Finance

Can You Get a Mortgage if you’re Self-Employed?

self-employed mortgages

It is true that self-employed mortgages may face huge difficulty to attain a mortgage. However, it is hard, but not impossible. Today, there are various ways that can prove to the lender that even if you are self-employed, you are having a reliable income to get a mortgage.

self-employed mortgages

A self-employed mortgage needs to provide more proof for their income as compared to other people and that’s why it is a hard task for self-employed. You may have to give at least 2 years business accounts to the lender. Moreover, lenders also choose the self-employed mortgage that is able to provide various income evidence as they will get surety of their income reliability. Lenders also pay attention to average profit that you have earned during the past years. Thus, if you are not able to provide income proof, then it might be really difficult for you to get a mortgage from a lender.

A self-employed mortgage having credit history good and healthy deposit may have higher chances of getting a mortgage. So, it all depends on what you have done in your past few years back means how stable your income and business is. Moreover, it also depends on the visibility of the business. You may also know that self-certification mortgages where one can declare his/sheer income without any proof are no more. Now, the lenders accept income proof in various other ways.

What are Requirements for self-employed mortgages to get a mortgage?

Showing income proof is the main change for self-employed mortgages to get a mortgage and moreover, the more accounts you provide to the lender, the more will be your chances. Here, we are going to mention things that you need to attain a mortgage.

  • Two years accounts
  • You need to show a record of your regular work
  • An Accountant
  • You need to have a good credit history
  • Also, a healthy deposit is a must

Thus, proving you have a reliable and stable income to the lender is a difficult job, but again, it is not impossible. Make sure to have advice from accountant you choose before applying for a mortgage. You can hire a chartered accountant or certified accountant that can organize your accounts well and your burden will reduce. Also, you should be up-to-date with your accounts and work records. Always remember that if you assumed you will not get a mortgage if you are self-employed, then it will become more difficult for you. Be positive, and everything will go fine.

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