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Self-Employed Mortgages

If you have done your research as a self-employed borrower, you will know Self declared Mortgages are not an option anymore. While self declared mortgages aimed to help self-employed borrowers secure a mortgage, the manipulation and misuse of these types of mortgages has led to its abolishment altogether.

Today, by adhering to certain rules and requirements, it is not at all impossible for a self-employed person to secure a fair mortgage. A self-employed mortgage, construction mortgage or business owner mortgage may seem difficult to obtain due to an average lender’s perception regarding self-employed borrowers. Nevertheless, by hiring the right mortgage broker to help you through this process, acquiring a reasonable mortgage from a mortgage lender is a definite possibility.

As a principal owner of your business, you can have access to all the mortgage products that are offered to a borrower with a steady job at a reputable company. You will however, need to ensure a couple of things as you will be under higher scrutiny than a company-employed borrower.


Things to consider while securing a self-employed mortgage:

1.       Taxable Income

When you are the sole owner of your business, your accountant would most likely reduce your taxable income as much as possible through legal methods. While this will obviously suit you well while paying your tax bill, the same will work against you while trying to apply for a mortgage as it may affect the rate you qualify for.

2.     Updated Accounts

When a mortgage lender observes that you have kept all your accounts presented clearly and updated as per requirements, your odds of receiving a fair mortgage will increase. It is imperative that your accounts can prove the sustenance of your present level of earning.

3.     Appointing a Mortgage Agent

To be able to secure the most favorable mortgage deal, make sure to appoint a professional mortgage agent. While it is a bit challenging to find mortgage loans for the self-employed, a mortgage agent will have all the right contacts to help you strike a deal with mortgage lenders who are willing and comfortable dealing with self-employed mortgages.

Whether you work as a sole proprietor, in a limited company or in a partnership firm; finding the right mortgage is just a step away. 

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