleworkers - so that means there's up to 4.1 million people who have the need for a self employed home mortgage.
As well as not including less frequent/occasional home workers, the report also does not include people who work in the same grounds or building as their home. So if you work from a workshop at the end of the garden or a garden office, you're probably not in the figures. And mobile teleworkers who sometimes work at home, but don't consider it their "base" are also left out.
Included in the above numbers will be a good percentage of self employed home workers, so in answer to your question - YES it is common working from home and finding a suitable self employed home mortgage for you will not be too difficult.
I work from home - Does this create any problems for me?
The good news is that working from home does not 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.
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 identical 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.
In Summary
The great 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.
