Mortgages for the Self-Employed -

Mortgage Guide

Mortgages for the Self-Employed

Where do you stand?

Traditionally it's been more difficult for the self employed to get mortgages.

Mortgage lenders preferred to see the regular income guaranteed by employment. However this has changed in recent years.

While there are mortgage lenders who specialise in the self employed, most lenders will now be much more likely to deal with the self employed

If you've been involved in a particular industry for years this will be an advantage.

Lenders are interested in seeing how employable you are. To give an extreme example; a plumber is probably in a better position than a successful film director because s/he can show regular, weekly work. However, the film director's few months of work here and there may look patchier.

Mortgage lenders don't always appreciate the ins and outs of different types of business. But some will so shop around.

If you're new to your area of business this may prove a problem till you can demonstrate regular income.

If you're on a "short term contract" it will help if you can show you have a regular contract with the same "employer" ie which has been renewed. The longer it's lasted the better. Others may want to see a pattern of renewals over a one or even a two-year period.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

Important note about your credit rating

Many websites don't make it clear that filling in their mortgage enquiry form means you might be credit checked.

This can put you at risk.

UK Mortgage lenders may assume an enquiry you have aleady made to another lender means you were turned down - and not that you are in fact carefully shopping around and rejecting the bad deals.

The best way around this significant problem is to ask an independent mortgage adviser to make anonymous enquiries for you.

Without risking your credit score an adviser can find you the best available mortgage deal. They will also know how likely you are to be accepted by the lender if you decide to make a formal application.

If you would like a recommended adviser to check out the best deals for you, anonymously, simply fill in the quick form below.

" Hmm..." You might think; "Won't I be hounded by a salesman hungry for my business? "

This is the most common question we hear from our users.

The answer is no you won't.

Firstly your enquiry is only passed to ONE person on a carefully vetted list of independent advisers.

Secondly, these mortgage advisers are professionals. Even when the market is slow they are busy people. There many people who need to move homes, or get a remortgage and are looking for advice all the time. Regardless of the state of the property market, life goes on.

So the advisers don't have time to hassle people. It just doesn't work like that. No one is gong to be forced into taking out a mortgage unless they really need one.

The advisers are very used to talking with people, perhaps like yourself, who are only "dipping their toes" into the water.

Many people just want an initial quick chat and if they feel comfortable will ask the advisor to contact them again later - often in several weeks or months. As a professional, the adviser will simply diarise this and call back at the appropriate time. There is no obligation at all.

(In the unlikely event that you ever feel at all "hassled" by someone on our list please let us know immediately. We have never heard of this. But if it happened we would definitely want to know).

"Thank you... the form was very quick. After many long phone calls to various lenders - where I'd go over the same details again and again - I was amazed at how easy you made it. You've saved me £1000's.... "

Peter B, Leeds

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Sorry ! The amount you want to borrow is less than £25,000. This is the minimum allowed for a mortgage. But don't worry ! You could get the money via a personal loan. I want a free no obligation loan quote Click OK No thanks. I will change my borrow amount to more than £25,000 Click Cancel
Have you missed mortgage / secured loan repayments in the last 12 months, been declared bankrupt, had CCJs, Defaults or an IVA?		YesNo
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