Self Employed
Self Employed Mortgages
There are undoubtedly many advantages when it comes to being self employed. It often means that you can work the hours you want, you don't have to answer to anyone but yourself, and it can also be financially more lucrative than being a salaried employee.
However there can be disadvantages as well, and if you've recently applied for a mortgage from a high street lender and were turned down you'll have experienced one of them!
The fact of the matter is that most high street lenders will be unwilling to offer mortgage finance to the self employed because their income can be unstable and difficult to prove.
If you're self employed and looking for a mortgage or remortgage then the most important distinction is if you have three years of accounts or you don't.
Self Employed with Accounts
If you are self employed but have three years of certified accounts then you will most likely be able to apply for a loan on a similar basis to employed workers.
Unfortunately three years is a long time, and there are many newly self employed individuals who simply don't want to wait that long to buy a home, particularly if their self employed business is flourishing.
Self Employed without Accounts
If you are self employed but don't have the accounts needed to get finance from the high street, then Mortgage Financial can put you in touch with a professional mortgage adviser who are happy to discuss your situation and help source a mortgage that meets with your circumstances.
Additionally, a self-certification mortgage may also be an attractive option if you do have accounts but you're current earnings have increased significantly or if your accounts don't reflect an accurate picture of your earnings because you have been 'sheltering' some of your income to avoid higher tax brackets.
The overall cost for comparison is 6.7% APR
- Telephone: 01443 842 452
- Fax: 01443 841 723
- Address: 1st Floor Unit 6, Charnwood Court, Heol Billingsley, Parc Nantgarw, Cardiff, CF15 7QZ
- info@mortagefinancial.co.uk
