Self Employed Home Mortgages
Self Employed Home Mortgages - The Real Story
'All self employed home mortgages were missold'
This is just not true. Since 2004, the Government's financial watchdog, the Financial Services Authority, has been carefully watching the creation and distribution of self employed home mortgages. They have found a handful of cases where people have lied, where illegal brokers have cheated and where the loans were missold. But there are millions of happy self employed people who, every month, pay their mortgage without a problem. There are even examples of happy borrowers on these very web pages. As with everything, there are some isolated bad cases, but the huge, huge majority of self employed borrowers are safe and happy.
'Self employed home mortgages are the reason for the credit crunch'
The media would have you believe that self employed home mortgages were the downfall of the nation. This is impossible; the credit crunch came about because globally, institutions over-leveraged themselves, coupled with a downturn in house prices, too much personal debt and freezing up of the world credit system. This has very little to do with UK self employed home mortgages, which are safe, clever mortgages if handled correctly.
'Taking out self employed home mortgages will end in repossession'
Mortgages will only end in repossession if the borrower doesn't understand what they have got themselves into. Without advice, and without careful warnings, specialist mortgages can lead people in difficulty, this is true. But if advice is taken when borrowing self employed home mortgages there is no reason why the borrower should default on their mortgage. A good broker will outline the pitfalls, help put together a spending plan and will always be on the end of the phone if anything goes wrong.
'The authorities are trying to ban self employed home mortgages'
The authorities do not want to ban anything that helps people. And self employed home mortgages certainly help many people find home finance. The Government in this country does not want any careless or thoughtless lending, so as long as the self employed home mortgages are advised properly, lent carefully and well-maintained they should be around for a long time to come yet.
'Self employed home mortgages are dead'
Talk to a good mortgage broker and ask them that question, and then see them source a range of self employed home mortgages right before your eyes. There are still lenders offering these deals, there are still lots of options for people who are self employed and there are still plenty of good, professional mortgage advisers who would be more than happy to help.
