Self Employed Mortgage

What is a Self Employed Mortgage?

The number of people working for themselves or part time has risen over the years and it is difficult for them to get a mortgage as they have no regular income so this proves impossible unless they have three years or more certified accounts.

Self Employed Mortgages

If you dont have three years of accounts and wish to buy a property then you will need to provide audited accounts and bank statements and the largest deposit you can afford, to get the best deal possible. The problem with Self Employed Mortgages is the rate of interest is likely to be much higher as you are considered more of a risk and you may have to pay a mortgage broker to shop around for you.

Last Tips?

If you have three years or more proof of earnings then you might find you would be better off looking for a mainstream mortgage deal first as there would be a wider range of lenders to choose from and you would be offered a much better rate of interest.