Self Employed Mortgage

In the current financial climate, lenders have become considerably more cautious in their approach to the self employed. People who work for themselves often have less straightforward financial circumstances compared to those who are employees and as a result lenders have, in the main, shied away from self employed borrowers.

Nevertheless, there are deals still on offer and a specialist adviser can direct you to lenders who may be willing to help.

Before the credit crunch hit, self certification mortgages (also known as self certificate mortgages) provided a solution for the self employed, contractors and other people who have have irregular incomes.

The self employed and contract workers, may be unable to prove their income by way of certified accounts. Most lenders need to see evidence that the applicant can afford the mortgage. However with a self certified mortgage, borrowers could simply state their own income on the application form, rather than proving it with pay slips or accounts. Self-certification means that the earnings figure entered on the application form is accepted by the lender without proof.

It is estimated that as many as 10 million people might struggle to arrange a regular high-street mortgage because they do not have the proof of income that many lenders require.

With around 3.2m self-employed people in the UK and a growth in the number of contractors, the number of buyers who might not qualify for a standard mortgage has risen. Get a free mortgage quote today to see which lenders might be willing to lend to you.

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