FINANCE SUPER MARKET

If you work for yourself then getting a mortgage can be much more difficult. The reason is that being self employed means your income is not always regular and consistent. This means that banks and building societies are less likely to lend you a mortgage.

There is however a solution and that is to opt for one of the self cert or mortgage self certification that some specialist mortgage brokers can provide you with. Being in the UK this market is tightly regulated so you need to make sure you go to a broker that is not only regulated but can provide a range of self cert mortgages.

A mortgage self certification is designed to help people in situations such as these. The mortgage application is based on affordability and the ability of the applicant to repay the loan, but does not require proof of income. Instead of providing trading accounts, payslips or any other proof of income, the applicant must certify that they have sufficient income to service the repayments when they self-certify their income.

A range of specialist mortgages are available if you are in this situation. These are usually provided by the smaller lenders or partners of larger organisations that understand your situation. They also understand that as well as being a risk, you as a self employed person, can also be a success in your business and therefore should not be denied a mortgage.

Everyone will have their own unique set of circumstances which means there is no single correct solution for providing you with a mortgage. A Specialist mortgage broker will have the experience and access to a broad range of mortgages to find a mortgage for most individuals.