Self Employed UK Home Loan Mortgage
The Key Facts About A Self Employed UK Home Loan Mortgage
What is a self employed uk home loan mortgage?
Quite simply, a self employed uk home loan mortgage does not require an applicant to declare an exact salary - as this would be an impossibility. Instead the borrower presents just an estimation of earnings. Although this figure will not be investigated or checked, it will still have to meet the lender's specific criteria for the self employed uk home loan mortgage you are applying for. This is why it can make sense to employ the direction of a mortgage broker, like The Mortgage Broker Limited, that specialises in this area of finance.
Who is a self employed uk home loan mortgage aimed at?
Contrary to what the name might suggest, a self employed uk home loan mortgage is not just for the preserve of the self employed. For example, if you have been in self-employment for more than three years - and have certified accounts to prove this is the case - a mainstream mortgage can usually be acquired. This is because the lender is reassured that 
your business is stable and robust. Those borrowers who cannot produce three years' accounts will typically apply for a self employed uk home loan mortgage product instead.
But a self employed uk home loan mortgage also encompasses other borrowers with non-standard incomes who simply want to add their legitimate but irregular earnings to their borrowing capacity. For example,a city banker who earns a handsome, but not guaranteed annual bonus or a registered child minder who holds down a cleaning job in the evenings. In short, a self employed uk home loan mortgage is these days more relevant to a lot more people.
What are the lending criteria for a self employed uk home loan mortgage?
Even if a self employed uk home loan mortgage sounds like the deal for you, as is the case with any mortgage, you will still have to qualify. So what will this involve? Firstly, as lenders are putting trust in your estimated earnings, you will need to give it a higher level of security in return. Often this means a larger deposit of around 20 per cent of the property value or a steeper interest rate.
However this is not always the case with a self employed uk home loan mortgage. As the products become more widely available, terms and criteria will change frequently. 
In fact, in many cases a self employed uk home loan mortgage now resembles standard mortgage deals with comparable interest rates and even a loan to value of up to 90 per cent. Be aware however, that a self employed uk home loan mortgage employs the same principal as any other type of loan; the bigger deposit you can put down, the wider the range of lenders will be available to you and the better rate of interest you'll pay.
How easy is it to get a self employed uk home loan mortgage?
If you meet these criteria, securing a self employed uk home loan mortgage, is easy - especially if you use an expert mortgage broker, such as The Mortgage Broker Limited. You may even be pleasantly surprised at the prices, flexibility and overall hassle-free process of the application.
