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Being Self Employed
There are a lot of benefits of being self-employed and running your own business. However, getting a mortgage is not always one of them. Lenders like to see documentation that shows a good current income, a long history of steady income and a good indication that the steady income will continue.
Factors Effecting Mortgages for the Self Employed
Lenders will class your application as a self-employed application if you are a sole trader, a partner or own more than 20% - 25% of the shares of the company you work for.
The following 2 factors will determine whether a lender will consider your application:
- How long have you been self-employed (generally they will require that you are self-employed for a minimum period which may be 6, 12 or 24 months).
- Can you prove your income. (This can be by 2 or 3 years accounts).
If you cannot fit these requirements then it should still be possible to get a mortgage. You may need to self certify your income if you cannot provide enough accounts. There are some lenders however that do not require a minimum trading period.
Best Self Employed Schemes
Obviously the most suitable self-employed scheme for you will depend on your exact circumstances. We can help you to find the best scheme. Simply complete our no obligation enquiry form or call us on 02072 68 68 00
If you have 3 years accounts then you will be able to apply for loans on a similar basis to employed people and therefore most of those schemes will be available to you.
If you cannot prove all of your income then you may need to self certify your income.
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