Mortgages for the self employed and other people who find it hard to prove their income
If you're one of the estimated 4.2 million self employed people in the UK, or have working styles which differ slightly from the norm, you'll benefit from using the services of a firm of mortgage brokers who specialise in arranging mortgages & remortgages for the self employed, company directors, contract workers and employees who receive a bonus or commission as part of their income.
Historically lenders in the UK have taken a cautious view of the self employed. Until recently a number of mainstream and specialist lenders provided a solution for the self employed through self certification mortgages. Unfortunately these products are no longer available, although the good news is alternative products still exist which are suitable for self employed borrowers.
Traditionally, with a true self cert mortgage, you made a declaration as to what your income is, but you did not need to provide any proof. You simply stated what your likely income will be, rather than providing documentary evidence such as accounts, P60s or payslips. Today, lenders will instead consider your application on an individual basis to get a thorough understanding of your risk profile and part of the process we undertake is to determine your ability to repay a mortgage.
Some mortgage lenders only accept business through qualified and authorised intermediaries because they believe professional financial advice is the best way to help people choose the right mortgage. By using the services of a specialist broker, you'll get access to some exclusive deals which may not be found in the high street. Discount and fixed rate products are available.
Finding you the best mortgage deals
Whether you have a good or bad (adverse) credit history, help is available and you can be sure of getting the best deals. An experienced advisor will take the time to shop around, sourcing the best rates from the whole of the market, ensuring you get the most suitable solution for your requirements.
A different market
The credit crunch and following economic turbulence has led to a stark reduction in the number of lenders offering products for the self employed with the removal of self cert mortgage products from the market altogether.
Self cert attracted some bad publicity, triggered by a toxic combination of an 'easy borrowing' culture and a house price boom. It is believed some borrowers were encouraged to exaggerate their income in order to take on a bigger mortgage. Luckily there are still some lenders that recognise that many people are overlooked by the mainstream market, and that they very often represent good lending. These people are solvent and able to repay their mortgages, but have certain circumstances that mean they have difficultly get a mortgage on the high street.In today’s challenging mortgage market, good advice from a specialist advisor is worth its weight in gold. Simply complete the no obligation online enquiry form and a qualified advisor will contact you to discuss your situation and needs.