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It is a well
known fact that self-employed people struggle to find suitable mortgage
arrangements. With our advice we hope that this will not be the
case. Being one of the 3.3 million self employed people in the UK
you are not alone in your pursuit for the best mortgage deal in
your particular circumstances.
Whilst the majority
of self-employed people are financially sound, it has proved often
very difficult for these borrowers to prove a level of their earnings
to the satisfaction of the lender.Follow our easy guide to help
you on your way to find the right mortgage deal for you.
Can we help
you?
We can help
you if the following criteria applies to you:
- You do not
have three years accounts
- Your declared
net profit times the usual building society multipliers does not
come to what you want to borrow.
- You have
not been running your business for a long time.
- You work
largely on commission or as a contractor
- You income
from a number of employers
Why us?
- We offer
specialist advice to you and don't charge an arrangment fee.
- We have over
200 advisor who will find the best deal for you in your particular
circumstances.
- It's a simple
process. Just fill in the application form and one of our many
advisors will contact you as soon as possible.
Since 1979,
self-employment in the UK has risen from 7.4% to 13.3%. Mortgage
lenders have recognised this growing market, and there is now a
number of lenders competing with each other for the market share.
Assessing your income There are two ways of assessing your income
as a self-employed applicant, which particular one you use depends
on the mortgage you want.
(a) Self
Certification: This is a very simple way of detailing your income
without providing audited accounts. The following concerns when
applying for a self-certification form:
· You want to
borrow less than a 75% loan to the value of the future property.
(some may let you to 85%)
· Information will be supported by the results of numerous credit
searches.
· You may be asked to submit previous mortgage statements.
· You may be asked to provide an accountant's certificate saying
your income is sufficient to service the loan requested.
(b) Status:
This method applies to people who want to borrow more than 85% of
the value of the future property. Normally called non-status, however,
to us you have a status, as you are self-employed.
You could have
problems if you have been trading for under three years especially
if your accounts show a downturn in the last few years.
Whichever method
of proving your income you choose, note that a credit check will
be carried out. Anyway, before you get all down beat don't worry.
Our advisors are free and specialised in finding the best mortgage
deals for self-employed people. Just fill in the application form
below and one of our several advisors will get back to you within
the next few hours.
Other points:
- As a self-employed
person you may be asked to put down a substantial deposit. On
average this works out around 20-25%.
- If you've
been involved in a particular industry for years this will be
an advantage. Lenders are interested in seeing how employable
you are. To give an extreme example; an electrician is probably
in a better position than a successful movie actor because s/he
can show regular, weekly work, whereas the actors' few months
of work here and there may look patchier
Don't forget
that our advisors are free. Just fill in the application form below
and one of our several advisors will get back to you within the
next few hours.
For
more information
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