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The norm has been that it is more difficult for the self-employed to get mortgages.

Lenders prefer to see a regular income guaranteed by employment but this changed in recent years. There are now mortgage lenders who specialise in the self-employed market and if you're self-employed or unable to prove your income, finding it difficult to get a suitable mortgage this may be were you turn. Those in normal full-time employment are usually guaranteed to be paid, get references from their employer and are able to show payslips proving their income. Mortgage lenders obviously like this as it lessens their risk.

You maybe self-employed or working on a short-term contract, financially solvent, able to keep up payments easily, this though isn't enough to prove that you will keep up payments to your mortgage lender. Lenders want to know that that you will be able to keep up payments for a full term, not just over the coming year.

Just because one is self-employed, and don't have a regular or provable income shouldn't stop you from getting the mortgage that you need as specialist lenders who offer mortgages for these circumstances are available. Lenders will offer you a mortgage on basis that you self certify your income, but you'd still need a hefty deposit to put down to lessen the lenders risk. A deposit of say between 15 and 20% may incline lenders not to check employment records or ask for your accountant to clarify your earnings.

Lenders will need to see 3 years audited accounts from a certified accountant to consider a mortgage for the self-employed. Without 3 years of accounts you may be able to get a self-certification mortgage by declaring your income. This involves providing a certificate from your accountant for the last few years' mortgage statements.

Some lenders offer a more flexible approach to match the working pattern of someone who is self-employed. They accept that when you are self-employed you may have periods of high income but you may also suffer dips and periods of low income. Therefore the mortgage can be tailored thus enabling you to overpay and underpay when needed.

Use of this article or exerts thereof without the prior permission of the author is unlawful and will result in prosecution, if you wish to use the article please contact info@selfcertmortgageuk.co.uk.

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