Self-Employed Mortgage Brokers
The days of self-certification mortgages are long gone. Now, finding an affordable mortgage if you’re self-employed or a small business owner can be more problematic. The trouble is that when self-certification mortgages were removed, no replacement product was put in its place, and many of the mainstream lenders are still less willing to accept a mortgage application from those with ‘non-standard’ income.
This can be a frustrating process, because even with a sizeable deposit and a reliable, proven income in place, many lenders will still be unwilling to take on the perceived additional risk. The result is that the self-employed are often refused a mortgage by the high street banks.
What’s the solution?
If you’re struggling to secure a self-employed mortgage, do not despair. Self-employed mortgage brokers have stepped in to fill the void left by self-certification mortgages to help freelancers, contractors and small business owners find the right deal.
In theory, self-employed borrowers should have exactly the same deals to choose from as everyone else. As long as they have the necessary deposit and can prove their ability to meet the repayments there shouldn’t be a problem – right? Well no, unfortunately not.
There are plenty of specialist lenders out there that offer products with the self-employed in mind. It might be worth checking with the mainstream lenders first to canvass the entire market, but if your application is refused, you should get in touch with a self-employed mortgage advisor, as they will know precisely which lenders to turn to in your particular circumstances.
Generally speaking, the lenders that offer the best rate will be those that feel most comfortable with self-employed borrowers, so getting in touch with self-employed mortgage specialists could certainly save you a few quid.
Tips from the self-employed mortgage brokers
These tricks of the trade from self-employed mortgage specialists can increase your chances of being accepted for a homeowner loan:
- Make sure your income statements are prepared by a chartered or certified accountant;
- Keep your accounts up to date – your most recent accounts should be no more than 18 months old;
- An income that is consistent or increasing will improve your chances of finding an affordable mortgage;
- Have your SA302 forms ready prior to your mortgage application;
- Be wary of switching your company structure before applying for a mortgage (e.g. from sole trader to limited company) as this could affect your chances of finding a mortgage.
How can we help?
We work with a leading network of self-employed mortgage advisors who know which lenders to approach to find you the best deal. Please complete our enquiry form for a free, no-obligation initial consultation with one of our self-employed mortgage specialists.