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Self Employed Mortgages Free Help and Advice
Self Employed Mortgages offer a mortgage lifeline for the estimated 3.2 million self employed people in the UK. Many such individuals experience difficulty in obtaining a mortgage because they cannot necessarily prove their income. Many banks and building societies take a cautious view of the self employed and for such individuals, Self Employed Mortgages are the ideal mortgage product.
In short, Self Employed Mortgages (also known as Self Certified or Self Certification Mortgages) allow applicants to declare their own income and to borrow what they can afford to repay rather than what the traditional proof of income declares they can afford to repay. |
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Why Self Employed Mortgages?
Self Employed Mortgages are offered without the necessity of providing proof of income, existing mortgage statements, bank statements or audited accounts. They allow the self employed individual to declare an income they may not be able to prove without the necessary documentation.
Self Employed Mortgages Advice
The best advice for anyone seeking a Self Employed Mortgage is to seek professional help from a specialist mortgage broker. They will have experience in dealing with mortgage products tailored towards the self employed, and be able to guide such individuals towards specialist lenders who offer more flexible products than the standard mortgage.
In Summary
In summary, Self Employed Mortgages are based on an individual's ability to pay rather than the traditional proof of income required for standard mortgages. Lenders who specialise in Self Employed Mortgages are likely to require a slightly higher deposit and levy a marginally increased interest rate. A mortgage broker will advise you the best way to proceed.
