Self Employed Mortgage

A sizeable portion of the UK population is self employed. It is estimated that almost 14% of the people work on their own and the percentage is increasing. Most of these people are seasonal earners or commissioned workers. If you are one of these, a Self Employed Mortgage is your best bet.

A Self Employed Mortgage would allow you to borrow without requiring you to supply any proof of your earnings, for example wage slips. While you are applying for Self Employed Mortgage, you would be asked to state the expected annual earnings. The mortgage would be provided on this basis. The lenders now provide 90% loan to value on the mortgages.

The Self Employed Mortgage lenders would however probe your credit history thoroughly. It would be easier to procure the mortgage if you have been making all your payments on time. The best advantage of the Mortgage is that you would not be required to submit any proof of income. However, some lenders might require the self employed to submit two or three years' financial accounts to prove that they have substantial earnings. Another point to be noted is that these mortgages carry a slightly higher rate of interest than most others in the market.

The market for Self Employed Mortgages is becoming competitive by the day and there are good deals. There are many lenders in the market and you would do well to do some research before opting for any mortgage. You can shop around and seek some advice before taking a Self Employed Mortgage.