Self Employed Mortgages

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The biggest misconception about the mortgage market is that it is very difficult for self-employed people to get a self employed mortgage loan in order to buy a home.

Self-employed borrowers potentially have access to exactly the same range of mortgage products as everyone else.  

The key is that you will have to be able to evidence you have the income necessary to make the repayments on the loan for which you are applying, which is exactly the same as if you were employed.

The normal requirements are that you have at least two years’ worth of company accounts, SA302s or tax returns –  (though a few may request three years’ worth and some lenders only require one years accounts). If you are self employed as a Contractor you could also have to provide evidence of work you have already lined up for the future by way of contracts, in order to show that your current income can be maintained. 

There are a handful of specialist lenders who offer products designed specifically with the self-employed in mind. However, mainstream mortgage lenders routinely lend to the self-employed too and the chances are that as long as you are able to show sufficient accounts this is not a bar to any normal mortgage range.

Given the other challenges you may face when applying for a mortgage – it’s really useful for self-employed workers to take impartial and expert advice on getting the best possible mortgage deal 

We are independent mortgage brokers covering Mansfield & Sutton-in-Ashfield.  If you need a mortgage broker in Mansfield or mortgage broker in Sutton-in-Ashfield we're here to help.